18A，暴富制造机

Core Viewpoint - The recent volatility of the biotech company, Yaojie Ankang, in the Hong Kong stock market has raised questions about the investment value of the 18A sector, which consists of biotech companies without revenue or profit [1][12]. Company Performance - Yaojie Ankang experienced a dramatic price surge, with its stock price increasing by nearly 13 times since its listing on June 23, 2023, and reaching a market capitalization close to 100 billion HKD [3][4]. - On September 15, 2023, the stock price peaked at 415 HKD per share, marking a single-day increase of 115.58% [2][4]. - The stock's price fluctuated significantly, with a high of 679.5 HKD per share on September 16, 2023, before plummeting to 192 HKD per share, resulting in a market value loss of nearly 200 billion HKD within hours [2][4]. Market Dynamics - The inclusion of Yaojie Ankang in multiple indices, such as the Hang Seng Composite Index, led to substantial passive buying from ETFs, contributing to the stock's rapid price movements [7][8][9]. - The stock's low liquidity and small market capitalization made it susceptible to sharp price increases when significant buying interest emerged [5][10]. - The phenomenon of ETF arbitrage was highlighted, indicating that passive funds could inadvertently amplify stock price volatility [9][10]. Investment Sentiment - The 18A sector has been characterized as a "wealth creation myth," with many investors questioning whether it represents a valuation bubble or a value opportunity [1][12]. - The market has seen a resurgence in interest in biotech stocks, with several companies in the 18A category experiencing significant price increases this year [13][14]. - Investors are advised to focus on the underlying fundamentals of biotech companies, as the market's perception of value has evolved from speculative potential to a focus on certainty and cash flow [20][24]. Regulatory and Market Considerations - The establishment of the 18A listing rules has been viewed as a milestone in China's innovation drug ecosystem, allowing for the listing of companies that may not yet have revenue or profit [19]. - There are calls for index providers to optimize their rules to better reflect market conditions and reduce the potential for exploitation by investors [11][19].