H-share vol up/spot up re-emerged last week with HSI/HSCEI spot and implied vol
rising sharply. Single-stocks experienced a similar trend with China Life rising 9%
and vol up 5 points. We look for stocks that have yet to see implieds or spot move
materially higher and CMB (3968.HK) and other China financials stand out. We also
look at NIFTY Banks puts and find them as an attractive alternative to NIFTY puts.