23rd February 2026 (Monday)
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Market Commentary
Top Gainer: Meituan 5x Long DLC +36%

Hong Kong stocks rebounded in Monday's morning session after ending last Friday mostly in the red. Investors appear to be shifting capital away from US assets amid renewed trade-policy uncertainty, following Trump’s statement over the weekend that he would lift global tariffs to 15% from his previously announced 10%. 

Hang Seng Index (HSI) rallied about 2.3% in the morning session, while the tech-heavy Hang Seng Tech Index (HSTECH) climbed 3.32% but was up as much as 4.02% during the session.

On the DLCs, the HSTECH 7x Long DLC rose about 23% as a result, with the HSTECH 7x Short DLC declining a similar magnitude.

Amongst the Hong Kong-listed underlyings covered by our DLCs, Meituan was among the biggest winners this morning, up around 7%. Tracking the underlying, the Meituan 5x Long DLC surged around 34%, while the Meituan 5x Short DLC suffered losses of similar magnitude.

Other big gainers this morning include Ganfeng Lithium up around 7.9%, Zijin Mining up 5.2% and SMIC up 4.6%, as all the Hong Kong underlyings covered by our DLCs rose in morning trading.

With market volatility remaining elevated, investors seeking to capitalise on their directional views can consider using DLCs to obtain amplified exposure. 

Visit here to view the full list of DLCs.

PSIW
Meituan 5xLongSG280120
3690.HK 5x Long
Last Price1
0.310 -0.095
(-23.46%)
Last Update: 24/02/2026 13:30
 
96KW
Meituan 5xShortSG260513
3690.HK 5x Short
Last Price1
0.875 +0.175
(+25.00%)
Last Update: 24/02/2026 13:30
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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CGS DLC PROMOTION 

New Issuance
Stock
Code
DLC
Name
Underlying Leverage
Factor
Listing
Date
OVYW Galaxy 5xShortSG280202 Galaxy Ent. -5x 24/02/2026
YPLW Keppel 5xLongSG280725 Keppel 5x 24/02/2026
KSPW Popmart 5xShortSG280202 Pop Mart International Group Limited -5x 24/02/2026
YYZW Tencent 5xLongSG280202 Tencent 5x 24/02/2026
XFEW XPeng 5xShortSG280202 XPeng Inc. -5x 24/02/2026
OJOW CNOOC 5xShortSG280202 CNOOC -5x 11/02/2026
X3FW HSI 7xShortSG280202 Hang Seng Index -7x 11/02/2026
YODW PetroCH 5xShortSG280202 Petrochina -5x 11/02/2026
LMWW PingAn 5xShortSG280202 Ping An Insurance -5x 11/02/2026
FTEW Sands 5xShortSG280202 Sands China -5x 11/02/2026
8I3W SGX 5xShortSG280725 SGX -5x 11/02/2026
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Education
US Stock DLCs: What are the benefits and how does it work?

Click here to watch the video

Top Gainers / Losers
Code Name Bid Change1
(%)
KSPW Popmart 5xShortSG280202 +0.36
(+30.00%)
ZBTW Popmart 5xShortSG270706 +0.013
(+25.00%)
96KW Meituan 5xShortSG260513 +0.175
(+25.00%)
IJWW Meituan 5xShortSG280120 +0.355
(+24.40%)
LMWW PingAn 5xShortSG280202 +0.19
(+23.31%)
Code Name Bid Change1
(%)
IAUW Popmart 5xLongSG270706 -0.025
(-26.04%)
FNYW Popmart 5xLongSG271216 -0.355
(-25.27%)
UOLW Meituan 5xLongSG261027 -0.006
(-24.00%)
PSIW Meituan 5xLongSG280120 -0.095
(-23.46%)
RCDW PingAn 5xLongSG280330 -0.66
(-21.50%)
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 23/02/2026
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Top 10 traded DLCs
Code Name Underlying1
Chg (%)
Bid Change2
(%)
Bid Price Value traded
9B2W HSTECH 7xShortSG270309 -2.41% +0.025
(+16.56%)
0.176 940K
ECJW HSTECH 3xLongSG280309 -2.41% -0.045
(-7.03%)
0.595 660K
YPCW HSTECH 7xLongSG270331 -2.41% -0.009
(-17.31%)
0.043 259K
LZJW HSI 7xShortSG270729 -2.15% +0.055
(+14.29%)
0.445 209K
FNTW HSTECH 7xShortSG270729 -2.41% +0.07
(+15.91%)
0.510 206K
9XCW UOB 5xShortSG261217 -4.10% +0.04
(+19.51%)
0.245 156K
UQKW STEng 5xLongSG270712 -2.78% -0.23
(-12.30%)
1.640 142K
W9AW UOB 5xLongSG261217 -4.10% -0.032
(-18.93%)
0.137 138K
TNUW HSI 7xLongSG271116 -2.15% -0.12
(-14.46%)
0.710 135K
CWUW HSTECH 5xLongSG261029 -2.41% -0.018
(-11.54%)
0.138 133K
Underlying Chg (%)1: Data calculated based on the percentage change in underlying asset price between 23/02/2026 and 24/02/2026 13:30.
Bid Change (%)2: Change in Current Bid Price with respect to the Last Bid Price from the previous trading day .
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