SK海力士股价于7月29日盘中大幅下跌，跌幅超过19%，创造了历史最大跌幅纪录[1]。这一股价波动对挂钩该股的杠杆产品造成了严重冲击。南方东英旗下两倍做多海力士产品从6月25日的高点193.65港元跌至7月29日收盘价32.70港元，累计跌幅超过83%[1]。随之而来的是资产规模的大幅缩水，该产品规模从高点的1300亿港元萎缩至319亿港元，在一个月左右的时间内蒸发了近千亿港元[1]。
SK海力士发布的财报显示业绩出现增长，但表现未达市场预期[1]。具体来看，该公司2026年第二季度营收达79.32万亿韩元，同比增长257%，但低于预期的84万亿韩元[1]。营业利润60.54万亿韩元，同比增长557%，同样未达64万亿韩元的预期[1]。净利润达93.92万亿韩元，同比激增逾12倍[1]。
为应对市场风险，香港证监会于7月24日发布新规，要求杠杆产品采用灵活杠杆机制，在极端市场条件下杠杆倍数可降至1.1倍或负1.1倍[1]。南方东英随后于7月27日发布公告，宣布旗下产品将于8月3日正式切换至灵活杠杆结构[1]。
SK Hynix experienced a historic market crash on July 29, with its stock price plunging more than 19% during intraday trading, marking the largest single-day decline on record.[1] The sharp downturn devastated a leveraged investment product tracking the semiconductor manufacturer, as the Southern Dragon 2x Long SK Hynix product collapsed from a June peak of 193.65 Hong Kong dollars to a closing price of 32.70 Hong Kong dollars on July 29—an 83% decline.[1]
The assets under management in this product shrunk dramatically alongside the price crash, contracting from a high of approximately 1.3 trillion Hong Kong dollars to 319 billion Hong Kong dollars within roughly one month, erasing nearly one trillion Hong Kong dollars in value.[1] Despite SK Hynix releasing financial results showing substantial growth, the company's performance fell short of market expectations. Revenue for the second quarter of 2024 reached 79.32 trillion Korean won, representing a 257% year-over-year increase but coming in below the anticipated 84 trillion Korean won.[1] Operating profit climbed 557% to 60.54 trillion Korean won, also undershooting the expected 64 trillion Korean won, while net profit surged more than 12-fold to 93.92 trillion Korean won.[1]
In response to extreme market volatility in leveraged products, Hong Kong's Securities and Futures Commission issued new regulations on July 24 requiring leveraged investment products to adopt a flexible leverage mechanism that can be reduced to as low as 1.1x or negative 1.1x during extreme market conditions.[1] Southern Dragon Asset Management announced on July 27 that its products would officially transition to the flexible leverage structure effective August 3.[1]
