药捷安康股价的惊魂24小时，ETF指数基金成“背锅侠”？

Core Viewpoint - The stock of Yaojie Ankang (2617.HK) experienced extreme volatility, soaring by 557.69% in just six trading days, followed by a dramatic drop of 53.73% in a single day, raising questions about the reasons behind such fluctuations and the implications for the index inclusion process [2][3][19] Company Overview - Yaojie Ankang, established in April 2014, is a clinical-stage biopharmaceutical company that went public on June 23, 2025, with an initial share price of 13.15 HKD and a market capitalization of approximately 5.2 billion HKD [3][5] - The company has reported losses of 343 million HKD in 2023 and 275 million HKD in 2024, with zero revenue and a loss of 123 million HKD in the first half of 2025 [3][5] Stock Performance - The stock price surged over 50 times from September 8 to September 15, 2023, following its inclusion in multiple indices, including the Hong Kong Stock Connect and the Hang Seng Innovation Drug Index [5][16] - On September 15, the stock closed at 415 HKD, marking a single-day increase of 115.58% [12] Market Reactions - The sudden price drop on September 16, where the stock fell to 192 HKD, led to an urgent announcement from Yaojie Ankang stating that it was unaware of the reasons for the price fluctuations and that there were no significant changes in its business operations or financial status [2][19] - The volatility has raised concerns about the inclusion of unprofitable companies in indices, as Yaojie Ankang was only three months post-IPO at the time of its index inclusion [9][18] Index Inclusion Controversy - The inclusion of Yaojie Ankang in the National Index for Hong Kong Stock Connect Innovation Drugs has sparked debate regarding the criteria for index membership, particularly for companies that are unprofitable and newly listed [9][11][18] - The index's criteria typically require companies to have a minimum trading history and financial stability, which Yaojie Ankang does not meet [18] ETF Impact - Several ETFs tracking the National Index were affected by Yaojie Ankang's stock performance, leading to significant passive buying pressure due to the index's adjustments [16][17] - The total assets under management for the ETFs linked to the index amount to approximately 37.12 billion HKD, indicating substantial market influence [16]