药捷安康暴涨50倍后腰斩！创新药ETF为何成“接盘侠”？

Core Viewpoint - The stock price of the innovative pharmaceutical company,药捷安康, has experienced significant volatility, dropping over 70% from its historical high following a clinical progress announcement, highlighting the high-risk nature of investments in the innovative drug sector [2][3][4]. Group 1: Stock Performance - As of September 18, 2025, the stock price of药捷安康-B (2617.HK) closed at 183.2 HKD, with a daily decline of 12.43% [2]. - The market capitalization of the company is approximately 72.71 billion HKD [2]. - The stock price peaked at 679.5 HKD on September 16, 2025, before experiencing a sharp decline after the company announced it was unaware of the reasons for the price movement [4]. Group 2: Impact on ETFs - The extreme fluctuations in药捷安康's stock price have adversely affected ETFs that track the Hong Kong innovative drug indices, with the 港股通创新药ETF (520880) and 恒生创新药ETF (520500) experiencing cumulative declines of 2.4% and 2.41%, respectively, from September 15 to September 17, 2025 [3][5]. - The company's inclusion in multiple core indices on September 8, 2025, has increased the volatility of these ETFs, as they are required to adjust their holdings based on the stock's performance [5]. Group 3: Company Fundamentals - Despite the positive news regarding the clinical trial of its core product,替恩戈替尼, the company reported zero revenue and a net loss of 123 million CNY as of June 30, 2025 [3][4]. - The company went public on June 23, 2025, with an IPO price of 13.15 HKD and a total share capital of approximately 397 million shares, resulting in a limited float that makes the stock susceptible to price manipulation [4]. Group 4: Expert Opinions - Experts emphasize the need for investors in the innovative drug sector to focus on clinical value and commercialization prospects rather than speculative trading [6]. - Analysts suggest that the extreme valuation of companies without revenue, such as药捷安康, is unsustainable and that investors should adopt a more rational approach to evaluating these companies [6][7]. - The recent market volatility serves as a reminder for ETF managers to monitor liquidity risks associated with concentrated holdings in their portfolios [6].