一颗“新药”引爆板块！港股创新药主题ETF“蹦极”

Core Viewpoint - The recent volatility in the Hong Kong innovative drug sector, particularly the dramatic price fluctuations of药捷安康, has sparked widespread debate regarding the legitimacy of its rapid inclusion in major indices despite lacking financial performance support [1][7]. Group 1: Stock Performance and Market Reaction -药捷安康's stock price surged over 550% within six days, reaching a market capitalization of 164.7 billion HKD, entering the "billion-dollar club" [4][5]. - On September 16, the stock experienced extreme volatility, with a price increase of over 63% in the morning, followed by a drop of 5.73% by the end of the day, resulting in a total intraday fluctuation of nearly 124% [3][4]. - Following the stock's volatility, several innovative drug ETFs saw significant declines, with the银华国证港股通创新药ETF dropping 2.98% and other related ETFs also experiencing declines exceeding 1% [3][4]. Group 2: Inclusion in Indices and Controversy - The core controversy revolves around the inclusion of药捷安康 in the国证港股通创新药指数, despite the company being listed for less than three months and having no revenue, with a reported pre-tax loss of 123 million HKD for the first half of the year [7][8]. - The index's criteria for inclusion require companies to have no significant violations or financial issues, raising questions about the appropriateness of药捷安康's inclusion given its lack of operational history and financial performance [7][8]. - The rapid inclusion of新股 in indices has led to concerns about the impact on passive investment products, as these products must track indices and thus are subject to the volatility of newly included stocks [9]. Group 3: Trading Volume and Investor Behavior - The trading volume of药捷安康 surged dramatically, with daily trading volume increasing from 0.13 million HKD to 45.43 billion HKD, indicating a significant influx of capital [5][6]. - Southbound capital has been a crucial support factor, with continuous accumulation of药捷安康 shares, reaching a holding value of 789 million HKD by September 16 [6]. - The market's speculative behavior surrounding药捷安康 reflects broader trends in the innovative drug sector, where high volatility is characteristic, particularly for newly listed companies [9].