A 26-year-old Hong Kong trader misappropriated $50M to go long on Hynix, losing HK$150M A 26-year-old male trader at Hong Kong Wealth Management Services Limited allegedly misappropriated HK$50M without authorization as margin to leverage and buy the CSOP 2x Long Hynix ETF. Due to double leverage (margin financing + 2x long ETF), the paper loss amounted to approximately HK$150M. This ETF hit an all-time high of HK$193.65 at the end of June but has since pulled back with the semiconductor sector, dropping over 72% to HK$52.58 as of July 20. The trader has been arrested by police on suspicion of "theft." Since the position has not yet been closed, the final loss remains subject to price fluctuations.