Core Insights - On September 16, 2025, Alibaba-W (09988), Brainstorm Aurora-B (06681), and Baize Medical (02609) were the top three stocks by trading volume in the Southbound Stock Connect, with trading amounts of 57.96 billion, 55.71 billion, and 48.83 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Xiaomi Group-W (01810), and PharmaJet-B (02617) led the trading volume, with amounts of 31.74 billion, 18.85 billion, and 18.82 billion respectively [1] Southbound Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 57.96 billion with a net buying amount of +18.98 billion [2] - Brainstorm Aurora-B (06681) recorded a trading amount of 55.71 billion with a net buying amount of +98.28 million [2] - Baize Medical (02609) achieved a trading amount of 48.83 billion with a net buying amount of +2.17 billion [2] - Meituan-W (03690) had a trading amount of 32.61 billion with a net buying amount of +2.65 billion [2] - The Yingfu Fund (02800) had a trading amount of 31.85 billion with a net selling amount of -31.70 billion [2] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 31.74 billion with a net buying amount of +11.33 billion [2] - Xiaomi Group-W (01810) recorded a trading amount of 18.85 billion with a net selling amount of -3.48 billion [2] - PharmaJet-B (02617) achieved a trading amount of 18.82 billion with a net selling amount of -4.50 billion [2] - Brainstorm Aurora-B (06681) had a trading amount of 18.22 billion with a net buying amount of +26.73 million [2] - Meituan-W (03690) had a trading amount of 18.15 billion with a net buying amount of +4.51 billion [2]

Core Viewpoint - The stock price of the newly listed company, Yaojie Ankang-B (2617.HK), experienced extreme volatility, soaring by 63% to 679.5 HKD per share before plummeting by 53.73% by the end of the trading day, highlighting potential manipulation in the market [1][2]. Summary by Sections Stock Performance - Yaojie Ankang's stock price surged by 863% over five days, reaching a market capitalization close to 270 billion HKD [1]. - Since its IPO on June 23, the stock price has increased over 50 times from the initial offering price of 13.15 HKD [1]. - The stock's dramatic rise and fall within a single trading day resulted in potential losses of up to 70% for investors who bought at the peak [1]. Company Announcement - On September 16, Yaojie Ankang announced that it was unaware of any reasons for the unusual trading price and volume fluctuations, confirming that its business operations and financial status remained stable [2]. IPO Details - The IPO raised 201 million HKD with an issuance ratio of 3.9%, and the total market value at the issuance was 5.219 billion HKD [6]. - The public offering was oversubscribed by 3,419 times, while the international placement was only 0.97 times subscribed, leading to a reallocation of shares [6][7]. - The final allocation resulted in 20% of shares being available for public trading, with cornerstone investors holding 63.96% of the total issuance [8]. Trading Dynamics - As of September 16, Yaojie Ankang's market capitalization was approximately 72.6 billion HKD, indicating that the stock may still be overvalued [11]. - The stock was included in the Hong Kong Stock Connect on September 8, which contributed to its price surge, with Northbound trading accumulating over half of the available shares in just four trading days [9][10]. - The limited float of shares, with only about 550,000 shares available for trading, makes the stock susceptible to price manipulation by major investors [8][13]. Market Manipulation Concerns - The trading activity suggests that major players may be using the stock to manipulate prices, with previous instances of similar behavior noted in other companies [12][14]. - The influx of Northbound capital could be a strategy for major investors to offload shares without facing immediate selling pressure due to the upcoming lock-up period for cornerstone investors [15].

Core Viewpoint - The Hong Kong stock market experienced significant net selling from northbound capital, totaling 31.89 billion HKD on September 16, with the majority coming from the Shanghai-Hong Kong Stock Connect [1] Group 1: Northbound Capital Flow - Northbound capital had a net selling of 29.76 billion HKD through the Shanghai-Hong Kong Stock Connect and 2.13 billion HKD through the Shenzhen-Hong Kong Stock Connect [1] - The stocks with the highest net buying from northbound capital included Alibaba-W (09988), Meituan-W (03690), and Baize Medical (02609) [1] - The stocks with the highest net selling included the Tracker Fund of Hong Kong (02800), Xiaomi Group-W (01810), and SMIC (00981) [1] Group 2: Individual Stock Performance - Alibaba-W (09988) saw a net inflow of 18.98 billion HKD, with a total transaction volume of 57.96 billion HKD [2] - Meituan-W (03690) had a net inflow of 2.65 billion HKD, with a total transaction volume of 32.61 billion HKD [2] - Baize Medical (02609) recorded a net inflow of 2.17 billion HKD, with a total transaction volume of 48.83 billion HKD [2] Group 3: Market Reactions and News - Alibaba's recent initiatives, including the launch of "Gaode Street Ranking" and advancements in AI, have contributed to its strong performance [4] - Meituan's international expansion with its food delivery brand Keeta in Kuwait has shown promising results, indicating strong user growth in the Middle East [5] - The announcement from China's National Medical Products Administration regarding the optimization of clinical trial approvals has boosted confidence in innovative pharmaceutical companies [5] Group 4: Notable Sell-offs - The Tracker Fund of Hong Kong (02800) experienced a significant net outflow of 31.70 billion HKD, attributed to concerns over the overall market fundamentals [7] - SMIC (00981) faced a net outflow of 561.94 million HKD, reflecting investor caution [8] - Xiaomi Group-W (01810) saw a net outflow of 5.69 billion HKD, indicating a shift in investor sentiment [8]

Core Viewpoint - The Hong Kong stock market experienced significant net selling from northbound capital, totaling HKD 31.89 billion on September 16, with the majority coming from the Shanghai-Hong Kong Stock Connect [1] Group 1: Northbound Capital Flow - Northbound capital had a net selling of HKD 29.76 billion through the Shanghai Stock Connect and HKD 2.13 billion through the Shenzhen Stock Connect [1] - The stocks with the highest net buying included Alibaba-W (09988), Meituan-W (03690), and Baize Medical (02609) [1] - The stocks with the highest net selling included the Tracker Fund of Hong Kong (02800), Xiaomi Group-W (01810), and SMIC (00981) [1] Group 2: Individual Stock Performance - Alibaba-W (09988) saw a net inflow of HKD 30.31 billion, supported by recent announcements related to its mapping service and AI developments [4] - Meituan-W (03690) recorded a net inflow of HKD 7.15 billion, bolstered by the successful launch of its international delivery brand Keeta in Kuwait [5] - Baize Medical (02609) and Tongyuan Kang Medical-B (02410) received net inflows of HKD 3.27 billion and HKD 2.96 billion, respectively, following regulatory changes that enhance the clinical trial approval process for innovative drugs [5] Group 3: Notable Net Selling - The Tracker Fund of Hong Kong (02800) faced a significant net outflow of HKD 46.38 billion, with analysts suggesting that while short-term interest rates may benefit the Hong Kong market, the overall outlook remains cautious due to weakening fundamentals [7] - Xiaomi Group-W (01810), SMIC (00981), and Tencent (00700) experienced net outflows of HKD 5.69 billion, HKD 4.12 billion, and HKD 3.86 billion, respectively [8]

有市场人士对第一财经记者表示，次新股、盘子小，再加上近期刚刚被纳入港股通，这些因素综合在一 起，促使药捷安康股价被爆炒，但公司基本面是否有足够的支撑，值得商榷。 今日午间，药捷安康也发布了股价及成交量的异常变动自愿性公告称，董事会确认，概不知悉导致股份 出现该等股价及成交量异常变动之任何原因，或任何须予公布以避免股份出现虚假市场之资料，或须予 披露之任何内幕消息。 （文章来源：第一财经） 在经历了四个交易日连续暴涨后，今日，药捷安康（02617.HK）股价上演了一场"高台跳水"行情。 今日早盘，该公司股价最大涨幅超过60%，冲到670港元/股以上；午后开盘后，股价又一路滑落，最后 以暴跌53.73%收盘，股价仅剩下192港元/股，市值跌回千亿港元以下，为762.04亿港元。 药捷安康于2025年6月23日才在港股市场挂牌交易，彼时公司IPO首发价只有13.15港元/股，公司当前股 价较首发价涨幅仍高达13.6倍。上一交易日，即9月15日，公司收盘价曾高达415港元/股，股价较IPO首 发价涨幅约30.6倍，总市值达到1647.13亿港元。 药捷安康是一家处于注册临床阶段的创新药公司，专注于发现及开发肿瘤、炎症 ...

公司市值跌回千亿港元以下。 在经历了四个交易日连续暴涨后，今日，药捷安康（02617.HK）股价上演了一场"高台跳水"行情。 今日早盘，该公司股价最大涨幅超过60%，冲到670港元/股以上；午后开盘后，股价又一路滑落，最后 以暴跌53.73%收盘，股价仅剩下192港元/股，市值跌回千亿港元以下，为762.04亿港元。 药捷安康于2025年6月23日才在港股市场挂牌交易，彼时公司IPO首发价只有13.15港元/股，公司当前股 价较首发价涨幅仍高达13.6倍。上一交易日，即9月15日，公司收盘价曾高达415港元/股，股价较IPO首 发价涨幅约30.6倍，总市值达到1647.13亿港元。 药捷安康是一家处于注册临床阶段的创新药公司，专注于发现及开发肿瘤、炎症及心脏代谢疾病小分子 创新疗法。截至2025年6月30日，公司主要管线包括六款临床阶段候选产品及多款临床前阶段候选产 品。替恩戈替尼是药捷安康研发进度最快的产品，同时也是公司的核心产品，这是一款选择性聚焦多激 酶抑制剂，主要靶向三个关键通路——FGFR/VEGFR、JAK和Aurora激酶，但进度最快的适应证为胆管 癌，为小癌肿，公司预计在中国的注册性2期临床于 ...

Core Viewpoint - The stock price of药捷安康-B (02617.HK) experienced extreme volatility today, with an initial surge of over 60% followed by a sharp decline, highlighting the unpredictable nature of the market and investor sentiment [1][2][4]. Group 1: Stock Price Movement - In the morning, the stock price peaked at 679.5 HKD per share, bringing the market capitalization close to 270 billion HKD [1][2]. - After an announcement regarding unusual trading activity, the stock price plummeted to a low of 165 HKD per share, resulting in a decline of over 60% [2][4]. - By the end of the trading day, the stock closed at 192 HKD per share, reflecting a decrease of 53.73% and a market capitalization of 76.2 billion HKD [2]. Group 2: Company Announcements - The company issued a statement confirming that it was unaware of the reasons behind the stock price and trading volume fluctuations, asserting that its business operations and financial status remained stable [4]. - The board of directors indicated that there were no significant changes in the company's operations or financial conditions that warranted disclosure [4]. Group 3: Recent Performance and Developments -药捷安康's stock has seen a dramatic increase since its listing on June 23, with a rise of over 500% from September 10 to September 15 [6]. - The company’s core product, Tinengotinib, received clinical trial approval for treating specific types of breast cancer, contributing to the stock's previous surge [5][6]. - Despite the stock's volatility, the company remains in a loss-making position, with a reported pre-tax loss of 123 million HKD for the first half of the year, an improvement from the previous year's loss of 160 million HKD [7].

Company Overview - Yaojie Ankang-B (02617.HK) is a clinical-stage biopharmaceutical company focused on discovering and developing innovative small molecule therapies for oncology, inflammation, and cardiovascular metabolic diseases [4]. Stock Performance - On September 16, Yaojie Ankang-B experienced extreme volatility, with an initial surge of over 63%, reaching a peak price of 679.50 HKD, which is more than 50 times its issue price [2]. - The stock price plummeted dramatically after 14:11, falling to around 280 HKD within an hour, and eventually closing at 192 HKD, marking a decline of 53.73% for the day [2]. - The trading volume was significant, with a total turnover of 45.4 billion HKD and a turnover rate of 4.13% [2]. Financial Status - Yaojie Ankang-B reported zero revenue for the first half of the year and incurred a loss of 123 million HKD [4]. - The company's market capitalization briefly exceeded 250 billion HKD but fell to 76.2 billion HKD after the stock's decline [4]. Market Context - The broader Hong Kong stock market showed mixed performance on the same day, with the Hang Seng Index closing at 26,438.51 points, down 0.03%, while the Hang Seng Tech Index rose by 0.56% [4]. - Other pharmaceutical stocks, such as Fosen Pharmaceutical (01652.HK), saw significant gains, with a rise of over 350% following the approval of a new drug [6]. Capital Flow - After several days of net buying, southbound capital experienced a net sell-off of 3.189 billion HKD on the same day [8]. Market Outlook - Analysts from various firms suggest that the Hong Kong stock market may continue to rise due to ample liquidity and favorable valuation compared to global markets [10].

(本文来自第一财经) 药捷安康-B跳水，涨幅收窄至20%以内，早盘一度涨近60%，公司午间公告称概不知悉导致股份出现股 价及成交量异常变动的任何原因。 ...

Core Viewpoint - The stock price of药捷安康-B (02617.HK) experienced extreme volatility, with an initial surge of over 60% to a peak of 679.5 HKD per share, followed by a sharp decline of over 60% to a low of 165 HKD per share, resulting in a total intraday fluctuation exceeding 120% [1][2][4]. Group 1: Stock Performance - The stock reached a market capitalization close to 270 billion HKD before plummeting to below 70 billion HKD by the end of the trading day [1][2]. - The closing price was reported at 192 HKD per share, reflecting a decline of 53.73% from its earlier peak [2]. Group 2: Company Announcements -药捷安康 issued a statement acknowledging the unusual stock price and trading volume fluctuations, confirming no significant changes in its business operations or financial status [4]. - The board of directors stated they were unaware of any reasons for the stock price movements or any information that should be disclosed to prevent a false market [4]. Group 3: Company Background and Financials -药捷安康 went public on June 23, with an initial offering price of 13.15 HKD per share, and has seen its stock price increase significantly since then, with a reported increase of 5067% from the IPO price [5][6]. - The company remains in a loss-making position, with a pre-tax loss of 123 million HKD for the first half of the year, an improvement from a loss of 160 million HKD in the same period the previous year [7]. - Other income and revenue dropped by 65.1% to 3.6 million HKD, primarily due to reduced bank interest and government subsidies [7].