药捷安康股价坐过山车ETF被动“抬轿”又“踩雷”

Core Viewpoint - The stock price of the Hong Kong innovative drug company, Yaojie Ankang, has experienced significant volatility due to its recent inclusion in multiple indices, leading to passive buying by related ETFs and sparking widespread investor discussion on social media [1][2]. Group 1: Stock Performance - Yaojie Ankang was listed on June 23, 2025, and initially saw a steady increase in stock price until its inclusion in the Hong Kong Stock Connect on September 8, which triggered a surge in buying activity [1]. - Following its inclusion, the stock price skyrocketed, with a 77.09% increase on September 12 and a further 115.58% rise on September 15 [1]. - However, on September 16, the stock price plummeted by 53.73%, dropping from 679.5 HKD to 192 HKD, illustrating extreme volatility [2]. Group 2: ETF Impact - The inclusion of Yaojie Ankang in the National Index of Hong Kong Innovative Drugs led to significant passive buying by ETFs, with one major ETF purchasing 3 million shares worth approximately 578 million HKD, accounting for about 2.62% of its net asset value [2][3]. - The total scale of ETFs tracking the National Index is approximately 35.963 billion HKD, suggesting a passive buying amount of around 940 million HKD [2]. Group 3: Index Adjustment and Methodology Issues - The adjustment of the National Index was not publicly announced in advance, leading to a lack of awareness among investors regarding Yaojie Ankang's inclusion [3]. - The index's sample selection criteria have been criticized for potential loopholes, as Yaojie Ankang had been listed for less than three months and did not fully meet the trading volume requirements [4]. - The index's selection method is considered simplistic, failing to account for factors like liquidity, which contributed to Yaojie Ankang's price volatility due to its small float [4]. Group 4: Broader Market Implications - The expansion of ETFs, surpassing 5 trillion HKD, has made passive funds a significant force in market movements, particularly during quarterly adjustments [5]. - The passive buying and selling driven by ETF mechanisms can lead to substantial market volatility, as seen with other indices experiencing similar adjustments [5][6]. - Analysts suggest that as ETF holdings increase, the short-term price fluctuations resulting from index adjustments may intensify, creating a non-diversifiable risk for investors [6].