Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
HKEX Expands Weekly Options: 17 new single-stock weekly expiries are launched in the next two weeks, doubling the offering of Hong Kong’s fast-growing short-dated options market.</li>
<li>
Why It Matters: Weekly expiries let traders and investors hedge or speculate around key events with precision. They offer lower premiums and higher gamma than longer-dated contracts.</li>
<li>
Momentum: Trading volumes in existing weeklies continues to rise, underscoring rising investor adoption and liquidity.</li>
</ul>



HKEX Expands Weekly Options: 17 new single-stock weekly expiries are launched in the next two weeks, doubling the offering of Hong Kong’s fast-growing short-dated options market.

Why It Matters: Weekly expiries let traders and investors hedge or speculate around key events with precision. They offer lower premiums and higher gamma than longer-dated contracts.

Momentum: Trading volumes in existing weeklies continues to rise, underscoring rising investor adoption and liquidity.


Pop Mart, Trip.com, Geely Auto, and More: Weekly Options Start Trading on 15 June

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.

<ul>
<li>HSI weakness continued despite improved breadth, with average single stock performance heavily skewed by outsized gains in select momentum names.</li>
<li>Single stock option activity accelerated sharply, driven by heavy trading in Pop Mart and increased participation across Information Technology names.</li>
<li>The gap between index and single stock implied vols widened further, pushing implied correlation measures to their lowest levels since 2022.</li>
</ul>


HSI weakness continued despite improved breadth, with average single stock performance heavily skewed by outsized gains in select momentum names.
Single stock option activity accelerated sharply, driven by heavy trading in Pop Mart and increased participation across Information Technology names.
The gap between index and single stock implied vols widened further, pushing implied correlation measures to their lowest levels since 2022.


Hong Kong Single Stock Options Weekly May 26-29: Pop Mart Drives Volumes with Lenovo, SMIC in Focus

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.

Equity Bottom-Up

<ul>
<li>Pop Mart provided 1Q26 business update, consistent with our earlier expectation, which adds no directional news.</li>
<li>Our key thesis from April note is still valid. Labubu normalization is now visible in primary data. Consensus remains too high. Margin risk has not yet arrived in reported numbers.</li>
<li>Southbound net bought USD 991m since the results week, net buyer in 5 of 7 weeks but stops buying in the last week.</li>
</ul>


Pop Mart provided 1Q26 business update, consistent with our earlier expectation, which adds no directional news.
Our key thesis from April note is still valid. Labubu normalization is now visible in primary data. Consensus remains too high. Margin risk has not yet arrived in reported numbers.
Southbound net bought USD 991m since the results week, net buyer in 5 of 7 weeks but stops buying in the last week.


SELL Pop Mart (9992 HK): Seasonal Trough, Not Structural Trough; August Is the Test

<ul>
<li>Weak price action in Pop Mart has coincided with notable options activity, particularly concentrated in short-dated Puts over recent trading sessions.</li>
<li>The reaction of implied vols has been somewhat unusual and volume has been highly concentrated at a single expiry/strike.</li>
<li>Current implied volatility levels appear reasonable, supporting a preference for strategies that could benefit from potential volatility expansion.</li>
</ul>


Weak price action in Pop Mart has coincided with notable options activity, particularly concentrated in short-dated Puts over recent trading sessions.
The reaction of implied vols has been somewhat unusual and volume has been highly concentrated at a single expiry/strike.
Current implied volatility levels appear reasonable, supporting a preference for strategies that could benefit from potential volatility expansion.


Pop Mart (9992.HK): A Rebound Trade Framed by Concentrated Flow and Vol Dynamics

<ul>
<li>Consensus revisions have been mild and still sit above management's own guidance floor. The next leg of the de-rating needs earnings cuts, not multiple compression.</li>
<li>Mainland southbound money is now trapped above the current price, while foreign shorts have rebuilt the position post-results.</li>
<li>The post-results buyback is the main incremental bid in the current trading range. Together with the lack of catalyst, it is a near-term risk to the short.</li>
</ul>


Consensus revisions have been mild and still sit above management's own guidance floor. The next leg of the de-rating needs earnings cuts, not multiple compression.
Mainland southbound money is now trapped above the current price, while foreign shorts have rebuilt the position post-results.
The post-results buyback is the main incremental bid in the current trading range. Together with the lack of catalyst, it is a near-term risk to the short.


SELL Pop Mart (9992 HK): Mild Revision, Shorts Rebuilt, Trapped Southbound Money

China

Pop Mart is a Chinese toy company that designs, develops, and sells collectible toys and figurines, primarily in a "blind box" format. The company focuses on intellectual property (IP) creation and operation, producing toys based on both in-house IPs like Labubu and licensed themes such as Disney and Harry Potter. Pop Mart was founded in 2010 and is headquartered in Beijing, China.

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Pop Mart (9992 HK)

Pop Mart, Trip.com, Geely Auto, and More: Weekly Options Start Trading on 15 June

Today, HKEX launches weekly trading in options on Geely (175 HK), Li Auto (2015 HK), XPeng (9868 HK), NetEase (9999 HK), Sun Hung Kai Properties...

Gaudenz Schneider

Hong Kong Single Stock Options Weekly May 26-29: Pop Mart Drives Volumes with Lenovo, SMIC in Focus

Single stock option volumes accelerated sharply with Pop Mart Put trading, strong Lenovo activity, and widening divergence between index and single...

John Ley

SELL Pop Mart (9992 HK): Seasonal Trough, Not Structural Trough; August Is the Test

Pop Mart reports seasonally weak 1Q26 in line with expecation. Consensus 26E revenue growth of 24% (Refinitiv) remains above management's 20%...

Ke Yan, CFA, FRM

Pop Mart (9992.HK): A Rebound Trade Framed by Concentrated Flow and Vol Dynamics

Pop Mart’s recent weakness has been accompanied by heavy Put activity and an unusual implied volatility response, creating a backdrop that may...

John Ley

SELL Pop Mart (9992 HK): Mild Revision, Shorts Rebuilt, Trapped Southbound Money

Pop Mart down 30% since our 24 Mar pre-results note. Consensus has barely moved, mainland holders are trapped, and the company's own buyback is the...

Ke Yan, CFA, FRM

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