Core Viewpoint - The article discusses the recent adjustments in the Hong Kong Stock Connect market, highlighting the rapid inclusion of new stocks and the associated risks of price volatility and market manipulation. Group 1: Market Adjustments - As of September 2025, a total of 67 stocks were included in the Hong Kong Stock Connect, while 61 were removed, indicating a significant turnover in the market [1] - New stocks listed for less than six months can quickly enter the market if they meet liquidity and market capitalization requirements, raising concerns about the adequacy of their assessment periods [1][4] Group 2: Inclusion Rules - The general rules for inclusion in the Hong Kong Stock Connect require that stocks achieve a daily average market capitalization covering the top 95% of the Hong Kong market and pass liquidity tests [1][2] - Stocks can be included in the Hang Seng Composite Index and the Stock Connect simultaneously if they meet the criteria during specific review periods [2] Group 3: Case Studies of New Stocks - iFlytek Medical Technology was listed on December 30, 2024, and included in the Stock Connect on March 10, 2025, after only 70 days, with an average market capitalization of HKD 6.8 billion [6] - The stock experienced a 72% price increase due to speculative trading before its inclusion, but subsequently fell nearly 40% within a month after the initial hype faded [7] - Health Road, listed and included on the same day as iFlytek, also faced a significant drop in stock price post-inclusion, highlighting the lack of sustainable trading activity [8][9] Group 4: Market Manipulation Risks - The rapid inclusion of stocks like iFlytek and Health Road has exposed vulnerabilities in the Stock Connect assessment mechanism, where stocks can be manipulated for short-term gains [4][6] - Cloud Wisdom, which was listed on June 30, 2025, saw its stock price rise significantly on its first day, but later faced a sharp decline due to poor financial performance and lack of institutional support [11][13]
新股70天火速入港股通：云知声上市首日拉涨45%冲关港股通 入通后股价较高点跌近40%