Derivatives and Quantitative Strategist

Gaudenz Schneider

Event-Driven

<ul>
<li>
Context: Zhongji InnoLight (<a href="https://www.smartkarma.com/entities/zhongji-innolight" target="_blank" data-smartkarma-citation="entities:55331:1" rel="noopener">3308 HK</a>, <a href="https://www.smartkarma.com/entities/zhongji-innolight-co-ltd" target="_blank" data-smartkarma-citation="entities:6986:1" rel="noopener">300308 CH</a>) reports H1 2026 results on 21 August, its first earnings announcement since the Hong Kong listing.</li>
<li>
Highlight: With the historical median absolute move at 4.7%, options price a 5.6% earnings move. High option premiums create potential selling opportunities, but large historical tail moves warrant caution.</li>
<li>
Positioning: Put activity dominates recent trading, with downside strikes accounting for most outstanding puts. The volatility term structure remains elevated beyond the event.</li>
</ul>



Context: Zhongji InnoLight (3308 HK, 300308 CH) reports H1 2026 results on 21 August, its first earnings announcement since the Hong Kong listing.

Highlight: With the historical median absolute move at 4.7%, options price a 5.6% earnings move. High option premiums create potential selling opportunities, but large historical tail moves warrant caution.

Positioning: Put activity dominates recent trading, with downside strikes accounting for most outstanding puts. The volatility term structure remains elevated beyond the event.


Zhongji InnoLight (3308 HK, 300308 CH): 100% Volatility Ahead of First HK 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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 82.7% as of Aug 14th.</li>
<li>The average A-H premium changed by 1.0ppt week-on-week, led by consumer staples, health care, materials and offset by information technology, energy, real estate.</li>
<li>We highlight weekly changes in A-H premium for Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare Ict, China Telecom.</li>
</ul>


We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 82.7% as of Aug 14th.
The average A-H premium changed by 1.0ppt week-on-week, led by consumer staples, health care, materials and offset by information technology, energy, real estate.
We highlight weekly changes in A-H premium for Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare Ict, China Telecom.


A-H Premium Weekly (Aug 14th): Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare Ict

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of Aug 14th. The aggregated net margin trading position is USD357,520m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in SHANGHAI GENTECH, TCL, JIANGSU HENGRUI MEDICINE, CSSC, CMOC.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Aug 14th. The aggregated net margin trading position is USD357,520m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in SHANGHAI GENTECH, TCL, JIANGSU HENGRUI MEDICINE, CSSC, CMOC.


A-Share Margin Trading Weekly (Aug 14th): SHANGHAI GENTECH, TCL, JIANGSU HENGRUI MEDICINE, CSSC

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

<ul>
<li>Since the last reshuffle (July 9), our Model Portfolio has appreciated 1.46%. MSCI Asia ex Japan index (MXASJ) has dropped 1.77%. AI infrastructure stocks primarily contributed to the portfolio drawdown.</li>
<li>Focus on AI "picks and shovels" providers, industrials, defense, industrial metals and banks remain. We also like Indian automobiles. We replace Hyundai Engineering and Construction with HD Hyundai Heavy Industries.</li>
<li>We are overweight on HK/China, Korea and India. We are underweight Taiwan but overweight Taiwan technology. We are Neutral ASEAN.</li>
</ul>


Since the last reshuffle (July 9), our Model Portfolio has appreciated 1.46%. MSCI Asia ex Japan index (MXASJ) has dropped 1.77%. AI infrastructure stocks primarily contributed to the portfolio drawdown.
Focus on AI "picks and shovels" providers, industrials, defense, industrial metals and banks remain. We also like Indian automobiles. We replace Hyundai Engineering and Construction with HD Hyundai Heavy Industries.
We are overweight on HK/China, Korea and India. We are underweight Taiwan but overweight Taiwan technology. We are Neutral ASEAN.


Asian Equities: Model Portfolio Outperformed; Minor Changes to the Industrials Sleeve

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

SHEIN Global 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, <a href="https://www.smartkarma.com/entities/sbi-funds-management-ltd" target="_blank" data-smartkarma-citation="entities:48001:1" rel="noopener">SBI Funds Management</a> didn't deliver a blockbuster listing but managed to get the India ECM pipeline moving along.</li>
<li>Goverment of India too jumped on the ECM revivial in India to offload a large chunk of <a href="https://www.smartkarma.com/entities/life-insurance-corp-of-india" target="_blank" data-smartkarma-citation="entities:28829:1" rel="noopener">Life Insurance of India (LICI IN)</a>. </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, SBI Funds Management didn't deliver a blockbuster listing but managed to get the India ECM pipeline moving along.
Goverment of India too jumped on the ECM revivial in India to offload a large chunk of Life Insurance of India (LICI IN). 


Aequitas ECM Weekly (10 August 2026)- HK Trip Notes, Innolight, Shein, Manipal, Leap, LIC, Bizlink

China

Zhongji Innolight Co., Ltd. manufactures and distributes industrial machines and machine parts. The Company produces motor stator windings, insulating machines, coil winding equipment, automatic production lines, and more. Zhongji Innolight mainly conducts businesses domestically.

Price Gauge
52-week Range	0.00 - 0.00
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Zhongji Innolight (300308 CH)

Zhongji InnoLight (3308 HK, 300308 CH): 100% Volatility Ahead of First HK Earnings

Zhongji InnoLight options price a larger-than-historical earnings move, while a high put/call ratio points to strong downside interest ahead of its...

Gaudenz Schneider

A-H Premium Weekly (Aug 14th): Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare Ict

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare...

Ke Yan, CFA, FRM

Asian Equities: Model Portfolio Outperformed; Minor Changes to the Industrials Sleeve

Model Portfolio outperformed MXASJ. Drivers: base metals, industrials, select consumers. Focus stays on AI "picks & shovels", industrial, defense,...

Manishi Raychaudhuri

Aequitas ECM Weekly (10 August 2026)- HK Trip Notes, Innolight, Shein, Manipal, Leap, LIC, Bizlink

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Zhongji InnoLight (3308 HK, 300308 CH): 100% Volatility Ahead of First HK Earnings

Zhongji InnoLight options price a larger-than-historical earnings move, while a high put/call ratio points to strong downside interest ahead of its...

Gaudenz Schneider

A-H Premium Weekly (Aug 14th): Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare Ict

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare...

Ke Yan, CFA, FRM

A-Share Margin Trading Weekly (Aug 14th): SHANGHAI GENTECH, TCL, JIANGSU HENGRUI MEDICINE, CSSC

We analyzed A-share margin trading positions report for the past week and highlighted SHANGHAI GENTECH, TCL, JIANGSU HENGRUI MEDICINE, CSSC, CMOC.

Ke Yan, CFA, FRM

Asian Equities: Model Portfolio Outperformed; Minor Changes to the Industrials Sleeve

​Model Portfolio outperformed MXASJ. Drivers: base metals, industrials, select consumers. Focus stays on AI "picks & shovels", industrial, defense,...

Manishi Raychaudhuri

Aequitas ECM Weekly (10 August 2026)- HK Trip Notes, Innolight, Shein, Manipal, Leap, LIC, Bizlink

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

Model Portfolio outperformed MXASJ. Drivers: base metals, industrials, select consumers. Focus stays on AI "picks & shovels", industrial, defense,...