药捷安康暴涨后“闪崩” 殃及基民“踩雷” 已有机构清仓

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].