Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Over the past five trading days, <a href="https://www.smartkarma.com/entities/byd-company-limited-class-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD Company (1211 HK)</a> multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.</li>
<li>
Highlights: Traders used deep out-of-the-money put spreads as low-cost insurance against a potential sharp downside move in BYD, while diagonal put spreads remain hugely popular.</li>
<li>
Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,</li>
</ul>



Context: Over the past five trading days, BYD Company (1211 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.

Highlights: Traders used deep out-of-the-money put spreads as low-cost insurance against a potential sharp downside move in BYD, while diagonal put spreads remain hugely popular.

Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,


BYD (1211 HK) Top Trades: Bearish Positioning and Long Volatility Dominate

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>NVIDIA leads China's urban NoA chip market at 49% share, but export controls and domestic companies' in-house chip savings of over $1000 per vehicle would force dual-sourcing across Chinese OEMs.</li>
<li>XPeng's Turing chip outperforms Orin X in effective AI compute. VW has licensed its full ADAS stack, and XPeng is now eyeing European manufacturing to compress/threaten Nvidia's Western stronghold.</li>
<li>Beyond SDVs, Nvidia's highest-conviction bet looks to be infrastructure: Uber robotaxi partnership, BYD/Geely OEM additions, and its Physical AI Data Factory position it as the simulation layer beneath the fleets.</li>
</ul>


NVIDIA leads China's urban NoA chip market at 49% share, but export controls and domestic companies' in-house chip savings of over $1000 per vehicle would force dual-sourcing across Chinese OEMs.
XPeng's Turing chip outperforms Orin X in effective AI compute. VW has licensed its full ADAS stack, and XPeng is now eyeing European manufacturing to compress/threaten Nvidia's Western stronghold.
Beyond SDVs, Nvidia's highest-conviction bet looks to be infrastructure: Uber robotaxi partnership, BYD/Geely OEM additions, and its Physical AI Data Factory position it as the simulation layer beneath the fleets.


NVIDIA & SDVs: Full-Stack Headwinds Vs Physical AI Opportunity

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Shenzhen Inovance Technology Co., / Equity Capital Markets

Shenzhen Inovance Technology Co., (300124 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-inovance-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:18170:1" rel="noopener">Shenzhen Inovance Technology Co., (300124 CH)</a> (SIT), an industrial technology group, aims to raise around US$2bn in its H-share listing.</li>
<li>SIT was one of China’s leading firms in the industrial automation and digitalization sectors and a top three third-party supplier of NEV powertrain systems.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Shenzhen Inovance Technology Co., (300124 CH) (SIT), an industrial technology group, aims to raise around US$2bn in its H-share listing.
SIT was one of China’s leading firms in the industrial automation and digitalization sectors and a top three third-party supplier of NEV powertrain systems.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Shenzhen Inovance Tech A/H Listing - NEV Focus Driving Revenue Higher but Margins Lower

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

DZT Research

DZT 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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-China in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on KUNLUN TECH, ICBC, CCB, TENCENT, JD.COM, BOC, MEITUAN, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS.</li>
</ul>


We analysed the earning revision of component stocks of MS-China in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on KUNLUN TECH, ICBC, CCB, TENCENT, JD.COM, BOC, MEITUAN, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS.


MS-China Index Earning Revision (Apr): KUNLUN TECH, ICBC, CCB, TENCENT, JD.COM, BOC, MEITUAN

<ul>
<li>We analysed the earning revision of component stocks of HS TECH in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on JD.COM, MEITUAN, ALIBABA, BYD, XIAOMI, BYD Electronic, NIO.</li>
</ul>


We analysed the earning revision of component stocks of HS TECH in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on JD.COM, MEITUAN, ALIBABA, BYD, XIAOMI, BYD Electronic, NIO.


HS TECH Index Earning Revision (Apr): JD.COM, MEITUAN, ALIBABA, BYD, XIAOMI, BYD Electronic, NIO

China

NIO designs, develops, manufactures, and sells smart electric vehicles, including sedans and SUVs under its NIO, ONVO, and FIREFLY brands. The company also offers innovative power solutions such as battery swapping services and various charging options. NIO was founded in November 2014 and is headquartered in Shanghai, China.

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NIO (9866 HK)

BYD (1211 HK) Top Trades: Bearish Positioning and Long Volatility Dominate

This breakdown provides insight into market sentiment and option structures. Highlights include deep out-of-the-money put spreads, alongside...

Gaudenz Schneider

NVIDIA & SDVs: Full-Stack Headwinds Vs Physical AI Opportunity

Despite Nvidia's automotive segment being 1% of revenue, it leads China's EV chip market. But in-house silicon, export risk, and XPeng's full-stack...

Mint Finance

Aequitas: Shenzhen Inovance Tech A/H Listing - NEV Focus Driving Revenue Higher but Margins Lower

Shenzhen Inovance Technology Co., (300124 CH) (SIT), an industrial technology group, aims to raise around US$2bn in its H-share listing. In this...

Sumeet Singh

MS-China Index Earning Revision (Apr): KUNLUN TECH, ICBC, CCB, TENCENT, JD.COM, BOC, MEITUAN

We analyzed MS-China's consensus for Apr 2026 and highlighted changes of EPS in KUNLUN TECH, ICBC, CCB, TENCENT, JD.COM, BOC, MEITUAN, CHONGQING...

Ke Yan, CFA, FRM

HS TECH Index Earning Revision (Apr): JD.COM, MEITUAN, ALIBABA, BYD, XIAOMI, BYD Electronic, NIO

We analyzed HS TECH's consensus for Apr 2026 and highlighted changes of EPS in JD.COM, MEITUAN, ALIBABA, BYD, XIAOMI, BYD Electronic, NIO.

Ke Yan, CFA, FRM

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