In today’s briefing:
- JD.com (9618 HK): Strategic Highlights and Market View from HKEX Top Trades
- ETF Flows in Q1: Inflows for Taiwan, Outflows for China
- Innovent Biologics Inc (1801 HK): 2024 Product Sales Jump 44% and Loss Narrows; Momentum to Continue
JD.com (9618 HK): Strategic Highlights and Market View from HKEX Top Trades
- This Insight analyses JD.com (9618 HK) option strategies traded over the last five trading days on the Hong Kong Exchange. Strategy highlights and volatility context are provided.
- Bearish strategies dominate trading activity, outnumbering bullish ones by more than 3:1, with long volatility structures and calendar/diagonal spreads being prevalent.
- Long tail events: Several strategies follow a pattern of minimal upfront cost (0.1% premium), targeting a significant payout in case of large price movements within a short timeframe.
ETF Flows in Q1: Inflows for Taiwan, Outflows for China
- The largest ETF inflows in the region have been in Taiwan as investors rush into indices that have higher dividend yields.
- China had large inflows last year as markets floundered. With markets trading in a range over the last 6 months, those flows have reversed in Q1 this year.
- Australia has seen net inflows this year, while there have been net outflows from Hong Kong, India and Japan focused ETFs.
Innovent Biologics Inc (1801 HK): 2024 Product Sales Jump 44% and Loss Narrows; Momentum to Continue
- Innovent Biologics Inc (1801 HK) has announced 2024 result, with total revenue increasing a whopping 52% YoY to RMB9,422M and net loss narrowing 91% YoY to RMB933M.
- On adjusted basis, the company reported maiden net profit of RMB332M compared with loss of RMB515M in 2023. Innovent is expected to become profitable on reported basis this year.
- Innovent aims to achieve RMB 20B product revenue in 2027, implying a CAGR of 34% and advance five pipeline assets to the global/multi-regional Phase 3 clinical trial stage by 2030.
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