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>Strong price action across the market this week coupled with implied vols having caught down to historic vols has put a floor on implied vols.</li>
<li>Tencent sees strong call buying in December 410 and 420 Calls with month end 400 strike Put buying for December and January.</li>
<li>Cathay Pacific, +21% over past 3 weeks, HSBC, at 52-week high plus up 38% on the year and BABA, down 21% from Oct 02 high all active names.</li>
</ul>


Strong price action across the market this week coupled with implied vols having caught down to historic vols has put a floor on implied vols.
Tencent sees strong call buying in December 410 and 420 Calls with month end 400 strike Put buying for December and January.
Cathay Pacific, +21% over past 3 weeks, HSBC, at 52-week high plus up 38% on the year and BABA, down 21% from Oct 02 high all active names.


EQD | Hong Kong Single Stock Options Weekly Dec 02 - 06

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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 Capital Markets

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front,  the deal flow doesn't seem to be slowing down much into the year end. The coming two weeks will see some of the past IPOs listing.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/goodman-group" target="_blank" data-smartkarma-citation="entities:959:1" rel="noopener">Goodman Group (GMG AU)</a>'s block trade was hogging all of the limelight this week. </li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front,  the deal flow doesn't seem to be slowing down much into the year end. The coming two weeks will see some of the past IPOs listing.
On the placements front, Goodman Group (GMG AU)'s block trade was hogging all of the limelight this week. 


ECM Weekly (9th Dec 2024) - Goodman, Auckland Airport, Kioxia, MNC, DIY, Vishal Mega, Mao Geping

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SOUTHBOUND gross trading activity rebounded about 20% this week vs the previous week. Net buying was a little lower but still strong. Market volumes overall in HK remain weak.</li>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> was again the top buy and EV names <a href="https://www.smartkarma.com/entities/xpeng-inc-4cc65854-d10c-4d20-bf7e-ca0e016715ff" target="_blank" data-smartkarma-citation="entities:33772:1" rel="noopener">XPeng (9868 HK)</a> and <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> were bought, but tech as a whole was sold.</li>
<li>I continue to expect HK-listed tech to see ongoing buying. Alibaba, Tencent, Xiaomi, etc are safe havens against Trump tariffs as they don't compete in the US. </li>
</ul>


SOUTHBOUND gross trading activity rebounded about 20% this week vs the previous week. Net buying was a little lower but still strong. Market volumes overall in HK remain weak.

Alibaba Group Holding (9988 HK) was again the top buy and EV names XPeng (9868 HK) and BYD (1211 HK) were bought, but tech as a whole was sold.
I continue to expect HK-listed tech to see ongoing buying. Alibaba, Tencent, Xiaomi, etc are safe havens against Trump tariffs as they don't compete in the US. 


HK Connect SOUTHBOUND Flows (To 6 Dec 2024); SB Trading Volumes Up, US/China Trade Volleys Up Too

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Nov 29th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Anta Sports, Trip.Com, Baba, Tracker Fund, Tencent, BOC, BYD, CCB, Fi2 Csop Hsi.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 29th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Anta Sports, Trip.Com, Baba, Tracker Fund, Tencent, BOC, BYD, CCB, Fi2 Csop Hsi.


HK Short Interest Weekly: Anta Sports, Trip.Com, Baba, Tracker Fund, Tencent, BOC, BYD, CCB

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Index Rebalance

<ul>
<li>On Wednesday, after the close, the JSE released index changes scheduled for the December rebalance (Friday, 20 Dec).</li>
<li>OUT will enter the Top 40, with NPH falling out. AMS will enter the RESI 10 and EXX will fall out.</li>
<li>Naspers and Prosus released 1H results on Monday. The discounts have narrowed through the last 3 trading days, Naspers and Prosus are up 6% and 3.1%, respectively.</li>
</ul>


On Wednesday, after the close, the JSE released index changes scheduled for the December rebalance (Friday, 20 Dec).
OUT will enter the Top 40, with NPH falling out. AMS will enter the RESI 10 and EXX will fall out.
Naspers and Prosus released 1H results on Monday. The discounts have narrowed through the last 3 trading days, Naspers and Prosus are up 6% and 3.1%, respectively.


JSE Dec 2024 Rebal: OUT to Enter Top 40, NPH to Fall Out / NPN PRX 1H Results: Discounts Catch Bid

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)

EQD | Hong Kong Single Stock Options Weekly Dec 02 - 06

Market showing strong price action this week with implied vols stabilizing, Tencent sees call buying, Cathay Pacific, HSBC, and BABA all active...

John Ley

ECM Weekly (9th Dec 2024) - Goodman, Auckland Airport, Kioxia, MNC, DIY, Vishal Mega, Mao Geping

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

HK Connect SOUTHBOUND Flows (To 6 Dec 2024); SB Trading Volumes Up, US/China Trade Volleys Up Too

Connect SOUTHBOUND volumes were +20%wow, Net buying continued though tech flows slower. Markets up. China first retaliation in trade is...

Travis Lundy

HK Short Interest Weekly: Anta Sports, Trip.Com, Baba, Tracker Fund, Tencent, BOC, BYD, CCB

We analyzed the latest HK SFC report for aggregate short position as of Nov 29th and highlight short interest changes in Anta Sports, Trip.Com,...

Ke Yan, CFA, FRM

JSE Dec 2024 Rebal: OUT to Enter Top 40, NPH to Fall Out / NPN PRX 1H Results: Discounts Catch Bid

Naspers and Prosus have outperformed the underlying portfolio following the release of 1H FY25 results. Naspers has outperformed Prosus, reducing...

DMA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

EQD | Hong Kong Single Stock Options Weekly Dec 02 - 06

​Market showing strong price action this week with implied vols stabilizing, Tencent sees call buying, Cathay Pacific, HSBC, and BABA all active...

John Ley

ECM Weekly (9th Dec 2024) - Goodman, Auckland Airport, Kioxia, MNC, DIY, Vishal Mega, Mao Geping

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

HK Connect SOUTHBOUND Flows (To 6 Dec 2024); SB Trading Volumes Up, US/China Trade Volleys Up Too

Connect SOUTHBOUND volumes were +20%wow, Net buying continued though tech flows slower. Markets up. China first retaliation in trade is...

Travis Lundy

HK Short Interest Weekly: Anta Sports, Trip.Com, Baba, Tracker Fund, Tencent, BOC, BYD, CCB

We analyzed the latest HK SFC report for aggregate short position as of Nov 29th and highlight short interest changes in Anta Sports, Trip.Com,...

Ke Yan, CFA, FRM

JSE Dec 2024 Rebal: OUT to Enter Top 40, NPH to Fall Out / NPN PRX 1H Results: Discounts Catch Bid

Naspers and Prosus have outperformed the underlying portfolio following the release of 1H FY25 results. Naspers has outperformed Prosus, reducing...

DMA

Market showing strong price action this week with implied vols stabilizing, Tencent sees call buying, Cathay Pacific, HSBC, and BABA all active...