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>Tencent achieved the first two-digit year after the lockdown in 2022.</li>
<li>Online game came back to be a rapid business again.</li>
<li>The operating margin improved by 2 ppt because of continuous cost cuts.</li>
</ul>


Tencent achieved the first two-digit year after the lockdown in 2022.
Online game came back to be a rapid business again.
The operating margin improved by 2 ppt because of continuous cost cuts.


Tencent (700 HK): 2025, Game Back After Advertising

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>Tencent reports shortly with options implying a moderate move. This Insight reviews the volatility backdrop, historical earnings reactions, and recent price behavior ahead of the release.</li>
<li>Implied volatility has risen alongside recent stock weakness, but broader historical comparisons suggest the implied jump is not particularly stretched.</li>
<li>Q4 is notable for the direction of earnings day moves as well as the magnitude of the average absolute price change.</li>
</ul>


Tencent reports shortly with options implying a moderate move. This Insight reviews the volatility backdrop, historical earnings reactions, and recent price behavior ahead of the release.
Implied volatility has risen alongside recent stock weakness, but broader historical comparisons suggest the implied jump is not particularly stretched.
Q4 is notable for the direction of earnings day moves as well as the magnitude of the average absolute price change.


Tencent (700.HK) Earnings Preview: Volatility Backdrop, Implied Jump and Post-Release Price Behavior

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In the past two weeks we have had higher Southbound volumes, averaging US$18bn a day for the past ten days. The past week saw BIG inflows. The week before negative.</li>
<li>ETFs are seeing a LOT of two-way trade on certain days. Often, inbound ETF flows turn into single stock buying on the follow. "China-in-the-name" names are getting sold.</li>
<li>The data tables below update daily in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free for all SK readers. Recently used tools are now sticky.</li>
</ul>


In the past two weeks we have had higher Southbound volumes, averaging US$18bn a day for the past ten days. The past week saw BIG inflows. The week before negative.
ETFs are seeing a LOT of two-way trade on certain days. Often, inbound ETF flows turn into single stock buying on the follow. "China-in-the-name" names are getting sold.
The data tables below update daily in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free for all SK readers. Recently used tools are now sticky.


HK Connect SOUTHBOUND Flows (2 Wks to 13Mar2026) - Higher Volumes, Lots of ETF Trading, Net Inflows

Derivatives and Quantitative Strategist

Gaudenz Schneider

<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> reports Q4 earnings on 18 March 2026, 8:00pm HK time - a closely watched release for one of Hong Kong’s most important market bellwethers.</li>
<li>After a 16% decline since the November results, the earnings event could trigger a reversal of the recent downtrend — though expectations remain elevated.</li>
<li>Gain insight into <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent's (700 HK)</a> earnings-day price history, volatility setup, and options market positioning to be ready for the upcoming announcement.</li>
</ul>



Tencent (700 HK) reports Q4 earnings on 18 March 2026, 8:00pm HK time - a closely watched release for one of Hong Kong’s most important market bellwethers.
After a 16% decline since the November results, the earnings event could trigger a reversal of the recent downtrend — though expectations remain elevated.
Gain insight into Tencent's (700 HK) earnings-day price history, volatility setup, and options market positioning to be ready for the upcoming announcement.


Tencent (700 HK) Results on 18 March: Expected Price Action and Options Signals

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>China announced game approval for the August 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>None of the companies that we are monitoring got approval.</li>
</ul>


China announced game approval for the August 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.
None of the companies that we are monitoring got approval.


Tencent/Netease: Zero Game Approval Despite New High in Approved Games

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)

Tencent (700 HK): 2025, Game Back After Advertising

Tencent achieved the first two-digit year after the lockdown in 2022. Online game came back to be a dramatic business again. The operating margin...

Ming Lu

Tencent (700.HK) Earnings Preview: Volatility Backdrop, Implied Jump and Post-Release Price Behavior

Tencent heads into earnings with elevated volatility and a moderate implied move. This Insight reviews the volatility backdrop, the implied jump,...

John Ley

HK Connect SOUTHBOUND Flows (2 Wks to 13Mar2026) - Higher Volumes, Lots of ETF Trading, Net Inflows

Southbound volumes are up. SOEs are getting sold. ETFs, Consumer Discretionary, and Tech are getting bought. Tis the season.

Travis Lundy

Tencent (700 HK) Results on 18 March: Expected Price Action and Options Signals

This Insight examines historical earnings reactions, options-implied moves, volatility crush dynamics, dividend expectations, and the potential...

Gaudenz Schneider

Tencent/Netease: Zero Game Approval Despite New High in Approved Games

NPPA released its August 2026 domestic game approval batch. None of the companies we track received approval despite overall monthly approval...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)