The pig-butchering schemes targeting mainland funds have already begun. Friends investing in Hong Kong stock index funds, beware.

On June 8th, Hong Kong stock market's two major models, Zhipu and MiniMax, were included in the Hang Seng Index, officially available for trading through the Hong Kong Stock Connect.
This means that many funds configured to track the Hang Seng Index and Hong Kong Stock Connect will be passively buying Zhipu and MiniMax according to their weights.
Since their listing, these two companies have experienced explosive trading; MiniMax once reached a market cap of 300 billion, but has now been halved; Zhipu's market cap peaked at 888.6 billion, now down 43%, still over 500 billion.
These two companies have continuously absorbed mainland funds, causing their prices to keep falling. Previously involved speculative funds kept selling their cheap chips crazily to mainland investors.
Zhipu plummeted 13% in one day on June 9th, and MiniMax was even more exaggerated, dropping over 8% for three consecutive days.
The earlier speculative funds poured in wildly, but mainland funds couldn't keep up; those who bought in got trapped.
Undoubtedly, the market caps of these two companies are still very high, and given this trend, it's uncertain how much further they will fall.
These passive buyers and actively trapped funds really don't know when they will be able to exit.
This is Hong Kong funds targeting mainland southbound capital with pinpoint bombings and strangulation, killing without bloodshed—too brutal. #Gate直通IPO认购SpaceX