药捷安康股价“牛熊转换”背后 ETF被动调仓陷“接盘”争议

Core Viewpoint - The stock of pharmaceutical company Yaojie Ankang (2617.HK) has experienced extreme volatility, soaring over 50 times post-IPO and then plummeting 53.73% in a single day, highlighting concerns about the stock's liquidity and the mechanisms of index inclusion [2][3][4]. Group 1: Stock Performance - Yaojie Ankang's stock price closed at 149.9 HKD per share on September 19, with a maximum drawdown of 78% within just four trading days, leading to a market capitalization drop from nearly 270 billion HKD to 59.4 billion HKD [3]. - The stock was listed on June 23 at an IPO price of 13.15 HKD per share, with a market cap of approximately 5.2 billion HKD, and saw a steady increase to 54.15 HKD per share by the end of August [4]. - The stock price surged dramatically after being included in multiple Hang Seng indices on September 8, with increases of 77.09% and 115.58% recorded on September 12 and 15, respectively [5]. Group 2: Market Reactions and ETF Involvement - The extreme fluctuations in Yaojie Ankang's stock price have led to passive buying by several ETFs tracking the National Index of Hong Kong Innovative Drugs, raising concerns about the ETF's role in high-level buying at inflated prices [3][7]. - The largest ETF tracking this index bought 3 million shares of Yaojie Ankang on September 15, representing about 2.62% of the fund's net value, contributing to significant capital inflow during the stock's volatility [7]. Group 3: Index Inclusion and Regulatory Concerns - The rapid inclusion of Yaojie Ankang in the index has sparked discussions about the prudence of current index compilation rules, particularly regarding the lack of an observation period for new stocks [8][9]. - Concerns have been raised about the transparency and timeliness of information regarding index adjustments, which can lead to severe supply-demand imbalances and extreme stock price fluctuations [9]. - Recommendations have been made to adjust the initial inclusion ratio for new stocks and to enhance the assessment of liquidity factors to mitigate the impact of passive investment strategies on stocks with small trading volumes [9].