One retail investor Mr Shi, who asked to be identified only by his last name, said he invested one million yuan ($139,466) in snowballs tied to CSI1000 index and discovered his products had hit the knock-in level on Monday.
When he bought the two-year products in early 2023, he was expecting to earn a return of at least 8%. But now, unless the index rises above the 7,000-level within a year -- implying a 40% rise from current levels -- he will earn no coupon and also lose some of his principal.
'Snowball' derivatives feed China's stock market avalanche
https://www.reuters.com/markets/asia/sn ... 024-01-23/