Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>Market traders of <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index (HSI INDEX)</a> call options maintain significant holdings in lower strikes, with notable concentration at the 20,000 strike level.</li>
<li>Open interest data reveals significant increase in open interest for 25,000 and 26,000 strike calls since late February, reflecting active trading as traders built new positions.</li>
<li>Despite increased trading activity and changes in market positioning, implied volatility has remained stable at 25-30% over the past two weeks, reflecting a consistent market sentiment.</li>
</ul>


Market traders of Hang Seng Index (HSI INDEX) call options maintain significant holdings in lower strikes, with notable concentration at the 20,000 strike level.
Open interest data reveals significant increase in open interest for 25,000 and 26,000 strike calls since late February, reflecting active trading as traders built new positions.
Despite increased trading activity and changes in market positioning, implied volatility has remained stable at 25-30% over the past two weeks, reflecting a consistent market sentiment.


Hang Seng Index (HSI): Trends in CALL Strikes and Open Interest Visualized in Animation and Charts

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>Few surprises from the Government Work Report, but investor fatigue has set in.</li>
<li>Groundwork continues to be laid for a boost in consumption as a share of GDP</li>
<li>HK/China bull market to broaden out from the technology sector?</li>
</ul>


Few surprises from the Government Work Report, but investor fatigue has set in.
Groundwork continues to be laid for a boost in consumption as a share of GDP
HK/China bull market to broaden out from the technology sector?


NPC- Consumption Put Top of the Agenda, but Another Case of The “Boy Who Cried Wolf?”

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>Three new Hong Kong SDRs, Xiaomi, Meituan, and Ping An Insurance, are now tradable on SGX, expanding thematic exposures.</li><li>HK SDRs offer cost-effective access to Hong Kong stocks with lower brokerage fees, no forex fees, and SGD settlements.</li><li>Since October 2024, HK SDRs' daily turnover increased eightfold to S$4 million, with significant trading in Tencent, BYD, and Alibaba.</li></ul>

Three new Hong Kong SDRs, Xiaomi, Meituan, and Ping An Insurance, are now tradable on SGX, expanding thematic exposures.HK SDRs offer cost-effective access to Hong Kong stocks with lower brokerage fees, no forex fees, and SGD settlements.Since October 2024, HK SDRs' daily turnover increased eightfold to S$4 million, with significant trading in Tencent, BYD, and Alibaba.

HK SDR suite broadens to track over 40% of Hang Seng Index with Xiaomi, Meituan and Ping An Insurance

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Oneconnect Financial Technology / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oneconnect-financial-technology-co-ltd-2e580cf8-6a65-4148-ac1e-f9a8a167856a" target="_blank" data-smartkarma-citation="entities:36656:1" rel="noopener">Oneconnect Financial Technology (6638 HK)</a> disclosed a preliminary non-binding privatisation offer from <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a> at HK$2.068 (US$7.98 per ADS), a 72.33% premium to the undisturbed price.</li>
<li>Despite the hefty premium, the offer is opportunistic as it values OneConnect around net cash and is at a material discount to historical trading ranges. </li>
<li>If a binding proposal materialises, the offer price will not be increased. A high minority participation rate could be an issue for the vote.  </li>
</ul>



Oneconnect Financial Technology (6638 HK) disclosed a preliminary non-binding privatisation offer from Ping An Insurance (H) (2318 HK) at HK$2.068 (US$7.98 per ADS), a 72.33% premium to the undisturbed price.
Despite the hefty premium, the offer is opportunistic as it values OneConnect around net cash and is at a material discount to historical trading ranges. 
If a binding proposal materialises, the offer price will not be increased. A high minority participation rate could be an issue for the vote.  


OneConnect Financial (6638 HK/OCFT US): Negative EV Play Draws an Opportunistic Offer from Ping An

Hang Seng China Enterprises Index / Event-Driven

<ul>
<li>Several US tariffs are expected in March, but their implementation remains uncertain and is part of ongoing negotiations.</li>
<li>Central banks in India, Japan, and the US will announce rate decisions in March, with India possibly cutting rates by 0.25%.</li>
<li>Major HK stocks are set to announce earnings in March, and index changes will occur in the S&amp;P 500, Nifty 50, S&amp;P/ASX 200, and HSCEI indices.</li>
</ul>


Several US tariffs are expected in March, but their implementation remains uncertain and is part of ongoing negotiations.
Central banks in India, Japan, and the US will announce rate decisions in March, with India possibly cutting rates by 0.25%.
Major HK stocks are set to announce earnings in March, and index changes will occur in the S&amp;P 500, Nifty 50, S&amp;P/ASX 200, and HSCEI indices.


March Key Events in Asia-Pac: Tariffs, Rates, Earnings, and Indices in Focus

China

Ping An Insurance (Group) Company of China Limited provides a variety of insurance service in China.  The Company writes property, casualty, and life insurance.  Ping An Insurance also offers financial services.

Price Gauge
52-week Range	0.00 - 0.00
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Ping An Insurance (H) (2318 HK)

Hang Seng Index (HSI): Trends in CALL Strikes and Open Interest Visualized in Animation and Charts

Traders of Hang Seng Index call options maintain significant holdings at lower strikes. Increased interest in 25,000 and 26,000 strikes

Gaudenz Schneider

NPC- Consumption Put Top of the Agenda, but Another Case of The “Boy Who Cried Wolf?”

Investors feeling fatigued despite expected plans for boosting consumption in China, potential broadening of bull market beyond technology sector...

Rikki Malik

HK SDR suite broadens to track over 40% of Hang Seng Index with Xiaomi, Meituan and Ping An Insurance

Three new Hong Kong SDRs, Xiaomi, Meituan, and Ping An Insurance, are now tradable on SGX, expanding thematic exposures. HK SDRs offer...

Singapore Exchange Ltd (SGX)

OneConnect Financial (6638 HK/OCFT US): Negative EV Play Draws an Opportunistic Offer from Ping An

Despite the hefty premium, the offer is opportunistic as it values OneConnect around net cash and is at a material discount to historical trading...

Arun George

March Key Events in Asia-Pac: Tariffs, Rates, Earnings, and Indices in Focus

March will be a busy month with US tariffs, central bank rate decisions, major HK stock earnings, and index changes on the horizon.

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hang Seng Index (HSI): Trends in CALL Strikes and Open Interest Visualized in Animation and Charts

Traders of Hang Seng Index call options maintain significant holdings at lower strikes. Increased interest in 25,000 and 26,000 strikes

Gaudenz Schneider

NPC- Consumption Put Top of the Agenda, but Another Case of The “Boy Who Cried Wolf?”

​Investors feeling fatigued despite expected plans for boosting consumption in China, potential broadening of bull market beyond technology sector...

Rikki Malik

HK SDR suite broadens to track over 40% of Hang Seng Index with Xiaomi, Meituan and Ping An Insurance

Three new Hong Kong SDRs, Xiaomi, Meituan, and Ping An Insurance, are now tradable on SGX, expanding thematic exposures. HK SDRs offer...

Singapore Exchange Ltd (SGX)

OneConnect Financial (6638 HK/OCFT US): Negative EV Play Draws an Opportunistic Offer from Ping An

Despite the hefty premium, the offer is opportunistic as it values OneConnect around net cash and is at a material discount to historical trading...

Arun George

March Key Events in Asia-Pac: Tariffs, Rates, Earnings, and Indices in Focus

​March will be a busy month with US tariffs, central bank rate decisions, major HK stock earnings, and index changes on the horizon.

Gaudenz Schneider

Investors feeling fatigued despite expected plans for boosting consumption in China, potential broadening of bull market beyond technology sector...

March will be a busy month with US tariffs, central bank rate decisions, major HK stock earnings, and index changes on the horizon.