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>HSI started the week strong but reversed course as earnings reports pressured the market into week’s end.</li>
<li>We examine the divergence between implied volatility and historic volatility.</li>
<li>Option volumes climbed throughout the week, with Friday seeing the heaviest Call buying, though overall activity remained below the long-term average.</li>
</ul>


HSI started the week strong but reversed course as earnings reports pressured the market into week’s end.
We examine the divergence between implied volatility and historic volatility.
Option volumes climbed throughout the week, with Friday seeing the heaviest Call buying, though overall activity remained below the long-term average.


HSI Index Options Weekly (March 17-21): A Divergence in Volatility

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Mar 14th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Trip.Com (9961 HK), ABC (1288 HK), BYD (1211 HK).</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 14th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Trip.Com (9961 HK), ABC (1288 HK), BYD (1211 HK).


HK Short Interest Weekly: Trip.Com, ABC, BYD

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

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes or outlook</li>
<li>The investment world has turned upside down where established norms have gone into reverse.</li>
<li>The new investing environment needs to be paid attention to.</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
The investment world has turned upside down where established norms have gone into reverse.
The new investing environment needs to be paid attention to.


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Gross SOUTHBOUND volumes dropped again somewhat but still high at HK$619bn. NET buying by SOUTHBOUND was HK$23bn which is much smaller than the last several weeks.</li>
<li>The flows here are still striking and net to buy. There has to be institutional buying. And I assume it is to get the earnings yield and div pickup. </li>
<li>Included is a summary of important China Stocks-relevant news as I saw it this week.</li>
</ul>


Gross SOUTHBOUND volumes dropped again somewhat but still high at HK$619bn. NET buying by SOUTHBOUND was HK$23bn which is much smaller than the last several weeks.
The flows here are still striking and net to buy. There has to be institutional buying. And I assume it is to get the earnings yield and div pickup. 
Included is a summary of important China Stocks-relevant news as I saw it this week.


HK Connect SOUTHBOUND Flows (To 21 Mar 2025); Lots Of "Day Trading" And Behind the Scenes Div-Buying

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 21st based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were China Hongqiao (1378 HK), Swire Pacific (19 HK), Samsonite (1910 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were CNBM (3323 HK), Swire Pacific (19 HK), China Hongqiao (1378 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 21st based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were China Hongqiao (1378 HK), Swire Pacific (19 HK), Samsonite (1910 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were CNBM (3323 HK), Swire Pacific (19 HK), China Hongqiao (1378 HK).


Hong Kong Buybacks Weekly (Mar 21st): China Hongqiao, Swire Pacific, Samsonite

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Tencent Holdings (ADR) (TCEHY US)

HSI Index Options Weekly (March 17-21): A Divergence in Volatility

HSI started strong but reversed due to earnings reports, with option volumes climbing and Friday seeing heavy Call buying.

John Ley

HK Short Interest Weekly: Trip.Com, ABC, BYD

We analyzed the latest HK SFC report for aggregate short position as of Mar 14th and highlight short interest changes in Trip.Com (9961 HK), ABC...

Ke Yan, CFA, FRM

Overview#20 - Welcome to Bizzaro World!

A review of recent events/data impacting our investment themes and outlook. The new investing landscape is a complete reversal of what has worked...

Rikki Malik

HK Connect SOUTHBOUND Flows (To 21 Mar 2025); Lots Of "Day Trading" And Behind the Scenes Div-Buying

Tech and Consumer Discretionary saw its net buying slow considerably. Finance continues to see widespread buying, and as we approach dividends, the...

Travis Lundy

Hong Kong Buybacks Weekly (Mar 21st): China Hongqiao, Swire Pacific, Samsonite

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were China Hongqiao...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HSI Index Options Weekly (March 17-21): A Divergence in Volatility

​HSI started strong but reversed due to earnings reports, with option volumes climbing and Friday seeing heavy Call buying.

John Ley

HK Short Interest Weekly: Trip.Com, ABC, BYD

We analyzed the latest HK SFC report for aggregate short position as of Mar 14th and highlight short interest changes in Trip.Com (9961 HK), ABC...

Ke Yan, CFA, FRM

Overview#20 - Welcome to Bizzaro World!

A review of recent events/data impacting our investment themes and outlook. The new investing landscape is a complete reversal of what has worked...

Rikki Malik

HK Connect SOUTHBOUND Flows (To 21 Mar 2025); Lots Of "Day Trading" And Behind the Scenes Div-Buying

Tech and Consumer Discretionary saw its net buying slow considerably. Finance continues to see widespread buying, and as we approach dividends, the...

Travis Lundy

Hong Kong Buybacks Weekly (Mar 21st): China Hongqiao, Swire Pacific, Samsonite

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were China Hongqiao...

Ke Yan, CFA, FRM

HSI started strong but reversed due to earnings reports, with option volumes climbing and Friday seeing heavy Call buying.