中国散户投资者因“雪球”衍生品面临巨亏

Chinese retail investors hit by big losses in ‘snowball’ derivatives中国散户投资者因“雪球”衍生品面临巨亏

Wipeout in contracts sold as safe investments is feeding erosion of confidence in domestic stocks, analysts say所谓的“雪球产品”以前被推销为相对安全的银行存款替代品，却因股市下跌而导致持有者可能遭受巨额损失。

Chinese retail investors who loaded up on derivatives that rely on calm market conditions have been hit with heavy losses, further undermining confidence in the country’s sputtering equity market.So-called snowballs, which promise a stream of sizeable interest payments as long as stock indices trade within a certain range, have grown to an estimated Rmb320bn ($45bn) market in China.中国一些散户投资者此前大量购买一款有赖市况平静来获利的衍生品，结果损失惨重，进一步削弱了人们对中国低迷股市的信心。

Brokerages and private wealth managers increased sales of such derivatives — named because of the steady returns they can accumulate for holders — in 2021, touting the higher yields on offer at a time when equity markets were relatively placid.这种所谓的“雪球产品”——只要股指在一定区间内波动，投资者就能稳定获得可观的利息——在中国已发展成为一个约3200亿元人民币（合450亿美元）的市场。

But a protracted stock rout since late 2023 has led to indices breaching a lower limit embedded in the contracts, triggering so-called knock-ins that leave many holders facing substantial losses on their original investment unless stocks rebound.券商和私人财富管理公司在2021年大加销售此类衍生品，推销称在股市相对平静时期它们会有更高的收益率。该产品的命名就是因为它们可以为持有者持续带来稳定的回报。