Core Viewpoint - The extreme volatility of the stock of Yaojie Ankang-B (02617) on September 16 highlights the influence of quantitative trading in a shallow market, resulting in a dramatic price fluctuation and revealing liquidity traps [1][12]. Group 1: Stock Performance - Yaojie Ankang-B experienced a rollercoaster ride, opening at 477.2 HKD, peaking at 679.5 HKD (up nearly 60%), and closing at 192 HKD, marking a total intraday fluctuation of approximately 124% [1][6]. - The stock's total market capitalization fell to 76.204 billion HKD, with a trading volume exceeding 4.5 billion HKD and a turnover rate of only 4.13% [1][6]. Group 2: Trading Characteristics - The stock's trading exhibited abnormal characteristics, with a significant disparity between buy and sell orders, where buy orders accounted for 90.91% and sell orders only 9.09%, indicating a lack of active market participation [6][12]. - The low turnover rate amidst high volatility suggests that most shares were locked up, with only a few experiencing panic selling and buying [6][12]. Group 3: Investor Behavior - The investor base for Yaojie Ankang-B is polarized, consisting of long-term strategic investors who hold their positions and short-term quantitative traders who engage in high-frequency trading [7][12]. - The selling pressure from quantitative traders, combined with the stability of long-term holders, led to significant price drops when sell orders were executed [7][12]. Group 4: Algorithmic Trading Mechanism - The extreme market behavior can be broken down into four phases: liquidity attraction and short squeeze, liquidity withdrawal and flash crash, cascading stop-loss triggers, and low-price turnover and position adjustment [9][10]. - The trading dynamics revealed a stark contrast in actions between different investor groups, with mainland funds showing significant divergence in their valuation judgments of the stock [10][12].

Core Viewpoint - The extreme volatility of the stock of Yaojie Ankang-B (02617) on September 16 highlights the influence of quantitative trading in a shallow market, showcasing a series of algorithm-driven operations that led to significant price fluctuations and trading anomalies [1][12]. Group 1: Stock Performance - Yaojie Ankang-B experienced a dramatic price movement, soaring nearly 60% in the morning to a peak of 679.5 HKD before plummeting to 192 HKD by the end of the day, resulting in a total intraday fluctuation of approximately 124% [1][6]. - The stock opened at 477.2 HKD, representing a 15% jump from the previous closing price of 415 HKD, indicating strong bullish sentiment [3][6]. - The total trading volume reached 45.43 billion HKD, but the turnover rate was only 4.13%, suggesting a lack of active trading participation despite high volatility [6][12]. Group 2: Market Dynamics - The trading behavior exhibited by Yaojie Ankang-B revealed a significant liquidity trap, with a buy-sell ratio of 90.91% to 9.09%, indicating that most buy orders were placed at much lower prices, waiting for bargains, while active buying at current prices was minimal [6][12]. - The stock's extreme volatility is rare in mature capital markets, suggesting a failure of the price discovery mechanism within a short timeframe [6][12]. Group 3: Investor Behavior - The investor base for Yaojie Ankang-B is polarized, consisting of long-term strategic investors who hold their positions and short-term quantitative traders who engage in high-frequency trading [7][12]. - The selling pressure from quantitative traders, combined with the lack of sufficient buying support from long-term holders, led to a rapid decline in stock price when sell orders were triggered [7][12]. Group 4: Algorithmic Trading Mechanism - The extreme market behavior can be broken down into four phases: liquidity attraction and short squeeze, liquidity withdrawal and flash crash, cascading stop-loss triggers, and low-price turnover and position adjustment [9][10]. - The initial price surge likely attracted trend-following traders, while the subsequent withdrawal of liquidity by quantitative funds triggered a rapid price decline, exacerbated by stop-loss orders [9][10]. - The final phase saw short positions being covered and bottom-fishing activities as the stock price reached a sufficiently low level, completing a cycle of "high sell, low buy" [10][12].

Core Viewpoint - The stock of the biopharmaceutical company Yaojie Ankang-B (02617.HK) experienced extreme volatility, soaring by 63.73% to a peak of 679.5 HKD per share before plummeting by over 75% within the same trading day, highlighting the disconnect between stock performance and the company's fundamental financial health [1][3][5]. Company Summary - Yaojie Ankang, founded in 2014, focuses on developing innovative therapies for cancer, inflammation, and cardiovascular diseases, and went public on June 23, 2023, with an IPO price of 13.15 HKD per share [5]. - The company's stock price surged dramatically after announcing clinical trial progress for its core product, Tinengotinib, which is the first FGFR inhibitor in clinical registration for treating cholangiocarcinoma [5][6]. - Despite the stock's meteoric rise, Yaojie Ankang has not achieved commercial profitability, reporting losses of 252 million CNY, 343 million CNY, and 275 million CNY for 2022, 2023, and 2024 respectively, totaling 870 million CNY in losses over three years [7]. Industry Summary - The innovative drug sector in China has seen significant activity, with the sector's index rising over 50% year-to-date as of September 16, 2023, indicating a heightened interest and investment sentiment in the market [8]. - Analysts suggest that the current market enthusiasm for innovative drug companies should be tempered with a rational analysis of their R&D progress, commercialization potential, and cash flow status [8]. - The future of China's innovative drug industry is viewed positively, with expectations for increased capital market support to enhance R&D and international expansion, aiming to elevate China's position from a "pharmaceutical giant" to a "pharmaceutical powerhouse" [9].

Core Viewpoint - The stock price of药捷安康-B (02617.HK) experienced extreme volatility today, with a peak increase of over 60% in the morning, followed by a sharp decline of more than 60% in the afternoon, leading to significant market capitalization loss. Group 1: Stock Performance - In the morning, the stock price reached a high of 679.5 HKD per share, with market capitalization nearing 270 billion HKD [1][2] - By the afternoon, the stock price plummeted to a low of 165 HKD per share, resulting in a drop of 60.24% [2] - The closing price was reported 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 acknowledging the unusual stock price and trading volume fluctuations, stating that it was unaware of any reasons for these changes [4] - The board confirmed that there were no significant changes in the company's business operations or financial status [4] Group 3: Historical Context -药捷安康 was listed on the Hong Kong Stock Exchange on June 23, with an initial price of 13.15 HKD per share, and has seen its stock price increase significantly since then [5] - The stock price surged nearly 500% from September 10 to September 15, with a peak price of 679.5 HKD representing a 5067% increase from the initial listing price [6] Group 4: Financial Performance - The company remains in a loss 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 last year [6] - Other income and revenue decreased by 65.1%, from 10.4 million HKD to 3.6 million HKD, primarily due to reduced bank interest and government subsidies [6] - Research and development costs decreased by 30.9% to 98.43 million HKD, attributed to lower clinical trial expenses for the TT-00420 project [6]

Core Viewpoint - The article discusses the dramatic fluctuations in the stock price of the biopharmaceutical company Yaojie Ankang-B, highlighting the volatility and the disconnect between its stock performance and fundamental business metrics [1][6][8]. Stock Performance Summary - On September 16, Yaojie Ankang-B's stock price surged to a peak of 679.5 HKD per share, representing a 63.73% increase, with a market capitalization nearing 270 billion HKD [1]. - However, the stock experienced a sharp decline, dropping to a low of 165 HKD per share, resulting in a maximum intraday loss of over 75%, and closing at 192 HKD, down 53.73% from the previous day [1][3]. - The stock's price had increased over 50 times since its IPO at 13.15 HKD per share just three months prior [6][8]. Company Background and Financials - Yaojie Ankang, established in 2014, focuses on developing innovative therapies for cancer, inflammation, and cardiovascular diseases, currently in the registration phase [6][8]. - The company has not achieved commercial profitability, reporting losses of 252 million CNY, 343 million CNY, and 275 million CNY for the years 2022, 2023, and 2024 respectively, totaling 870 million CNY in losses over three years [8]. - As of mid-2025, the company had cash and cash equivalents of only 449 million CNY, with a significant drop in revenue of 90.4% year-on-year [8]. Market Dynamics and Investor Sentiment - The stock's volatility is attributed to speculative trading, particularly following the announcement of a clinical trial for its core product, Tinengotinib, which is the first FGFR inhibitor for certain cancer patients [7][8]. - The inclusion of Yaojie Ankang in the Hong Kong Stock Connect program has also contributed to increased trading volume and market activity [7]. - Analysts suggest that the current market sentiment towards innovative drugs is high, but caution against making investment decisions based solely on market emotions without considering the company's fundamentals [10][11]. Industry Outlook - The innovative drug sector in China has seen significant activity, with many collaborations and milestones achieved, leading to a 50% increase in the sector's stock performance this year [10]. - The future of China's innovative drug industry is viewed positively, with expectations for enhanced support from capital markets to foster research and international expansion [11].

2025.09. 16 本文字数：756，阅读时长大约2分钟 作者 | 第一财经 林志吟 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 ...

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]

利用港股通割韭菜的戏码又出现了！ 格隆汇获悉，今天（9月16日）次新股药捷安康-B(2617.HK)股价上演了惊天大逆转。 上午公司股价再度飙升，盘中一度涨63%至679.5港元/股，5日累计涨幅达863%，再创上市新高，市值逼近2700亿港 元。 什么康方，什么信达，在药捷安康面前都是弟弟！ 自6月23日上市至今，不到3个月时间，药捷安康股价较IPO价格（13.15港元）最高涨超50倍。 不过下午2点之后，公司股价急转直下，截至收盘下跌53.73%，如果在今天的高点追进去，一天之内可以亏70%。 来感受一下这分分钟上天入地的股价图。 而药捷安康在9月16日中午发布公告称： "公司股份交易价格及成交量近期出现异常变动。 经查询后董事会确认，概不知悉导致股份出现该等股价及成交量异常变动的任何原因；或任何须予公布以避免股份出 现虚假市场的资料；或根据上市规则第13.09(2)条及证券及期货条例(香港法例第571章)第XIVA部须予披露的任何内幕 消息。 董事会亦确认，集团业务营运维持正常，且业务营运及财务状况并无重大变动。" | 药捷安康-B | 193.00 -818,500.00 -818,500.0 | | ...

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]