Core Viewpoint - The article discusses the volatility of the stock price of Yaojie Ankang-B (02617), a newly listed Hong Kong stock focused on innovative drugs, which has no revenue as its products are still in the development stage [2][5]. Group 1: Stock Performance and Index Inclusion - Yaojie Ankang-B was listed on June 23, 2025, and included in the Hong Kong Stock Connect on September 8, 2025 [2]. - The stock has low liquidity, with previous trading volumes around 20 million, but was assigned a weight of approximately 2.6% in the Guozheng Hong Kong Stock Connect Innovative Drug Index, necessitating nearly 1 billion in investment from ETFs tracking this index [2][5]. - The stock price experienced significant fluctuations, closing at 108.7 CNY on September 11, 192.5 CNY on September 12, and 415 CNY on September 15, with a peak of 679.5 CNY on September 16 before closing at 192 CNY [5]. Group 2: Index Adjustments and Fund Strategies - Different index providers have varying strategies for including Yaojie Ankang-B, with the Hang Seng series giving it low weight, while the Guozheng index assigned a higher weight, complicating fund adjustments [6][7]. - The Guozheng index adjusts quarterly, while the Hang Seng and CSI indices adjust biannually, suggesting that Yaojie Ankang-B's stock price may normalize before the next adjustment, potentially leading to a decline [7]. - The Tianhong Innovative Drug ETF, which does not include Yaojie Ankang-B, has shown stable net asset value performance, indicating a strategic advantage for funds avoiding this stock [8]. Group 3: Fund Management and Investor Sentiment - Fund companies have different approaches to adjusting their portfolios in response to index changes, leading to significant debate within the industry [9]. - Investors are divided between those favoring passive tracking of indices and those advocating for active management to achieve excess returns, reflecting differing investment strategies and time horizons [10].
持有人利益为先！不过持有人还分帮呢！