In today’s briefing:
- Weekly Deals Digest (29 Jun) – FWD, HDB, Santos, PointsBet, New World, Dickson, HKBN, OneConnect
- Hang Seng Index (HSI INDEX) Top Trades: Recent Option Flow Reveals Strategic Positioning
- China Healthcare Weekly (Jun.29) – Biotech Valuation Bubble Is About to Burst, Innovent’s Placement
Weekly Deals Digest (29 Jun) – FWD, HDB, Santos, PointsBet, New World, Dickson, HKBN, OneConnect
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments: FWD Group Holdings (1828 HK) and HDB Financial Services Ltd (0117739D IN) IPOs.
- Event-Driven developments: Santos Ltd (STO AU), Humm Group (HUM AU), PointsBet Holdings (PBH AU), New World Resources (NWC AU), Dickson Concepts Intl (113 HK), HKBN Ltd (1310 HK), OneConnect.
Hang Seng Index (HSI INDEX) Top Trades: Recent Option Flow Reveals Strategic Positioning
- Context: Over the past five trading days, Hang Seng Index (HSI INDEX) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.
- Highlights: Yield-extracting strategies prove more popular in the index than in single stocks. Two such examples, a Ratio Put Spread and an Iron Condor, are presented.
- Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,
China Healthcare Weekly (Jun.29) – Biotech Valuation Bubble Is About to Burst, Innovent’s Placement
- The valuation bubble of innovative drug companies is about to burst as some founders/shareholders have started to reduce their holdings and cash out. We recommend investors to be rational.
- Domestic innovative drugs market size would be about RMB600 billion by 2035. It is estimated the whole innovative drug industry’s CAGR would be about 15% for the next decade.
- Innovent announced Placement with the Placing price of HK$78.36/share. However, valuation is clearly at a high level. A more suitable option is to take profits rather than buy.
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