Group 1 - The core point of the article is the dramatic price fluctuation of the stock "药捷安康-B" after being included in the Hong Kong Stock Connect and index constituent stocks, leading to significant trading volume and volatility [1][3][12] - From September 8 to September 16, the stock price surged nearly 10 times, reaching a peak of 679.5 HKD, which is a 50-fold increase from its IPO price of 13.15 HKD [1][3] - On September 16, the stock experienced a massive drop of 53.73% after a peak increase of 63.73%, highlighting the volatility and risks associated with small-cap stocks in index funds [1][8] Group 2 - Prior to September 8, "药捷安康-B" was a typical small-cap stock with an average daily trading volume of only 16 million HKD, and it had incurred losses of 343 million CNY in 2023 [3][5] - After being included in the Hong Kong Stock Connect, the stock saw a significant influx of capital, with the number of shares held by the Hong Kong Stock Connect increasing from 96,000 to 409,950 shares by September 16, representing 74.67% of the actual circulating shares [5][6] - The stock's price increase was driven by passive funds that needed to adjust their holdings in response to its inclusion in the index, leading to a feedback loop of rising prices and increased demand [7][8] Group 3 - The article discusses the broader trend of index investing, which has gained popularity due to its low cost and transparency compared to active management, with the total net asset value of stock ETFs in Hong Kong reaching 3.53 trillion HKD by September 16 [12][13] - The rapid growth of index funds has been supported by the increasing difficulty for active funds to outperform the market, leading to a shift in investor preference towards ETFs [17][18] - The expansion of index funds is expected to enhance market pricing efficiency and reduce irrational volatility, although it may also lead to concentration in index-weighted stocks, impacting liquidity for other stocks [27][28]

Core Viewpoint - The article discusses the recent volatility in the stock price of Yaojie Ankang (药捷安康), highlighting its significant price fluctuations and the impact of clinical trial news on its market performance [5][6][9]. Stock Performance Summary - On September 16, Yaojie Ankang's stock price surged nearly 60% at the opening, reaching a peak of 679.50 HKD per share, with a market cap exceeding 260 billion HKD. However, it closed down 53.73% on the same day, ending at 192.0 HKD per share [5][6]. - Following this, on September 17, the stock rebounded, closing up 8.96% at 209.2 HKD per share, with a total market cap of 83.03 billion HKD. By September 18, the stock fell again by 12.43% to 183.2 HKD per share [5][6]. - Since its IPO on June 23, the stock price has increased by 1293.16% from the initial offering price of 13.15 HKD per share [5]. Clinical Trial Developments - The primary driver behind the stock's recent surge was the announcement of a clinical trial for its core product, Tiengoni (替恩戈替尼), which received clinical trial approval from the National Medical Products Administration of China [9][10]. - Tiengoni is a multi-target kinase inhibitor that shows potential in treating various cancers, including cholangiocarcinoma, prostate cancer, liver cancer, and breast cancer. The company expects to complete the registration phase II clinical trial for cholangiocarcinoma by the second half of 2025 [11][12]. Financial Performance and Future Outlook - Yaojie Ankang has reported significant losses, totaling approximately 1 billion CNY over the past three and a half years, with losses of 252 million CNY in 2022, 343 million CNY in 2023, and 123 million CNY in the first half of 2024 [13][15]. - The company has raised over 1.7 billion CNY through multiple financing rounds since its establishment in 2014, relying heavily on external funding to support its operations and R&D efforts [15]. - Despite the promising developments, the company is still in the registration clinical phase and has not yet commercialized any products, indicating a long road ahead before potential market entry [15].

Core Viewpoint - The article discusses the volatility of the stock price of Yaojie Ankang-B (02617), a newly listed Hong Kong stock focused on innovative drugs, which has no revenue as its products are still in the development stage [2][5]. Group 1: Stock Performance and Index Inclusion - Yaojie Ankang-B was listed on June 23, 2025, and included in the Hong Kong Stock Connect on September 8, 2025 [2]. - The stock has low liquidity, with previous trading volumes around 20 million, but was assigned a weight of approximately 2.6% in the Guozheng Hong Kong Stock Connect Innovative Drug Index, necessitating nearly 1 billion in investment from ETFs tracking this index [2][5]. - The stock price experienced significant fluctuations, closing at 108.7 CNY on September 11, 192.5 CNY on September 12, and 415 CNY on September 15, with a peak of 679.5 CNY on September 16 before closing at 192 CNY [5]. Group 2: Index Adjustments and Fund Strategies - Different index providers have varying strategies for including Yaojie Ankang-B, with the Hang Seng series giving it low weight, while the Guozheng index assigned a higher weight, complicating fund adjustments [6][7]. - The Guozheng index adjusts quarterly, while the Hang Seng and CSI indices adjust biannually, suggesting that Yaojie Ankang-B's stock price may normalize before the next adjustment, potentially leading to a decline [7]. - The Tianhong Innovative Drug ETF, which does not include Yaojie Ankang-B, has shown stable net asset value performance, indicating a strategic advantage for funds avoiding this stock [8]. Group 3: Fund Management and Investor Sentiment - Fund companies have different approaches to adjusting their portfolios in response to index changes, leading to significant debate within the industry [9]. - Investors are divided between those favoring passive tracking of indices and those advocating for active management to achieve excess returns, reflecting differing investment strategies and time horizons [10].

（责任编辑：华青剑） 药捷安康的最终发售价为13.15港元，所得款项总额为200.95百万港元，扣除固定发售价之预计应付 上市费39.61百万港元后，所得款项净额161.34百万港元。 中国经济网北京9月18日讯 药捷安康（02617.HK）港股今日收报183.2港元，跌幅12.43%。 2025年6月23日，药捷安康在港交所上市。分配结果公告显示，药捷安康发售股份数目15,281,000股 H股，香港公开发售的最终发售股份数目3,057,000股H股，国际发售的最终发售股份数目12,224,000股H 股。 ...

Group 1 - Recent trading of Hong Kong stocks related to the "Inbound Concept" has seen significant declines, with Baize Medical (02609) down 19.16% to HKD 9.45, Brain Dynamics (06681) down 18.32% to HKD 8.56, and Yaojie Ankang-B (02617) down 12.62% to HKD 182.8 [1] - Yaojie Ankang announced in August that it would be included in several Hang Seng Index series components, effective from September 8, which includes nine indices such as the Hang Seng Composite Index and the Hang Seng Healthcare Index [1] - The inclusion of Yaojie Ankang in multiple indices has led to passive buying by ETFs tracking these indices, resulting in significant trading activity [1] Group 2 - On September 15, the Guozheng Hong Kong Stock Connect Innovative Drug Index underwent a quarterly adjustment, incorporating Yaojie Ankang as a constituent stock [1] - The largest Hong Kong Stock Connect Innovative Drug ETF purchased 3 million shares of Yaojie Ankang on September 15, amounting to approximately HKD 578 million, which represents about 2.62% of the fund's net asset value [1]

Group 1 - The core viewpoint of the article highlights the recent decline in the stock prices of companies related to the "Hong Kong Stock Connect" concept, particularly Baize Medical, Brainstorm Aurora, and PharmaJet, which saw significant drops of 19.16%, 18.32%, and 12.62% respectively [1] - PharmaJet was recently included in multiple Hang Seng Index series components, effective from September 8, which has led to passive buying by ETFs tracking these indices [1] - The stock price volatility of PharmaJet has affected related ETF products, prompting urgent communication between fund companies and index providers [1] Group 2 - On September 15, the Guozhen Hong Kong Stock Connect Innovative Drug Index underwent a quarterly adjustment, with PharmaJet being added as a constituent stock [1] - The largest Hong Kong Stock Connect Innovative Drug ETF purchased 3 million shares of PharmaJet on September 15, amounting to approximately 578 million HKD, which represents about 2.62% of the fund's net asset value [1]

Core Viewpoint - The stock of the innovative drug company, Yaojie Ankang (02617.HK), experienced extreme volatility on September 16, with a peak increase of over 63% before closing down 53.73% in a single day, raising concerns about its valuation and market behavior [1][3][10]. Group 1: Stock Performance - Yaojie Ankang's stock opened at 477.2 HKD, peaked at 679.5 HKD, and closed at 192 HKD, with a total intraday fluctuation exceeding 116% [1][3]. - The company’s stock had previously surged dramatically since its IPO on June 23, 2023, where it was listed at 13.15 HKD, leading to a market capitalization of approximately 2700 billion HKD at its peak [5][6]. - The stock's valuation increased by about 52 times since its listing, significantly outpacing other biotech companies during the same period [5]. Group 2: Financial Status - Yaojie Ankang has not yet commercialized any products and reported losses of approximately 343 million RMB and 275 million RMB for 2023 and 2024, respectively, with zero revenue in the first half of the year [5][7]. - The company has been in a "burning cash" state due to high R&D and management costs, which is typical for innovative drug companies [7]. Group 3: Market Dynamics - The company was included in the Hang Seng Index series, effective September 8, 2025, which may have contributed to increased trading volume and stock price volatility [7][9]. - Following the announcement of a clinical trial approval for its core product, the stock saw explosive growth, with increases of 77.09% and 115.58% on September 12 and 15, respectively [9]. Group 4: Market Concerns - Analysts have raised concerns about the stock's valuation being disconnected from the company's fundamentals, indicating a potential market bubble driven by speculative trading [10][11]. - The stock's behavior is characterized by typical "small-cap" traits, where limited trading volume can lead to significant price swings, often attracting speculative investors [10][11].

Group 1 - The Hang Seng Index rose by 1.78% on September 17, with a total southbound trading volume of HKD 178.81 billion, including HKD 94.40 billion net inflow [1] - The southbound trading through Stock Connect (Shenzhen) had a total trading volume of HKD 67.50 billion, with a net inflow of HKD 72.85 billion, while the Shanghai Stock Connect recorded a total trading volume of HKD 111.31 billion and a net inflow of HKD 21.56 billion [1] - Alibaba-W was the most actively traded stock with a total trading volume of HKD 152.17 billion and a net inflow of HKD 50.51 billion, closing up by 5.28% [1][2] Group 2 - Three stocks, including Alibaba-W, Meituan-W, and Baize Medical, have seen continuous net inflows for more than three days, with Alibaba-W leading at a total net inflow of HKD 548.91 billion over 19 days [2] - Xiaomi Group-W recorded the highest net outflow of HKD 6.39 billion, despite its stock price increasing by 2.48% [1][2] - The trading data for September 17 shows that among the active stocks, Meituan-W had a total trading volume of HKD 79.07 billion and a net inflow of HKD 21.00 billion, while Changfei Optical Fiber Cable had a net inflow of HKD 10.21 billion [2]

Core Viewpoint - The stock of Jiangsu Hengrui Medicine Co., Ltd. experienced extreme volatility, soaring over 50% before plummeting 53.73% in a single day, raising concerns about the sustainability of its rapid price movements and the implications of its inclusion in the Hong Kong Stock Connect Innovation Drug Index [2][4][8]. Company Overview - Jiangsu Hengrui Medicine, founded in 2014, is a clinical-stage biopharmaceutical company focused on developing innovative small molecule therapies for cancer, inflammation, and cardiovascular metabolic diseases [5]. - The company's core product, Tinengotinib, is a unique MTK inhibitor targeting difficult-to-treat solid tumors and is currently in the registration clinical stage [5]. - As of 2023, the company has not generated any revenue and reported losses of RMB 343 million and RMB 275 million for 2023 and 2024, respectively [5]. Stock Market Activity - The company went public on June 23, 2023, under the 18A listing rules, which allow unprofitable biotech companies to list on the Hong Kong Stock Exchange [5][6]. - Following its IPO, the stock price surged over 80% on the first day, closing at HKD 23.5, with a significant portion of shares (approximately 63.96%) being subscribed by cornerstone investors, limiting the free float to about 5.49 million shares [6]. - The stock price saw a dramatic increase of 10 times since September, only to experience a sharp decline after being included in the Hong Kong Stock Connect Innovation Drug Index [4][8]. Index Inclusion Impact - The inclusion in the Hong Kong Stock Connect Innovation Drug Index led to a significant increase in trading volume and stock price, with a notable rise of 20.13% on the day of inclusion [7][8]. - The stock's weight in the index was estimated to be over 2%, prompting index-tracking ETFs to purchase over HKD 500 million worth of shares, contributing to the price surge [8]. - However, the rapid price fluctuations and the company's short listing history have raised questions about the prudence of its inclusion in the index [8][9]. Institutional Response - Following the stock's volatility, several fund companies, including Huatai-PineBridge and ICBC Credit Suisse, have liquidated their holdings in Jiangsu Hengrui Medicine [9].

Core Viewpoint - The stock of the innovative pharmaceutical company, Yaojie Ankang, experienced significant volatility after being included in multiple indices, raising concerns about its liquidity and the implications for related ETFs [1][2][5]. Group 1: Stock Performance - Yaojie Ankang's stock price surged by 77.09% on September 12 and 115.58% on September 15, before plummeting by 53.73% on September 16, resulting in a market capitalization drop from nearly 270 billion HKD to 76.2 billion HKD [2]. - On September 17, the stock continued to show volatility, with an intraday increase of over 30% and a closing rise of 8.96% [1][2]. Group 2: Index Inclusion and ETF Impact - The inclusion of Yaojie Ankang in the Hong Kong Stock Connect Innovative Drug Index led to passive buying by ETFs tracking this index, which has a total asset size of 35.963 billion HKD across seven products [3][6]. - The largest ETF tracking this index is the Huatai-PineBridge Hong Kong Stock Connect Innovative Drug ETF, with a size of 21.739 billion HKD [3]. Group 3: Industry Concerns and Future Adjustments - Industry insiders have expressed concerns regarding the liquidity of Yaojie Ankang, suggesting that the index's methodology needs optimization to account for liquidity issues when including stocks [4][6]. - Fund companies have begun discussions with index providers to address these concerns, indicating that adjustments to the index methodology may be forthcoming [5][6].