HONG KONG - ABOUT a dozen investors in the Hong Kong arm of a Chinese government company protested on Friday, upset over the plummeting value of their stocks following the company's announcement last week that it could lose more than $2 billion (S$2.96 billion) on currency bets.

The investors chanted, 'Do justice to investors' as they gathered in the lobby of the building that houses the Securities and Futures Commission in Hong Kong, urging regulators to fully investigate Citic Pacific Ltd.

Citic Pacific said last week that bad currency bets could cost the company 15.5 billion Hong Kong dollars ($2.96 billion). The announcement sent its stock plunging, wiping out two-thirds of its market value in four days.

The stock soared 21.2 per cent to HK$6.06 (80 cents) on Friday before it was suspended in the afternoon for an upcoming statement.

The company, a conglomerate whose dealings range from airlines to mining to Wal-Mart stores, says it took bets on the Australian dollar and other currencies to help hedge the costs of supplies and equipment for an Australian iron-ore operation.

But the firm's positions, which bet on rises in foreign currencies, ended up losing billions as the Australian dollar plunged amid this year's market turmoil.

One of the protesters, Benny So, said he bought 10,000 shares at HK$16 ($2.10) each on Oct. 15 and sold his stocks at a loss.

The 60-year-old retiree, who's organizing fellow investors, said many of the stockholders are elderly or retirees.

'They bought the stock thinking it was stable and that they could pocket dividends. No one would have predicted Citic Pacific would make such a bad bet. We hope the government will thoroughly investigate the incident,' So said.

The Securities and Futures Commission announced earlier it had launched an investigation and spokesman Jonathan Li said Friday the body had no further comment.

Brunswick, a public relations agency hired by Citic Pacific, noted the investigation was ongoing and had no further comment. -- AP