Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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>The game revenue slowed down, as the lunar new year was late this year.</li>
<li>However, the game business is far from dead according to gross margin, deferred revenue, and operating cash flow.</li>
<li>The difference means an upside of 24% and a price target of HK$572 for year end 2026.</li>
</ul>


The game revenue slowed down, as the lunar new year was late this year.
However, the game business is far from dead according to gross margin, deferred revenue, and operating cash flow.
The difference means an upside of 24% and a price target of HK$572 for year end 2026.


Tencent (700 HK): Game Slowing, But Far from Dead After Close Look at 1Q26 Results

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> has been in a downtrend since the end of September 2025. The correction repriced the 2024 rally that tripled the stock's value. A reversal may be underway. 
</li>
<li>
Our model signals a potential upcoming short-term trend reversal, the May 13 Q1 2026 earnings announcement could act as a potential near-term catalyst. Could become a major turning point.</li>
<li>Consensus: bullish. According to <a href="https://www.smartkarma.com/profiles/gaudenz-schneider" target="_blank" data-smartkarma-citation="accounts:66501" rel="noopener">Gaudenz Schneider</a> 46 analysts cover the stock with a median price target of HKD 724, implying ~53% upside from current levels, consistent with our LONG signal.
</li>
</ul>



Tencent (700 HK) has been in a downtrend since the end of September 2025. The correction repriced the 2024 rally that tripled the stock's value. A reversal may be underway. 


Our model signals a potential upcoming short-term trend reversal, the May 13 Q1 2026 earnings announcement could act as a potential near-term catalyst. Could become a major turning point.
Consensus: bullish. According to Gaudenz Schneider 46 analysts cover the stock with a median price target of HKD 724, implying ~53% upside from current levels, consistent with our LONG signal.



Tencent (700 HK) Tactical Outlook: Is the Selloff Over? Model Signals Reversal Ahead of Earnings

Derivatives and Quantitative Strategist

Gaudenz Schneider

<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

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): Game Slowing, But Far from Dead After Close Look at 1Q26 Results

The game revenue slowed down, as the lunar new year was late this year. However, the game business is far from dead according to gross margin,...

Ming Lu

Tencent (700 HK) Tactical Outlook: Is the Selloff Over? Model Signals Reversal Ahead of Earnings

Tencent reported earnings on May 13. The projected targets and analysis are currently valid, our model suggests the stock will go higher from here,...

Nico Rosti

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

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