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 growth rate of total revenue came back to two digits in 4Q24.</li>
<li>The growth rate of game revenue reached 20% YoY in 4Q24.</li>
<li>The gross margins of all business lines improved YoY in 4Q24.</li>
</ul>


The growth rate of total revenue came back to two digits in 4Q24.
The growth rate of game revenue reached 20% YoY in 4Q24.
The gross margins of all business lines improved YoY in 4Q24.


Tencent (700 HK): 4Q24, Revenue Growth Back to Two Digits

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>We take a detailed look at the implied earnings move priced into Tencent options compared to historical outcomes.</li>
<li>Post-Earnings price movements are analyzed to assess directional tendencies and magnitude based on earnings beats and misses.</li>
<li>An interesting post-earnings pattern emerges, with an options strategy outlined.</li>
</ul>


We take a detailed look at the implied earnings move priced into Tencent options compared to historical outcomes.
Post-Earnings price movements are analyzed to assess directional tendencies and magnitude based on earnings beats and misses.
An interesting post-earnings pattern emerges, with an options strategy outlined.


Tencent Earnings: Implied Vs Realized Price Changes and a Post Earnings Pattern

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> / <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd-69366efb-cf6b-404d-a0e4-c6b9b2e128dc" target="_blank" data-smartkarma-citation="entities:17:1" rel="noopener">Tencent Holdings (ADR) (TCEHY US)</a> is set to announce Annual 2024 Results on 19 March 2025.</li>
<li>Options pricing implies a 4-6% move after earnings, significantly higher than historical patterns. From an options perspective, calendar spreads offer opportunities.</li>
<li>
<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent</a>'s significant index weighting, around 8% in key Hong Kong indices, means its earnings has the potential to impact broader market performance.</li>
</ul>



Tencent (700 HK) / Tencent Holdings (ADR) (TCEHY US) is set to announce Annual 2024 Results on 19 March 2025.
Options pricing implies a 4-6% move after earnings, significantly higher than historical patterns. From an options perspective, calendar spreads offer opportunities.

Tencent's significant index weighting, around 8% in key Hong Kong indices, means its earnings has the potential to impact broader market performance.


Tencent (700 HK): Expected Move on Profit Announcement and Option Insights

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$625bn. NET buying by SOUTHBOUND was HK$61bn which is HUGE.</li>
<li>The flows here are still striking. &gt;25% of the top 100 most liquid Southbound eligible stocks saw SOUTHBOUND buy more than 10% of weekly traded volume to March 12.</li>
<li>A summary of important China-related stock news as I saw it this week is included. </li>
</ul>


Gross SOUTHBOUND volumes dropped again somewhat but still high at HK$625bn. NET buying by SOUTHBOUND was HK$61bn which is HUGE.
The flows here are still striking. &gt;25% of the top 100 most liquid Southbound eligible stocks saw SOUTHBOUND buy more than 10% of weekly traded volume to March 12.
A summary of important China-related stock news as I saw it this week is included. 


HK Connect SOUTHBOUND Flows (To 14 Mar 2025); Big Volumes, Big Net; Tech and Banks Still Leading

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>China exposure among GEM funds has rebounded to 26%, up from the 2024 low, but still far below the 37.5% peak. India has eased while Taiwan allocations hit new highs.</li>
<li>China remains a major EM underweight at -3.09% vs. benchmark, despite rising allocations. High Active funds stay the most underweight</li>
<li>Industrials see the strongest buying, while Utilities and Consumer sectors decline. Tencent and Alibaba dominate ownership, but many new names are entering the picture.</li>
</ul>


China exposure among GEM funds has rebounded to 26%, up from the 2024 low, but still far below the 37.5% peak. India has eased while Taiwan allocations hit new highs.
China remains a major EM underweight at -3.09% vs. benchmark, despite rising allocations. High Active funds stay the most underweight
Industrials see the strongest buying, while Utilities and Consumer sectors decline. Tencent and Alibaba dominate ownership, but many new names are entering the picture.


China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

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 (700 HK)

Tencent (700 HK): 4Q24, Revenue Growth Back to Two Digits

The growth rate of total revenue came back to two digits in 4Q24. The growth rate of game revenue reached 20% YoY in 4Q24. The gross margins of all...

Ming Lu

Tencent Earnings: Implied Vs Realized Price Changes and a Post Earnings Pattern

Analysis of Tencent options shows implied earnings move compared to historical outcomes, revealing post-earnings patterns and a potential options...

John Ley

Tencent (700 HK): Expected Move on Profit Announcement and Option Insights

Tencent to announce Annual 2024 Results on 19 March 2025. Options pricing suggests a 4-6% move. Calendar spreads offer opportunities.

Gaudenz Schneider

HK Connect SOUTHBOUND Flows (To 14 Mar 2025); Big Volumes, Big Net; Tech and Banks Still Leading

SOUTHBOUND Connect volumes slow down in gross but record very high net. Net buying bias is still significant. Tech, and tech-ish consumer...

Travis Lundy

China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

China & HK allocations are recovering, yet remain a major EM underweight. Rotation is active but cautious—Industrial inflows rise, while high...

Steven Holden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tencent (700 HK): 4Q24, Revenue Growth Back to Two Digits

The growth rate of total revenue came back to two digits in 4Q24. The growth rate of game revenue reached 20% YoY in 4Q24. The gross margins of all...

Ming Lu

Tencent Earnings: Implied Vs Realized Price Changes and a Post Earnings Pattern

​Analysis of Tencent options shows implied earnings move compared to historical outcomes, revealing post-earnings patterns and a potential options...

John Ley

Tencent (700 HK): Expected Move on Profit Announcement and Option Insights

​Tencent to announce Annual 2024 Results on 19 March 2025. Options pricing suggests a 4-6% move. Calendar spreads offer opportunities.

Gaudenz Schneider

HK Connect SOUTHBOUND Flows (To 14 Mar 2025); Big Volumes, Big Net; Tech and Banks Still Leading

SOUTHBOUND Connect volumes slow down in gross but record very high net. Net buying bias is still significant. Tech, and tech-ish consumer...

Travis Lundy

China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

China & HK allocations are recovering, yet remain a major EM underweight. Rotation is active but cautious—Industrial inflows rise, while high...

Steven Holden

Analysis of Tencent options shows implied earnings move compared to historical outcomes, revealing post-earnings patterns and a potential options...

Tencent to announce Annual 2024 Results on 19 March 2025. Options pricing suggests a 4-6% move. Calendar spreads offer opportunities.