China Market Update: National Team Catches Bottom, Alibaba May Spin Off Grocery Service, Week In Review [Forbes]
CHINA MRCHNTS BK UNSP/ADR (CIHKY)
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Source: Forbes
Both Hong Kong and Mainland China opened higher alongside their regional peers, though China came under significant pressure from forced selling as the small-cap CSI 500 Index hit the 4,500 level, creating a flash-crash due to the absence of buyers. “Snowballs”, which are like Hong Kong's Callable Bull/Bear Contracts (CBBCs), provide investors exposure to an index or stock with an element of downside protection. When an index, such as the CSI 500, hits the maximum downside level, the issuer is forced to redeem the snowball by selling the underlying futures. The lack of buyers, which is exacerbated by light volumes as we approach the Chinese New Year holiday, the market plunged. The Shanghai Composite hit an intra-day low of -3.77%, Shenzhen hit a low of -5.80%, and the CSI 500 fell -5.19%. However, the cavalry arrived, as the National Team, which includes institutional investors affiliated with government-related entities, bought Mainland China-listed ETFs, which stabilized the marke
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