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on the first trading day of october, funds poured into hong kong stocks crazily, and the market soared across the board. since hong kong stocks are traded on a t+0 basis, some investors choose to be safe. in the afternoon, market sentiment cooled down.

the hang seng technology index's gains once narrowed to around 6%, after previously rising by more than 10%. the hang seng index's gains narrowed to around 4%, after rising by more than 7%. however, the market soon rebounded, and as of press time, hang seng technology had risen by more than 8%.

at the same time, hong kong stocks gave up gains in the afternoon and were also related to the collective decline in the asia-pacific market. among them, the nikkei 225 index closed down 2.18%.

a-shares did not open today, so funds were deployed in advance through hong kong stock etfs. the science and technology innovation 50 etf listed on the hong kong stock exchange-southern science and technology innovation board 50 surged, and the intraday increase once expanded to 230%. however, it quickly fell back after rising high. as of press time, the increase narrowed to 26.62%.

some veteran investors lamented, "this is real money for investors. it is easy to lose a lot of money in the bull market."

in the afternoon, the csop science and technology innovation board 50 index etf issued a risk warning announcement stating that the fund manager would like to remind sub-fund shareholders of relevant market transaction risks, including but not limited to substantial premiums in secondary market prices. as of september 30, 2024, the net asset value per share of the sub-fund is rmb 7.4243 (the latest price currently exceeds 11). the announcement stated that shareholders should exercise caution when trading a-share etfs, especially when the mainland securities market is closed during the national day holiday.

however, although the hong kong stock market fell back in the afternoon, many etfs still rose by more than 15% as of press time. among them, boshi kechuang 50 etf still rose by more than 64%.

mark mobius, known as the "godfather of emerging markets", recently expressed his opinion that under stimulus measures, the chinese stock market has regained its vitality. the intensity and timing of this round of stimulus exceeded expectations, and the a-share index rebounded rapidly.

in the short term, the rebound brings opportunities for industries such as technology and consumer goods. it will take time and more reform for short-term optimism to translate into a sustainable bull market.

he believes that in order to ensure sustained growth, china needs to support the growth and innovation of the private sector, especially large-scale entrepreneurs and innovation. translating short-term optimism into a sustainable bull market will require more reforms.

in overseas markets, chinese concept stocks have continued to be popular recently, with the nasdaq china golden dragon index soaring by more than 30% since september 23. a report from s3 partners shows that short sellers have accumulated losses of us$6.9 billion in this market, erasing short sellers’ gains of approximately us$3.7 billion so far this year, and leading to current book losses of approximately us$3.2 billion.