Co-Founder & CEO, Newmark Risk

Nicholas Pezolano

Co-Founder & CEO

Option analytics for institutional investors

Newmark Risk

Fin-tech company focused on providing option derived analytics for institutional investors.

We handle the complexity of options data so you don't have to.

- Data and Analytics available all in one place so you can focus on Strategy Development
- Custom Solutions for your data and/or portfolio needs
- Advisory services to lend our expertise

Knowledge is something that was meant to be shared and we provide insights to our clients and to the community via posting about our research findings.

Equity Derivatives

New World Development / Equity Derivatives

<ul>
<li>Top Hong Kong Stock Exchange listed covered call candidates for the month of February.</li>
<li>The top 10 provide an average ~6% premium with a potential ~7.6% upside P&amp;L if exercised.</li>
<li>Investors with a neutral 1-month view on the underlying can seek to generate income.</li>
</ul>


Top Hong Kong Stock Exchange listed covered call candidates for the month of February.
The top 10 provide an average ~6% premium with a potential ~7.6% upside P&amp;L if exercised.
Investors with a neutral 1-month view on the underlying can seek to generate income.


Hong Kong February 2026 Monthly Covered Call Report

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There could be 2 inclusions for the <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF/USA (GDX US)</a> in March. There are 2 more stocks that are close on free float market cap.</li>
<li>
<a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a>'s float is still below 10% and the stock will need to wait till the June rebalance to be added to the index. </li>
<li>The capping changes and the 2 adds will lead to an estimated one-way turnover of 6.8% and a round-trip trade of US$4.93bn.</li>
</ul>


There could be 2 inclusions for the VanEck Gold Miners ETF/USA (GDX US) in March. There are 2 more stocks that are close on free float market cap.

Zijin Gold (2259 HK)'s float is still below 10% and the stock will need to wait till the June rebalance to be added to the index. 
The capping changes and the 2 adds will lead to an estimated one-way turnover of 6.8% and a round-trip trade of US$4.93bn.


Gold Miners ETF (GDX US) March Rebalance: 2 Adds Likely; US$5bn Trade

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The MV Global Gold Miners index represents the performance of high and mid-cap gold and silver mining companies listed around the world.</li>
<li>There will be five ADDs for the December 2025 rebal event. We predicted two and the other three are surprises.</li>
<li>We expect one-way flow of US$4.1bn and turnover of ~15% for December 2025. Most of this is re-capping flows of the megacaps.</li>
</ul>


The MV Global Gold Miners index represents the performance of high and mid-cap gold and silver mining companies listed around the world.
There will be five ADDs for the December 2025 rebal event. We predicted two and the other three are surprises.
We expect one-way flow of US$4.1bn and turnover of ~15% for December 2025. Most of this is re-capping flows of the megacaps.


[Quiddity Index] MV Global Gold Miners Dec25 Rebalance Results: Five ADDs; US$4bn One-Way Flow

David Blennerhassett

Event-Driven

<ul>
<li>Back on the 22nd August 2025, SOE-backed <a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a> announced a privatisation; together with a concurrent listing of its EV arm, VOYAH. The two proposals are interconditional.</li>
<li>In its October <a href="https://www1.hkexnews.hk/app/sehk/2025/107757/documents/sehk25100202720.pdf" target="_blank" rel="noopener">application proof</a>, VOYAH turned a profit in 7M25.  The market was implying a price-to-trailing-sales of 1.5x for VOYAH, versus the basket average of 2.1x. It's now ~1.2x.</li>
<li>Key PRC reg approvals (Mofcom/NDRC/SAFE) remain outstanding. Meanwhile, a basket of peers are down 21% since the dual proposals were announced. And their average price-to-trailing-sales are down to 1.7x. </li>
</ul>


Back on the 22nd August 2025, SOE-backed Dongfeng Motor (489 HK) announced a privatisation; together with a concurrent listing of its EV arm, VOYAH. The two proposals are interconditional.
In its October application proof, VOYAH turned a profit in 7M25.  The market was implying a price-to-trailing-sales of 1.5x for VOYAH, versus the basket average of 2.1x. It's now ~1.2x.
Key PRC reg approvals (Mofcom/NDRC/SAFE) remain outstanding. Meanwhile, a basket of peers are down 21% since the dual proposals were announced. And their average price-to-trailing-sales are down to 1.7x. 


Dongfeng (489 HK): Revisiting VOYAH's Spin-Off Valuation

Dundee Precious Metals  / Index Rebalance

<ul>
<li>The <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF/USA (GDX US)</a> transitioned from the tracking the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index in September.</li>
<li>
<a href="https://www.smartkarma.com/entities/dundee-precious-metals-inc" target="_blank" data-smartkarma-citation="entities:42245:1" rel="noopener">Dundee Precious Metals (DPM CN)</a>'s stock price has continued to move higher and is likely to be added to the index in December.</li>
<li>Stock moves over the last month have shrunk the capping trade massively. Estimated one-way turnover is 1.8% and the round trip trade is US$1.75bn.</li>
</ul>


The VanEck Gold Miners ETF/USA (GDX US) transitioned from the tracking the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index in September.

Dundee Precious Metals (DPM CN)'s stock price has continued to move higher and is likely to be added to the index in December.
Stock moves over the last month have shrunk the capping trade massively. Estimated one-way turnover is 1.8% and the round trip trade is US$1.75bn.


Gold Miners ETF (GDX US) Dec Rebalance Preview: Stock Price Moves Shrink Capping Trade

Hong Kong

Zijin Gold International Company Limited is a Hong Kong-based subsidiary of Zijin Mining Group, primarily engaged in the exploration, mining, processing, and sale of gold and other mineral resources. Its main products include gold bullion, gold alloy, and gold concentrate, with a focus on developing high-quality global gold assets. The company was incorporated in 2007 and is headquartered in Hong Kong.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Zijin Gold International (2259 HK)

Hong Kong February 2026 Monthly Covered Call Report

February's top Hong Kong Stock Exchange covered call candidates offer a 6% premium and potential 7.6% upside if exercised, ideal for investors...

Nicholas Pezolano

Gold Miners ETF (GDX US) March Rebalance: 2 Adds Likely; US$5bn Trade

There could be 2 adds in March with another 2 stocks in close range. Capping and constituent changes are estimated to result in turnover of 6.8%...

Brian Freitas

[Quiddity Index] MV Global Gold Miners Dec25 Rebalance Results: Five ADDs; US$4bn One-Way Flow

The Index Provider announced last night that Zijin Gold (2259 HK) - which they had added to the MV Global Gold Miners Index last Friday - would NOT...

Travis Lundy

Dongfeng (489 HK): Revisiting VOYAH's Spin-Off Valuation

There's been a lot of enthusiasm for HK spin-offs of late, such as Zijin Mining and MINISO. I'm not convinced Dongfeng Motor deserves similar...

David Blennerhassett

Gold Miners ETF (GDX US) Dec Rebalance Preview: Stock Price Moves Shrink Capping Trade

DPM Metals could be added in Dec, while Zijin Gold should miss inclusion. Recent stock moves over have shrunk the capping trade. Estimated 1-way...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong February 2026 Monthly Covered Call Report

​February's top Hong Kong Stock Exchange covered call candidates offer a 6% premium and potential 7.6% upside if exercised, ideal for investors...

Nicholas Pezolano

Gold Miners ETF (GDX US) March Rebalance: 2 Adds Likely; US$5bn Trade

There could be 2 adds in March with another 2 stocks in close range. Capping and constituent changes are estimated to result in turnover of 6.8%...

Brian Freitas

[Quiddity Index] MV Global Gold Miners Dec25 Rebalance Results: Five ADDs; US$4bn One-Way Flow

The Index Provider announced last night that Zijin Gold (2259 HK) - which they had added to the MV Global Gold Miners Index last Friday - would NOT...

Travis Lundy

Dongfeng (489 HK): Revisiting VOYAH's Spin-Off Valuation

There's been a lot of enthusiasm for HK spin-offs of late, such as Zijin Mining and MINISO. I'm not convinced Dongfeng Motor deserves similar...

David Blennerhassett

Gold Miners ETF (GDX US) Dec Rebalance Preview: Stock Price Moves Shrink Capping Trade

DPM Metals could be added in Dec, while Zijin Gold should miss inclusion. Recent stock moves over have shrunk the capping trade. Estimated 1-way...

Brian Freitas

February's top Hong Kong Stock Exchange covered call candidates offer a 6% premium and potential 7.6% upside if exercised, ideal for investors...