Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context:<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>  will announce 1Q 2026 results on 13 May, with 15 May options providing direct exposure to the earnings event.</li>
<li>
Highlight: Options price an earnings move above the historical range, while the IV term structure points to a clear event premium and expected post-results volatility crush.</li>
<li>
Why Read: Gain insight into Tencent’s earnings-day price history, option-implied move, strategy implications, and potential index-level volatility impact as Alibaba reports on the same day.</li>
</ul>



Context:Tencent (700 HK)  will announce 1Q 2026 results on 13 May, with 15 May options providing direct exposure to the earnings event.

Highlight: Options price an earnings move above the historical range, while the IV term structure points to a clear event premium and expected post-results volatility crush.

Why Read: Gain insight into Tencent’s earnings-day price history, option-implied move, strategy implications, and potential index-level volatility impact as Alibaba reports on the same day.


Tencent (700 HK) Earnings on 13 May: Patterns, Pricing, and Volatility Setup

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>Tencent reports Q1 earnings this week against a backdrop of significant underperformance, subdued implied vols, and continued enthusiasm around AI-linked equities.</li>
<li>The options market is pricing a relatively large earnings move even though Tencent’s historical earnings reactions have generally fallen short of current expectations.</li>
<li>Tencent’s recent earnings history has featured relatively consistent earnings growth alongside a strong tendency to exceed analyst expectations.</li>
</ul>


Tencent reports Q1 earnings this week against a backdrop of significant underperformance, subdued implied vols, and continued enthusiasm around AI-linked equities.
The options market is pricing a relatively large earnings move even though Tencent’s historical earnings reactions have generally fallen short of current expectations.
Tencent’s recent earnings history has featured relatively consistent earnings growth alongside a strong tendency to exceed analyst expectations.


Tencent (700.HK) Earnings: Underperformance, Subdued Vols and Elevated Expectations

<ul>
<li>
Context: Over the past five trading days, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.</li>
<li>
Highlights:Weekly 15 May options are popular ahead of Tencent’s 13 May earnings, while longer-dated diagonal spreads, bear put spreads, and large-size structures point to active positioning beyond the event.</li>
<li>
Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,</li>
</ul>



Context: Over the past five trading days, Tencent (700 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.

Highlights:Weekly 15 May options are popular ahead of Tencent’s 13 May earnings, while longer-dated diagonal spreads, bear put spreads, and large-size structures point to active positioning beyond the event.

Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,


Tencent (700 HK): Option Traders Position Ahead of 13 May Earnings

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

Shenton Research

Shenton 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.

Thematic (Sector/Industry)

<ul>
<li>DeepSeek released V4.1-Flash and hired underwriters for a Shanghai IPO. US agencies and Anthropic separately accused Chinese labs of extracting US model outputs.</li>
<li>OpenAI published a proposed Navier-Stokes proof and opened its Agents API beta. Xiaomi introduced MiMo Desktop for invited users.</li>
<li>Zhipu proposed USD 5bn of financing. Cognition announced a larger USD 2bn round, while Nvidia discussed an Anthropic IPO anchor investment.</li>
</ul>


DeepSeek released V4.1-Flash and hired underwriters for a Shanghai IPO. US agencies and Anthropic separately accused Chinese labs of extracting US model outputs.
OpenAI published a proposed Navier-Stokes proof and opened its Agents API beta. Xiaomi introduced MiMo Desktop for invited users.
Zhipu proposed USD 5bn of financing. Cognition announced a larger USD 2bn round, while Nvidia discussed an Anthropic IPO anchor investment.


This Week in AI (Sep 6-12): DeepSeek V4.1-Flash and IPO; OpenAI's Astra Solves NS Equation

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>China announced game approval for the April batch. The number of games approved remained at a higher level than in 2023 and 2024.</li>
<li>The pace of China game approval appears to have accelerated to the same level as pre-tightening.</li>
<li>Of the companies that we are monitoring, Tencent and Netease got a total of 2 approvals.</li>
</ul>


China announced game approval for the April batch. The number of games approved remained at a higher level than in 2023 and 2024.
The pace of China game approval appears to have accelerated to the same level as pre-tightening.
Of the companies that we are monitoring, Tencent and Netease got a total of 2 approvals.


Tencent/Netease: One Approval for Each in April

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)

Tencent (700 HK) Earnings on 13 May: Patterns, Pricing, and Volatility Setup

Tencent (700 HK) is set to announce 1Q 2026 results today, 13 May 2026, 8:00 p.m. Hong Kong time. Options carry a clear event premium, pricing an...

Gaudenz Schneider

Tencent (700.HK) Earnings: Underperformance, Subdued Vols and Elevated Expectations

Tencent heads into Q1 earnings with subdued implied vols, notable underperformance, and an implied move that appears elevated relative to...

John Ley

Tencent (700 HK): Option Traders Position Ahead of 13 May Earnings

Option traders position ahead of Tencent’s 13 May earnings, with weekly structures dominating and larger diagonal spreads highlighting positioning...

Gaudenz Schneider

This Week in AI (Sep 6-12): DeepSeek V4.1-Flash and IPO; OpenAI's Astra Solves NS Equation

This week in AI: DeepSeek releases V4.1-Flash and hires Shanghai IPO underwriters. US agencies and Anthropic accuse Chinese labs of model...

Ke Yan, CFA, FRM

Tencent/Netease: One Approval for Each in April

NPPA released its April 2026 domestic game approval batch. Tencent and NetEase each secured one approval after two months of zero approvals. We'd...

Ke Yan, CFA, FRM

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