Tencent’s peer Alibaba Group is down more than 4% after announcing an earnings beat last week.
Investors are turning more wary on Tencent Holdings hours before China’s most valuable company reports quarterly results. A put option betting the stock will drop 6% from now until the end of August is the one of the most popular contracts traded in Hong Kong on Wednesday. That marks a sharp contrast to just a day before, when three of the top ten most traded options in the city were bullish calls on the online gaming giant. Tencent’s stock fell as much as 1.
The technology sector has been sold heavily in recent weeks as investors dump Chinese stocks amid concerns over the onshore credit crisis. Instead of purely buying a call option, JPMorgan Chase & Co in July recommended creating a call spread to position for a potential earnings beat for Tencent, through buying a call option with a strike price of HK$360 and selling a call option with strike price of HK$390.
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