PANews reported on July 27, according to Tencent News, a 26-year-old male trader at Hong Kong Wealth Management Services Co., Ltd. misappropriated HK$50 million from the company without authorization to use as margin, and through financing leverage bought the CSOP 2x Long Hynix ETF. Due to double leverage (margin financing + 2x long ETF), the paper loss is approximately HK$150 million. The ETF had surged to a historical high of HK$193.65 at the end of June, but later retreated along with the semiconductor sector, falling over 72% to HK$52.58 by July 20. The trader has been arrested by police on suspicion of “theft”. As the position has not yet been closed, the final loss continues to fluctuate with the price.