External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Life growth diverged in Dec among listed peers, yet the market trends weakened overall in Nov-Dec, due to eased momentum of 2025 jumpstart sales.</li><li>Total life premium of six H-share listed insurers fell 2.5% YoY to RMB 82.3bn in Dec, -1.9pct MoM compared to Nov.</li><li>Listed life peers’ premium growth ranged from a peak of increase by 19% YoY (NCI) to a decline of 45% YoY (Sunshine Life) in Dec, as the contribution of agency FYP varied.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Life growth diverged in Dec among listed peers, yet the market trends weakened overall in Nov-Dec, due to eased momentum of 2025 jumpstart sales.Total life premium of six H-share listed insurers fell 2.5% YoY to RMB 82.3bn in Dec, -1.9pct MoM compared to Nov.Listed life peers’ premium growth ranged from a peak of increase by 19% YoY (NCI) to a decline of 45% YoY (Sunshine Life) in Dec, as the contribution of agency FYP varied.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Insurance - 11/12M Monthly: Life Sales Diverged During the Jumpstart

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Familiar theme across a lot of names with prices either back to the lows of range over the last 2 months or having given back all of the stimulus gains.</li>
<li>Call volumes back to normal levels making up 57% of all single-stock trading. High volumes for Tencent did not repeat this weak as Tencent trading settled back to normal levels. </li>
<li>Materials were the strongest sector with the median stock rising just under 6%.</li>
</ul>


Familiar theme across a lot of names with prices either back to the lows of range over the last 2 months or having given back all of the stimulus gains.
Call volumes back to normal levels making up 57% of all single-stock trading. High volumes for Tencent did not repeat this weak as Tencent trading settled back to normal levels. 
Materials were the strongest sector with the median stock rising just under 6%.


EQD | Hong Kong Single Stock Options Weekly (January 13 – 17): Stocks at Inflection Point.

<ul>
<li>Tough week with 82% of optionable stocks we survey declining on the week but no sign of panic as investors still prefer Calls over Puts. </li>
<li>Tencent was far and away the volume leader, accounting for 37% of all option trading.</li>
<li>Materials was the only Sector to see price gains and implied vol rose across all Sectors we survey.</li>
</ul>


Tough week with 82% of optionable stocks we survey declining on the week but no sign of panic as investors still prefer Calls over Puts. 
Tencent was far and away the volume leader, accounting for 37% of all option trading.
Materials was the only Sector to see price gains and implied vol rose across all Sectors we survey.


EQD | Hong Kong Single Stock Options Weekly January 06 – 10

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>'s analysts' call transcript is worth listening to. The math on the takeover maths well. This is a buy on dip. Again.</li>
<li>Those who bought into <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technology (1833 HK)</a>'s punchy dividend, whether in cash or scrip, the trade has panned out well. </li>
<li>KKR extends its Offer for <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>. Separately, Bain said it had destroyed confidential data, as requested, but it's unclear how and when that data was destroyed.</li>
</ul>



Seven &amp; I Holdings (3382 JP)'s analysts' call transcript is worth listening to. The math on the takeover maths well. This is a buy on dip. Again.
Those who bought into Ping An Healthcare and Technology (1833 HK)'s punchy dividend, whether in cash or scrip, the trade has panned out well. 
KKR extends its Offer for Fuji Soft Inc (9749 JP). Separately, Bain said it had destroyed confidential data, as requested, but it's unclear how and when that data was destroyed.


Last Week in Event SPACE: Seven & I, PA Gooddoctor, Fuji Soft, WH Group

Ping An Healthcare and Technology / Event-Driven

<ul>
<li>Back on the 14th November, <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technology (1833 HK)</a> (PA Gooddoctor announced a change in use of proceeds, including the payment of a punchy HK$9.70/share special dividend.</li>
<li>A scrip option was concurrently afforded. The results of that scrip election have now been <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0107/2025010701638.pdf" target="_blank" rel="noopener">announced</a>, the completion of which, triggers an unconditional MGO from <a href="https://www.smartkarma.com/entities/ping-an-insurance-group-co-of-c2975d60-47cd-4246-a7a6-25297586242b" target="_blank" data-smartkarma-citation="entities:24682:1" rel="noopener">Ping An Insurance  (601318 CH)</a>.</li>
<li>The MGO price is HK$6.12/share, a price made public last month. For those investors trading the event and who bought PA Gooddoctor cum dividend, it has worked out well.</li>
</ul>


Back on the 14th November, Ping An Healthcare and Technology (1833 HK) (PA Gooddoctor announced a change in use of proceeds, including the payment of a punchy HK$9.70/share special dividend.
A scrip option was concurrently afforded. The results of that scrip election have now been announced, the completion of which, triggers an unconditional MGO from Ping An Insurance  (601318 CH).
The MGO price is HK$6.12/share, a price made public last month. For those investors trading the event and who bought PA Gooddoctor cum dividend, it has worked out well.


PA Gooddoctor (1833 HK)'s Unconditional MGO

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.

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Ping An Insurance (H) (2318 HK)

China Insurance - 11/12M Monthly: Life Sales Diverged During the Jumpstart

Life growth diverged in Dec among listed peers, yet the market trends weakened overall in Nov-Dec, due to eased momentum of 2025 jumpstart sales.

CMB International

EQD | Hong Kong Single Stock Options Weekly (January 13 – 17): Stocks at Inflection Point.

A number of single stocks have seen their prices either return to lows of the past 2 months or have lost all of their stimulus gains. Option...

John Ley

EQD | Hong Kong Single Stock Options Weekly January 06 – 10

Investors remain calm despite majority of optionable stocks declining, with preference for Calls over Puts; Tencent dominates option trading...

John Ley

Last Week in Event SPACE: Seven & I, PA Gooddoctor, Fuji Soft, WH Group

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

PA Gooddoctor (1833 HK)'s Unconditional MGO

If in for the arb and opting for scrip, I 'd have exited, or exiting my initial buy-in. If in for the arb and took cash, I'd also would have...

David Blennerhassett

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China Insurance - 11/12M Monthly: Life Sales Diverged During the Jumpstart

Life growth diverged in Dec among listed peers, yet the market trends weakened overall in Nov-Dec, due to eased momentum of 2025 jumpstart sales.

CMB International

EQD | Hong Kong Single Stock Options Weekly (January 13 – 17): Stocks at Inflection Point.

​A number of single stocks have seen their prices either return to lows of the past 2 months or have lost all of their stimulus gains. Option...

John Ley

EQD | Hong Kong Single Stock Options Weekly January 06 – 10

​Investors remain calm despite majority of optionable stocks declining, with preference for Calls over Puts; Tencent dominates option trading...

John Ley

Last Week in Event SPACE: Seven & I, PA Gooddoctor, Fuji Soft, WH Group

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

PA Gooddoctor (1833 HK)'s Unconditional MGO

If in for the arb and opting for scrip, I 'd have exited, or exiting my initial buy-in. If in for the arb and took cash, I'd also would have...

David Blennerhassett

A number of single stocks have seen their prices either return to lows of the past 2 months or have lost all of their stimulus gains. Option...

Investors remain calm despite majority of optionable stocks declining, with preference for Calls over Puts; Tencent dominates option trading...