According to Zhito Finance APP, on November 13, the Hong Kong stock market continued to experience fluctuations, opening down 0.88% in the morning before the hang seng index gradually rebounded towards the end of the lunch session, almost erasing the previous decline, ultimately closing down at 19,823.45 points, a decrease of 0.12%, with a low price of 19,608.32 points during the day. The hang seng tech index fell by 0.03%. Due to the continuous decline in the Hong Kong stock market, over a hundred bull certificates have been forcibly redeemed today, terminating trading.

Recently, the Hong Kong stock market has been continuously adjusting, with the hang seng index falling below 20,000 points yesterday, down nearly 2.80%. Against this backdrop, several bull certificates have been forcibly redeemed. It is understood that bull-bear certificates are similar to warrants, having similar terms such as exercise price, expiration date, and conversion ratio. Bull-bear certificates are similar to trading futures, and the financial costs of bull-bear certificates can be compared to the costs investors incur when borrowing money from issuers to buy or sell related assets, obtaining a leverage effect.

However, bull-bear certificates have a forced redemption mechanism, meaning that when the price of the related assets hits the redemption price of the bull-bear certificates, they will be redeemed. Therefore, with the sharp decline of the hang seng index, many investors who bought bull certificates bullish on the hang seng index could only watch helplessly as their certificates were 'killed', essentially losing the initial investment used to purchase those bull certificates.