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 [2][12]. Group 1: Company Performance - Yaojie Ankang experienced a dramatic stock price increase of 130% on September 12, 2023, followed by a peak market capitalization of nearly HKD 1 trillion [3][5]. - The stock price surged to HKD 679.5 per share on September 16, 2023, before plummeting by 53.73% to close at HKD 192 per share, resulting in a market value loss of nearly HKD 200 billion within hours [3][5]. - Since its listing on June 23, 2023, Yaojie Ankang's stock price has increased nearly 13 times, with a cumulative increase of 1293.16% as of September 18, 2023 [5][10]. Group 2: Market Dynamics - The inclusion of Yaojie Ankang in multiple indices, including the Hang Seng Composite Index, led to significant passive fund buying, contributing to its rapid price fluctuations [6][7]. - The stock's low liquidity and small market capitalization made it susceptible to sharp price movements when large amounts of capital entered the market [7][9]. - The phenomenon of ETF arbitrage was highlighted, indicating that passive funds could inadvertently amplify stock price volatility [6][8]. Group 3: 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 [2][10]. - The market sentiment towards biotech companies has shifted from valuing potential to focusing on certainty, with investors now prioritizing market potential, pricing power, and cash flow capabilities [14][16]. - Despite recent downturns, there remains a belief among investors that value investing in the biotech sector will yield returns in the long run [11][12]. Group 4: Regulatory and Market Structure - The establishment of the 18A listing rules has been seen as a milestone in China's innovation drug ecosystem, allowing numerous biotech companies to access capital markets [10][13]. - Concerns have been raised about the need for index providers to adapt their rules to prevent short-term volatility from affecting stock valuations [9][16]. - The market's recognition of the biotech sector has increased, but the high technical barriers require investors to accurately assess the value of innovative drug companies [15][17].
18A 暴富制造机
Bei Jing Shang Bao·2025-09-18 15:07