The Direxion FTSE China Bear 3X ETF (YANG) soared 40%! Chinese assets in US stocks plummeted before the market opened

Pre-market, Chinese assets plummet in the US stock market.

Pinduoduo, JD.com, Xiaopeng Motors, and others plunged more than 10% pre-market, while Alibaba fell nearly 9%.

The double short China ETF (FXP) surged by 28%, and the triple short China ETF (YANG) skyrocketed by over 40%:

In Hong Kong stocks today, there was a significant adjustment, with trading volume hitting historical highs again.

The Hang Seng Index initially fell by over 2000 points, closing down nearly 1300 points at midday. Selling pressure continued in the afternoon, widening the decline to over 2000 points. The Hang Seng Tech Index plummeted today, dropping by over 14% at one point and over 10% in the afternoon. At the close, the Hang Seng Index fell by 9.41% to 20926.79 points. The Hang Seng Tech Index dropped by 12.82% to 4695.81 points, with the total trading volume of the Hang Seng Index reaching HKD 620.438 billion (compared to HKD 261.526 billion on the previous trading day).

In terms of sectors, most sectors in the market were in the red, with Chinese brokerage stocks, domestic bank stocks, and semiconductor sectors all plunging. Among individual stocks, China Merchants Securities (06099.HK) fell by 36.45%, SMIC (00981.HK) fell by 18.32%, and China Life Insurance (02628.HK) fell by 20.88%. Longfor Group (00960.HK) dropped by 22.61%.

Due to the holiday closure, A-shares opened with a significant rise today, with the index collectively hitting the "limit up," but it experienced a deep pullback at one point during the session. The Shanghai Composite Index narrowed its gains to 1.1% at one point and closed up by 4.59%