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>Information technology very strong with AAC Tech, Sunny Optical, Kingdee Int’l and Byd Elec all posting &gt; 10% weekly gains.</li>
<li>Gains were positive with helpful seasonals but not as widespread as last week with fewer singles stocks and Sectors participating in the rally.</li>
<li>China Vanke has big increase in option trading, in particular Calls, with implied vols also rising. </li>
</ul>


Information technology very strong with AAC Tech, Sunny Optical, Kingdee Int’l and Byd Elec all posting &gt; 10% weekly gains.
Gains were positive with helpful seasonals but not as widespread as last week with fewer singles stocks and Sectors participating in the rally.
China Vanke has big increase in option trading, in particular Calls, with implied vols also rising. 


EQD | Hong Kong Single Stock Options Weekly (January 20 – 24): Rally Continues on Less Participation

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SOUTHBOUND gross trading activity was again not stronger per day than the previous several weeks, but SB Net Buying was again BIG. Given the change in Tencent, remarkable even.</li>
<li>The story was follow-through, but SMIC and Xiaomi were also big buys. This is shaping up to be a "let's buy what US Persons cannot" moment.</li>
<li>No sectors saw net selling through CCASS data five days to Weds. Top 10 activity was quite concentrated this week. Very few stray names.</li>
</ul>


SOUTHBOUND gross trading activity was again not stronger per day than the previous several weeks, but SB Net Buying was again BIG. Given the change in Tencent, remarkable even.
The story was follow-through, but SMIC and Xiaomi were also big buys. This is shaping up to be a "let's buy what US Persons cannot" moment.
No sectors saw net selling through CCASS data five days to Weds. Top 10 activity was quite concentrated this week. Very few stray names.


HK Connect SOUTHBOUND Flows (To 24 Jan 2025); Again Big Net Buying by SB, Again on Tech

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.

Equity Bottom-Up

<ul>
<li>China announced game approval for the January batch. The number of games approved remained at a higher level than 2023.</li>
<li>The pace of China game approval appears to have accelerated to the same level as pre-tightening.</li>
<li>Tencent and CMGE received one approval for January, respectively. We also highlight perplexity of Tencent's approved game. </li>
</ul>


China announced game approval for the January batch. The number of games approved remained at a higher level than 2023.
The pace of China game approval appears to have accelerated to the same level as pre-tightening.
Tencent and CMGE received one approval for January, respectively. We also highlight perplexity of Tencent's approved game. 


Tencent/Netease: One Game Approval for Tencent in Jan and the Perplexity

<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

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>NEV retail deliveries grew by 41% in 2024, higher than 36% in 2023.</li>
<li>The US Department of Defense designated Tencent as a Chinese Military Company.</li>
<li>Smart Share Global plans to go private, as the company has no exclusive advantage.</li>
</ul>


NEV retail deliveries grew by 41% in 2024, higher than 36% in 2023.
The US Department of Defense designated Tencent as a Chinese Military Company.
Smart Share Global plans to go private, as the company has no exclusive advantage.


China Consumption Weekly (13 Jan 2025): NEV 2024, Tencent in Blacklist, Energy Monster Going Private

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.

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Tencent Holdings (ADR) (TCEHY US)

EQD | Hong Kong Single Stock Options Weekly (January 20 – 24): Rally Continues on Less Participation

Strong gains in information technology stocks AAC Tech, Sunny Optical, Kingdee Int’l, and Byd Elec, but rally not as widespread as last week.

John Ley

HK Connect SOUTHBOUND Flows (To 24 Jan 2025); Again Big Net Buying by SB, Again on Tech

A decent week for flows on a gross basis but not on a net basis. Net buying was on the weak side though tech was still a net buy. Especially Friday.

Travis Lundy

Tencent/Netease: One Game Approval for Tencent in Jan and the Perplexity

We analyzed the game approval issued by NPPA for Chinese online game players for the month of January. Game approvals for large players are slow so...

Ke Yan, CFA, FRM

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

China Consumption Weekly (13 Jan 2025): NEV 2024, Tencent in Blacklist, Energy Monster Going Private

NEV retail deliveries grew by 41% in 2024, higher than 36% in 2023. US Department of Defense designated Tencent as a Chinese Military Company....

Ming Lu

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

EQD | Hong Kong Single Stock Options Weekly (January 20 – 24): Rally Continues on Less Participation

​Strong gains in information technology stocks AAC Tech, Sunny Optical, Kingdee Int’l, and Byd Elec, but rally not as widespread as last week.

John Ley

HK Connect SOUTHBOUND Flows (To 24 Jan 2025); Again Big Net Buying by SB, Again on Tech

A decent week for flows on a gross basis but not on a net basis. Net buying was on the weak side though tech was still a net buy. Especially Friday.

Travis Lundy

Tencent/Netease: One Game Approval for Tencent in Jan and the Perplexity

We analyzed the game approval issued by NPPA for Chinese online game players for the month of January. Game approvals for large players are slow so...

Ke Yan, CFA, FRM

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

China Consumption Weekly (13 Jan 2025): NEV 2024, Tencent in Blacklist, Energy Monster Going Private

NEV retail deliveries grew by 41% in 2024, higher than 36% in 2023. US Department of Defense designated Tencent as a Chinese Military Company....

Ming Lu

Strong gains in information technology stocks AAC Tech, Sunny Optical, Kingdee Int’l, and Byd Elec, but rally not as widespread as last week.

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