CSOP Hang Seng Tech Index ETF (3033), Hong Kong’s first exchange-traded fund that tracks the tech index, gained by 1.5 percent on debut to HK$7.615 per unit, while a group of investors lost 60 percent buying the units at HK$20.
The ETF once surged by 1.67 times in the pre-opening session from its offer price of HK$7.5 per unit.
The group of retail investors made their offer on Valuable Capital’s platform under mainland Sina Corporation, local media reported.
The Hang Seng Tech Index hit a record high of 7,745 points before paring the gains to close at 7,580 points today.
A spokesman from CSOP Asset Management denied that there was no mispricing of the ETF and the net asset value of the ETF has not changed a lot, but there could be significant differences between the price and the net asset value in a short period before the market opened, due to the difference between demand and supply during the bidding session.
The investment house reminded investors to pay attention to price fluctuations of newly-listed securities and make investment decisions based on the net asset value. The ETF recorded a turnover of HK$3.05 billion.
