药捷安康暴涨后“闪崩”多只ETF被指接盘

Core Viewpoint - The stock of Yaoke Ankang experienced extreme volatility, soaring 63% to 679.5 HKD before plummeting 53.7% to 192 HKD, resulting in a market value loss exceeding 190 billion HKD [2][6]. Company Overview - Yaoke Ankang, established in 2014, is a biotech company focused on developing innovative therapies for cancer, inflammation, and cardiovascular metabolic diseases, with its core product Tinengotinib in the registration clinical stage [4][6]. - The company has not generated any revenue and is marked with a "-B" designation by the Hong Kong Stock Exchange, indicating it is a pre-revenue biotech firm [4][6]. - Yaoke Ankang reported losses of 343 million RMB and 275 million RMB for 2023 and 2024, respectively, with a loss of 123 million RMB in the first half of 2025 [4]. Market Dynamics - The stock's dramatic rise was attributed to its inclusion in the Hong Kong Stock Connect Innovative Drug Index, leading to passive buying from ETFs, which raised questions about the index's decision to include a company that had been listed for less than three months [3][7]. - The limited float of shares (only 549,000 shares available for trading) contributed to the stock's volatility, as small amounts of capital could significantly impact the price [7][8]. ETF Impact - Several ETFs tracking the National Index for Hong Kong Stock Connect Innovative Drugs were implicated in high-level buying during the stock's surge, raising concerns about their role as "bag holders" after the price drop [3][8]. - On September 15, the stock was included in the ETF subscription and redemption list, leading to a significant price increase, but the subsequent drop on September 16 caused the ETFs to decline in value [8][9]. Transparency Issues - There are concerns regarding the transparency of index component adjustments, as the specific date of Yaoke Ankang's inclusion in the index was not publicly disclosed, potentially misleading retail investors [9].