一颗“新药”引爆板块！

Core Viewpoint - The recent volatility in the Hong Kong innovative drug sector, particularly the extreme price fluctuations of Yaojie Ankang-B (2617.HK), has raised questions about the rationale behind its rapid inclusion in major indices despite lacking revenue and being newly listed [1][5][6]. Group 1: Stock Performance and Market Reaction - Yaojie Ankang experienced a dramatic price increase of over 550% within six days, reaching a market capitalization of HKD 164.7 billion, entering the "billion-dollar club" [1][3]. - On September 17, the innovative drug ETFs faced significant declines, with the Silverhua and Huatai ETFs dropping 2.98% and 2.29% respectively, largely influenced by the previous day's extreme volatility in Yaojie Ankang's stock [2][3]. - The stock's trading volume surged dramatically, with a record high of HKD 4.543 billion on September 16, reflecting intense market interest [4]. Group 2: Index Inclusion Controversy - The inclusion of Yaojie Ankang in the National Index for Hong Kong Innovative Drugs raised concerns, as the company had not generated any revenue and reported a pre-tax loss of HKD 123 million in its mid-year report [5][6]. - The criteria for inclusion in the index require companies to have stable operations and no significant financial issues, which Yaojie Ankang did not meet given its short listing history and ongoing product development phase [5][6]. - The index adjustment process is quarterly, and the lack of prior announcement regarding Yaojie Ankang's inclusion has led to further scrutiny and debate within the investment community [6][7]. Group 3: Market Dynamics and Fund Management - The volatility of innovative drug stocks is characteristic of the industry, but passive index products are compelled to track these fluctuations, unlike active equity products that can avoid such high-risk stocks [7]. - Fund managers have expressed concerns about the impact of Yaojie Ankang's price movements on the net asset values of related ETFs, which have significant holdings in the stock [6][7]. - Communication between fund companies and index providers is ongoing, allowing fund managers to prepare for adjustments in their strategies based on index changes [6][7].