Co-Founder & CEO, Newmark Risk

Nicholas Pezolano

Co-Founder & CEO

Option analytics for institutional investors

Newmark Risk

Fin-tech company focused on providing option derived analytics for institutional investors.

We handle the complexity of options data so you don't have to.

- Data and Analytics available all in one place so you can focus on Strategy Development
- Custom Solutions for your data and/or portfolio needs
- Advisory services to lend our expertise

Knowledge is something that was meant to be shared and we provide insights to our clients and to the community via posting about our research findings.

Equity Derivatives

<ul>
<li>Top Hong Kong Stock Exchange listed covered call candidates for the month of October.</li>
<li>The top 10 provide an average ~7.42% premium with a potential ~8.82% upside P&amp;L if exercised.</li>
<li>Investors with a neutral 1-month view on the underlying can seek to generate income.</li>
</ul>


Top Hong Kong Stock Exchange listed covered call candidates for the month of October.
The top 10 provide an average ~7.42% premium with a potential ~8.82% upside P&amp;L if exercised.
Investors with a neutral 1-month view on the underlying can seek to generate income.


EQD | Hong Kong October 2026 Monthly Covered Call Report

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>Anthropic launched Claude Haiku 5.5 at up to 90% lower prices, Reflection AI unveiled its Beam open-weight model, and OpenAI's annualized revenue was below recent estimates.</li>
<li>OpenAI rolled GPT-6 out across ChatGPT, AWS added Zhipu's GLM-5.3 to Bedrock, TSMC's third-quarter revenue rose 50.9% YoY and Samsung guided record operating profit.</li>
<li>DeepSeek neared USD 12bn of new funding, Moonshot closed at about USD 50bn, Firmus withdrew its ASX IPO and SpaceX sought about USD 40bn of debt for Nvidia chips.</li>
</ul>


Anthropic launched Claude Haiku 5.5 at up to 90% lower prices, Reflection AI unveiled its Beam open-weight model, and OpenAI's annualized revenue was below recent estimates.
OpenAI rolled GPT-6 out across ChatGPT, AWS added Zhipu's GLM-5.3 to Bedrock, TSMC's third-quarter revenue rose 50.9% YoY and Samsung guided record operating profit.
DeepSeek neared USD 12bn of new funding, Moonshot closed at about USD 50bn, Firmus withdrew its ASX IPO and SpaceX sought about USD 40bn of debt for Nvidia chips.


This Week in AI (Oct 4-10): Haiku 5.5's Throat-Cutting Prices; OpenAI Revenue Trails Expectation

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

<ul>
<li>
The US outspent China 23-to-1 on private AI investment in 2025, yet the model performance gap collapsed from ~31 percentage points to 2.7% in under three years.</li>
<li>
Beijing is not chasing AGI. It is deploying AI as industrial infrastructure — robots, healthcare, manufacturing — backed by state capital, open-source models, and a 2030 deadline.</li>
<li>
A dozen Chinese AI pure-plays now trade publicly, mostly in Hong Kong, with more IPOs in the pipeline. Valuations are steep but structural tailwinds are durable.</li>
</ul>



The US outspent China 23-to-1 on private AI investment in 2025, yet the model performance gap collapsed from ~31 percentage points to 2.7% in under three years.

Beijing is not chasing AGI. It is deploying AI as industrial infrastructure — robots, healthcare, manufacturing — backed by state capital, open-source models, and a 2030 deadline.

A dozen Chinese AI pure-plays now trade publicly, mostly in Hong Kong, with more IPOs in the pipeline. Valuations are steep but structural tailwinds are durable.


China's AI Playbook Has Nearly Closed the Gap with the US: Which Are the Chinese AI Names to Own Now

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>The continuous decline in MiniMax's stock price is the result of combined effects of the industry price war, the ambiguity of its own strategic positioning, and the burst valuation bubble.</li>
<li>The valuation difference between MiniMax and Zhipu AI is essentially a repricing of the certainty of the "breadth vs depth" two business models. Commercialization of Zhipu AI is more certain.</li>
<li>When AI bubble fails to store dollar liquidity, the US must find new reservoirs to store excessive dollars.This reminds us of high oil prices/hyperinflation. Rebound is an opportunity to sell.</li>
</ul>


The continuous decline in MiniMax's stock price is the result of combined effects of the industry price war, the ambiguity of its own strategic positioning, and the burst valuation bubble.
The valuation difference between MiniMax and Zhipu AI is essentially a repricing of the certainty of the "breadth vs depth" two business models. Commercialization of Zhipu AI is more certain.
When AI bubble fails to store dollar liquidity, the US must find new reservoirs to store excessive dollars.This reminds us of high oil prices/hyperinflation. Rebound is an opportunity to sell.


MiniMax (100 HK) Vs Zhipu AI (2513 HK) - Thoughts on Valuation and the Outlook

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>We see 39m shares (HK$13.4bn; US$1.7bn; 2.8x ADV) of <a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax (100 HK)</a> unlocking from the start of trading on 3 September.</li>
<li>Mainland China investors started buying <a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax (100 HK)</a> from the inclusion of the stock in the Southbound program and hold 32.8m shares (9.38% of shares out).</li>
<li>
<a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax (100 HK)</a> could be added to a global index in November and to the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index (HSCEI INDEX)</a> in December.</li>
</ul>


We see 39m shares (HK$13.4bn; US$1.7bn; 2.8x ADV) of MiniMax (100 HK) unlocking from the start of trading on 3 September.
Mainland China investors started buying MiniMax (100 HK) from the inclusion of the stock in the Southbound program and hold 32.8m shares (9.38% of shares out).

MiniMax (100 HK) could be added to a global index in November and to the Hang Seng China Enterprises Index (HSCEI INDEX) in December.


MiniMax (100 HK): US$1.7bn Lock-Up Expiry & Index Flows

China

MiniMax Group is an artificial intelligence company that develops multimodal AI models and consumer applications. Its offerings include AI character apps like Talkie and Xingye, and video-generation services such as Hailuo AI. The company also creates proprietary foundation models capable of understanding, generating, and integrating various modalities including text, audio, images, video, and music. Headquartered in Shanghai, China, MiniMax was founded in December 2021.

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MiniMax (100 HK)

EQD | Hong Kong October 2026 Monthly Covered Call Report

Ten HKEX covered calls for October averaging ~7.42% premium, as single-stock implied vol moves 3.6 points back above realized after dipping below...

Nicholas Pezolano

This Week in AI (Oct 4-10): Haiku 5.5's Throat-Cutting Prices; OpenAI Revenue Trails Expectation

This week in AI: Anthropic cut prices by up to 90% with Claude Haiku 5.5, OpenAI's annualized revenue reached about USD 50bn, and Moonshot closed...

Ke Yan, CFA, FRM

China's AI Playbook Has Nearly Closed the Gap with the US: Which Are the Chinese AI Names to Own Now

The US outspent China 23-to-1 on AI but the performance gap is almost gone. Beijing's playbook re-cap and best listed Chinese AI companies...

Nico Rosti

MiniMax (100 HK) Vs Zhipu AI (2513 HK) - Thoughts on Valuation and the Outlook

The reason why the market has given Zhipu significant premium is its "capability ladder" path is more verifiable. Global narrative of MiniMax faces...

Xinyao (Criss) Wang

MiniMax (100 HK): US$1.7bn Lock-Up Expiry & Index Flows

US$1.7bn of stock unlocks from the open today. Mainland investors have sold stock over the last few days. Two index inclusions and some upweights...

Brian Freitas

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