Core Viewpoint - The stock price of pharmaceutical company Yaojie Ankang experienced extreme volatility, with a trading range of nearly 124% on September 16, raising questions about the inclusion of the stock in index funds without prior notice [1][2][6]. Group 1: Stock Performance - Yaojie Ankang's stock price surged by 10 times within seven trading days starting from September 8, reaching a peak of 679.5 HKD per share before plummeting by 53.73% to 192 HKD per share on September 16 [2][3]. - The stock experienced further fluctuations, with an 8.96% increase on September 17, followed by a 12.43% decline on September 18 [2][6]. Group 2: Index Inclusion and ETF Impact - Yaojie Ankang was added to the Hong Kong Stock Connect list on September 8, coinciding with the start of its stock price volatility [3]. - Multiple ETFs tracking the National Index for Hong Kong Stock Connect Innovative Drugs experienced significant declines following Yaojie Ankang's stock price drop, with some ETFs falling over 2% on September 16 and 17 [6][8]. - The National Index's website had not updated the sample adjustments as of September 18, leading to confusion regarding the timing of Yaojie Ankang's inclusion in the index [6][9]. Group 3: Industry Concerns - Industry experts questioned the rapid inclusion of Yaojie Ankang in the index, as it did not meet the criteria of having a significant trading volume over the past year [9][10]. - The lack of prior announcement regarding the stock's inclusion raised concerns about the passive nature of index funds, which could lead to investors inadvertently buying at inflated prices [8][11]. - There is a call for improved index design and communication to prevent similar situations in the future, emphasizing the need for transparency in the inclusion process [10][11].
港股药捷安康股价坐“过山车”，指数基金“躺枪”？