Equity incorrectly calculated

[Christian Eriksen Stassen]

Hi, I have just started using GnuCash, and have set up my initial 
balance. I have a problem however with my how it converts my investments 
into my base currency. All my numbers are in HKD, but most of my 
investments are USD denominated.

What i did:
1) set up the USD ccy - entered rate 7.75 vs HKD
2) set up each of the 3 stocks i own. let's say price is 1 USD and that 
i own 1 stock
3) made opening balance (transfer to equity opening balances) of 1 stock 
at price 1, and value autocalculates to 1.

However, when i look at my overview, my assets say 3*7.75 = 23.25 HKD 
which is correct, whereas my equity is just showing 3 - i.e., it has 
just recorded 1.

Is this because I entered price wrong, i.e. instead of entering price = 
1 (ie the USD price) i shoudl have entered price 7.75 (ie the HKD 
price)? or is it because i have set up the account for the stock wrong 
such that it somehow thinks transactions are in HKD even though the 
stock is clearly in USD?

Thanks
Christian