11th March 2024 (Monday)
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Market Commentary
Upcoming HK Stock Earnings Releases

A slew of HK stocks Q4 and full year earnings results are set to be released next week. China big tech giant, Tencent, is expected to report on 20 March Wednesday after market close. 

Other HK stocks set to report earnings include: Li Ning and Xiaomi on 19 March, Geely Auto, Kuaishou and Sunny Optical on 20 March, Ping An on 21 March. Please refer to the respective company announcements on HKEx and their websites for more details. 

Benchmark Hang Seng Index (HSI) is still in the red year-to-date down around -4% despite the rebound in February, closing at 16353 level as of last Friday 8 March. The index is currently trading at the top of the downtrend channel that has remained intact the whole of 2023, with near team resistance from the 100-Day Simple Moving Average (SMA) at around 16650 level.

Meanwhile, the Hang Seng TECH Index (HSTECH) is down around -10% year-to-date closing at 3385 level last Friday 8 March. Overhead 3500 appears to be potential resistance, below support could come from a combination of the 20 and 50-Day SMA. 

Investors can gain 5 times leverage exposure on the HK Stocks and up to 7x leverage exposure to the HK indices for both Long and Short directions using the DLCs. View the full list of DLCs here. 
DYSW
Tencent 5xLongSG251113
0700.HK 5x Long
Last Price1
0.134 +0.018
(+15.52%)
Last Update: 11/03/2024 14:49
 
DRHW
Tencent 5xShortSG240411
0700.HK 5x Short
Last Price1
0.905 -0.151
(-14.30%)
Last Update: 11/03/2024 14:49
Last Price1: The DLC price displayed is based on the 'bid price' instead of the 'traded price'. This is to provide a more accurate representation of the DLC value at each particular point in time and a more accurate reflection of DLC price changes. DLCs do not trade as frequently as shares and sometimes may not record a trade for a long period of time though the bid/offer prices quoted by the Designated Market Maker may continue to move, therefore using the bid price is usually the best indicator of a DLC value.
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Education
When will a DLC be early terminated?

There are a number of possible situations for a DLC to be early terminated. Below are some (non-exhaustive) examples:

1.DLC has lost 100% of its value – For example, for a 5x Long DLC, the DLC would lose its entire value should the underlying asset fall sharply by 20% or more overnight or within the 15 minutes Observation Period intraday compared to the reference level.

2.Hedging Disruption Event – For example where the required daily hedging transaction has grown to a large size relative to daily traded value of the underlying stock within a short span of time, in which the Issuer may determine that a Hedging Disruption Event has occurred and may terminate the affected DLC early.

3.Regulatory Event – For example where government sanctions or other changes in law affect the underlying stock of the DLC, and would result in the Issuer being in breach of certain regulations or laws or being non-compliant with its internal group policies or impacted adversely in  a material way, should it continue to perform its obligations or hedging of its obligations under the DLCs.

If the DLC is terminated early, the Issuer will determine the fair market value of the DLC to be notified and paid out to holders. Investors may refer to the Supplemental Listing Document of each DLC to find out more on the terms and conditions relating to an early termination.

Read more on this FAQ here
Top Gainers / Losers
Code Name Bid Change1
(%)
DJVW Bilibili 5xLongSG250306 +0.019
(+62.70%)
DWYW JD 5xLongSG251113 +0.04
(+31.34%)
DRKW Meituan 5xLongSG241126 +0.004
(+29.21%)
DQUW BYD 5xLongSG250116 +0.007
(+28.71%)
OZDW Meituan 5xLongSG251216 +0.342
(+28.44%)
Code Name Bid Change1
(%)
DYIW GanFeng 5xShortSG240709 -0.517
(-40.49%)
DSQW JD 5xShortSG240327 -0.14
(-31.45%)
DYGW Meituan 5xShortSG240411 -0.075
(-27.97%)
DFZW LiNing 5xShortSG240327 -0.69
(-26.54%)
DWOW BYD 5xShortSG241209 -0.325
(-26.01%)
Bid Change (%)1: Data calculated based on the percentage change in last intrinsic closing value on 08/03/2024 and last bid price on 11/03/2024 14:49.
Intinsic Closing Value: Last updated on 08/03/2024
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