The CSOP Hang Seng TECH Index Daily (2x) Leveraged Product (07226) plummeted 5.48% in pre-market trading on Monday, mirroring the sharp decline in US technology stocks over the weekend. This significant drop comes as the Nasdaq China Golden Dragon Index fell 6.1% on Friday, accumulating an 8.37% decline for the week.

The leveraged ETF, which aims to deliver twice the daily performance of the Hang Seng TECH Index, was heavily impacted by the broader tech sell-off. Major US tech stocks saw substantial declines, with Broadcom falling nearly 6%, Tesla down 5.06%, and other giants like Amazon, Nvidia, Apple, and Meta all experiencing losses exceeding 3%.

The ripple effect was felt across Chinese tech stocks listed in the US, with companies like NIO and Kingsoft Cloud falling over 10%, while Bilibili dropped over 9%. Industry leaders Baidu, Alibaba, and XPeng also saw declines exceeding 8%. This widespread weakness in the tech sector has spilled over to Hong Kong markets, particularly affecting leveraged products tied to tech indices.