The little girl who bought Hang Seng Tech
On the night of Chinese New Year's Eve, the cold wind from Victoria Harbour cut through the corridors of the financial center like a knife. Snow (or perhaps the rare cold rain of such extreme weather) fell in flurries. The lights of Central were still brilliant, but in the little girl's eyes, those lights resembled debts accruing compound interest.
The little girl walked down the street. There were no matches in her pocket, only a domestically made foldable phone with 10% battery left. The phone screen flickered with a sickly green light—it was all her worldly possessions: the Hang Seng Tech Index ETF.
She had been holding this position for three years.
The First Match: Illusion
She was so cold, huddled under the rain awning outside the Four Seasons Hotel. To warm up a little, she tremblingly opened the trading app. At that moment, the light from the screen was like a struck match.
Within the faint halo, she saw a grand illusion: it was the bull market of early 2021. The table was full of IPOs trading at a premium, fragrant welcome packages from internet giants, and Meituan and Tencent beckoning to her from the cloud. She felt a warm current named "Financial Independence" surge through her body.
However, the screen flickered—it was a system notification for a "Reduction Announcement." The match went out. Before her was only the icy K-line chart, like barbed wire on a utility pole.
The Second Match: Hope
She opened the app again, this time looking at the "Discussion Board."
The match ignited again. This time, she saw countless analysts wearing red ties. They stood in a row, shouting in unison: "It's bottomed out! This is the policy bottom! The valuation has already fallen below net assets!" The little girl smiled. She seemed to see the Hang Seng Tech Index, like a white goose with wings, flapping its way towards 8000 points. She felt she was no longer cold, and even wanted to average down with her last thousand yuan of living expenses.
But, with a news pop-up about "rising US Treasury yields," the light dimmed again. The analysts vanished. The discussion board was left only with the wails of netizens.
The Third Match: Release
The little girl's fingertips were already purple from the cold. She swiped to the final screen—it was her position's profit and loss percentage.
She frantically clicked refresh, trying to find a glimmer of light in that sea of miserable green. When the match burned brightest, she saw her grandmother. Before she passed, Grandma always told her: "Child, don't touch leveraged things."
"Grandma!" the little girl cried out, "Take me away! Take me to a place with no break below net asset value, no delisting warnings, no anti-monopoly investigations! That place must be full of share repurchases and dividend payouts!"
The phone screen flickered one last time, erupting in its most intense light. In that moment, the little girl felt herself float up lightly, soaring over the Bank of China Tower, over the Peak, flying towards that paradise with only a 5% risk-free rate.
Epilogue
The next morning, people found her at the hotel entrance. She was clutching the completely black-screened phone tightly in her hand, a peaceful smile on her face.
"She must have wanted to see if she could bottom-fish," a passerby shook their head and sighed as they walked by.
No one knew what spectacular technical rebound she saw before she died.
$Hang Seng TECH Index(STECH.HK)
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