23rd July 2025 (Wednesday)
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Market Commentary
7x HSI DLCs Deliver +28% Weekly Gain

Hang Seng Index (HSI) closed above the 25000 level on 22 July 2025; the last time the index closed above this level was four years ago in 2021. 

Hang Seng Tech Index (HSTECH) and Hang Seng China Enterprises Index (HSCEI) were not left out of the rally. In terms of year-to-date performance as of 22 July 2025, HSI has gained +25.3%, HSCEI +24.5% and HSTECH +25.5%. 

Hong Kong equities have shown broad-based strength in recent months, with all major indices staging a solid rebound from earlier lows, reflecting renewed investor confidence amid policy support and improving macro signals.

To hedge existing exposure or take short-term positions, DLCs offer an efficient way to gain leveraged exposure to Hong Kong Indices and individual tech stocks. 

To illustrate the short-term leverage exposure of the DLCs, the 7x Long HSI DLCs gained +28% while 7x Short HSI DLCs declined by -25% on the back of HSI's +3.8% gain in the past one week (14-22 July).

Similarly, the 7x Long HSTECH DLCs gained +47% while 7x Short HSTECH DLCs declined by -37% on the back of HSTECH's +6% gain in the past one week (14-22 July).

Click here to view the full list of DLCs and to learn more. 

ECSW
HSI 7xLongSG251218
HSI 7x Long
Last Price1
1.125 +0.08
(+7.66%)
Last Update: 23/07/2025 12:40
 
EUCW
HSI 7xShortSG270309
HSI 7x Short
Last Price1
0.345 -0.03
(-7.89%)
Last Update: 23/07/2025 12:40
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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PHILLIP DLC PROMOTION 

LIM & TAN DLC PROMOTION 

New Issuance
Stock
Code
DLC
Name
Underlying Leverage
Factor
Listing
Date
ZVNW Alibaba 5xLongSG270712 Alibaba 5x 17/07/2025
IEYW CATL 5xLongSG270712 CATL 5x 17/07/2025
LKVW Nasdaq 3xShortSG280309 Nasdaq-100 Stock Index -3x 17/07/2025
UTNW Nasdaq 3xLongSG280309 Nasdaq-100 Stock Index 3x 17/07/2025
UQKW STEng 5xLongSG270712 ST Engineering 5x 17/07/2025
9SWW STEng 5xShortSG270712 ST Engineering -5x 17/07/2025
UYNW Sunny 5xShortSG270112 Sunny Optical -5x 17/07/2025
DLCs on this underlying asset is launched for the first time.
  CHECK OUT THE NEWLY LAUNCHED DLCs  
Education
How to select the right DLC for your target exposure?

Click here to watch the video

 

Top Gainers / Losers
Code Name Bid Change1
(%)
VLLW Kuaisho 5xLongSG261217 +0.16
(+21.62%)
JVWW Baidu 5xLongSG261027 +0.165
(+21.43%)
XIRW Kuaisho 5xLongSG251216 +0.004
(+21.05%)
DUWW Tencent 5xLongSG250904 +0.04
(+20.00%)
ZS6W Tencent 5xLongSG251216 +0.41
(+19.34%)
Code Name Bid Change1
(%)
WC5W Baidu 5xShortSG261223 -0.18
(-20.93%)
9VHW Tencent 5xShortSG260513 -0.018
(-20.69%)
IAUW Popmart 5xLongSG270706 -0.15
(-18.29%)
96KW Meituan 5xShortSG260513 -0.05
(-15.62%)
9B2W HSTECH 7xShortSG270309 -0.06
(-13.04%)
Bid Change (%)1: Change in Current Bid Price with respect to the Last Bid Price from the previous trading day.
Intinsic Closing Value: Last updated on 22/07/2025
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Top 10 traded DLCs
Code Name Underlying1
Chg (%)
Bid Change2
(%)
Bid Price Value traded
UMCW HSTECH 7xLongSG261105 +1.76% +0.08
(+12.31%)
0.730 702K
DKPW Alibaba 5xLongSG251113 +1.78% +0.009
(+8.57%)
0.114 522K
WIEW HSI 5xShortSG280330 +1.13% -0.035
(-5.98%)
0.545 485K
9B2W HSTECH 7xShortSG270309 +1.76% -0.06
(-13.04%)
0.395 350K
ECSW HSI 7xLongSG251218 +1.13% +0.08
(+7.66%)
1.125 314K
CVMW HSI 5xLongSG261029 +1.13% +0.08
(+5.19%)
1.620 311K
WYHW HSTECH 7xLongSG261105A +1.76% +0.04
(+12.50%)
0.360 290K
CWRW HSTECH 5xLongSG250904 +1.76% +0.013
(+8.44%)
0.168 280K
X7GW Sembcorp 5xShortSG270331 -0.51% +0.003
(+1.97%)
0.155 246K
EUCW HSI 7xShortSG270309 +1.13% -0.03
(-7.89%)
0.345 237K
Underlying Chg (%)1: Data calculated based on the percentage change in underlying asset price between 22/07/2025 and 23/07/2025 12:41.
Bid Change (%)2: Change in Current Bid Price with respect to the Last Bid Price from the previous trading day .
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