To The Moon

Last week, I posted three consecutive threads tracking unusual options activity in Chinese ADRs. Below is a summary of key options positions for several notable Chinese stocks. Based on the strike prices, the first target price has been reached at market open. The endpoint of this rally can be referenced through the details of large order closures & roll-overs, which I will continue to track.

$Direxion Daily FTSE China Bull 3X Shares(YINN)$

$YINN 20260116 27.0 CALL$ , 179K contracts open interest

$YINN 20241220 33.0 CALL$ , 39K contracts open interest

$YINN 20260116 27.0 CALL$ 
A massive position of 98K contracts expiring in 2026, with initial opening on November 29th, which I wrote about in last Monday's article. New positions were added daily, reaching 179K contracts open interest as of December 9th.

$YINN 20241220 33.0 CALL$ 
Short-term bullish option expiring December 20th with strike price 30, opened on Friday, December 6th. Compared to the long-term 27 call above, this large position is likely to be closed at today's open, with a possibility of rolling over.

$Direxion Daily CSI 300 China A Share Bull 2X Shares(CHAU)$

$CHAU 20250516 15.0 CALL$ , 211K contracts open interest

$CHAU 20250516 15.0 CALL$ 
A large position I highlighted in a separate post last week. Expires May 2025 with strike price 15, shorter dated due to options chain availability limitations.

The only major position in open interest. CHAU has lower liquidity and is a relatively lesser-known stock for Chinese ADR exposure. The trader might have wanted to stay under the radar, but 211K contracts is like setting off a flash bang.

$iShares China Large-Cap ETF(FXI)$

Bullish options positions are more evenly distributed, with key large orders:

$FXI 20241220 32.0 CALL$ 

$FXI 20260116 30.0 CALL$ 

$FXI 20241231 33.0 CALL$ 

$FXI 20241231 36.0 CALL$ 

$PDD Holdings Inc(PDD)$

PDD is no longer leading in bullish positions. Why? Because institutions that positioned for the October surge got burned by PDD's earnings report, forcing them to cut losses early.

This time, PDD positions are more conservative, only selling puts: $PDD 20241213 90.0 PUT$ , $PDD 20250117 90.0 PUT$ 

$Alibaba(BABA)$

Possibly dragged down by PDD, individual stock bullish positions are very conservative. Last week's top bullish option opening was the late 2025 75 call: $BABA 20251219 75.0 CALL$ 

$BABA 20251219 75.0 CALL$  Based on the opening date, it's clearly betting on a Chinese ADR surge.