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 stock price following its inclusion in the Hong Kong Stock Connect Innovation Drug Index [1][3][6]. Company Overview - Jiangsu Hengrui Medicine, founded in 2014, is a biopharmaceutical company focused on developing innovative therapies for cancer, inflammation, and cardiovascular metabolic diseases. Its core product, Tinengotinib, is a unique MTK inhibitor currently in the registration clinical stage [4]. - The company has not generated any revenue to date and is marked with a "-B" designation by the Hong Kong Stock Exchange, indicating it is a pre-revenue biotech firm. It reported losses of RMB 343 million and RMB 275 million for 2023 and 2024, respectively, with a loss of RMB 123 million in the first half of 2025 [4]. IPO and Market Performance - Jiangsu Hengrui Medicine went public on June 23, 2023, under the 18A listing rules, which allow pre-revenue biotech companies to list. The IPO involved the sale of 15.281 million shares at HKD 13.15 each, with a significant portion (approximately 63.96%) being subscribed by cornerstone investors, resulting in a limited free float of about 5.49 million shares [5]. - Following its IPO, the stock price surged, reaching a peak of HKD 30 in mid-July and HKD 60 by early September, before being included in the Hong Kong Stock Connect Innovation Drug Index [5][6]. Stock Price Volatility - The stock price saw a dramatic increase after being included in the index, with significant trading volumes and price surges recorded on multiple occasions. For instance, on September 12 and 15, the stock price surged by 77.09% and 115.58%, respectively [6][7]. - However, after reaching a high of HKD 679.5, the stock price fell sharply to HKD 192, resulting in a 53.73% decline in a single trading session, leading to losses for investors in related ETFs [1][6][7]. Market Reactions and ETF Impact - The inclusion in the index led to substantial passive buying from index-tracking ETFs, which contributed to the stock's price increase. However, the rapid price fluctuations have raised questions about the appropriateness of including a newly listed company in such indices [6][7]. - Following the price drop, several fund companies, including Huatai-PineBridge and ICBC Credit Suisse, have liquidated their holdings in Jiangsu Hengrui Medicine, indicating a shift in market sentiment [8].