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2025年港股通炒作乱象：药捷安康入通后股价高台跳水 被动资金推涨超2倍后闪崩54% 散户与基...
Xin Lang Cai Jing·2025-09-30 09:05

Core Insights - The Hong Kong Stock Connect market is undergoing normalization adjustments, with 67 stocks added and 61 removed by the end of September 2025, raising concerns about the assessment period and subsequent price volatility of newly listed stocks [1][2] Group 1: Stock Inclusion Rules - Stocks must achieve an average daily market capitalization covering the top 95% in the Hong Kong market and pass liquidity tests to be included in the Hang Seng Composite Index [1] - Large and medium-sized stocks can be directly included in the Stock Connect, while small stocks must meet an additional requirement of an average month-end market capitalization of at least 5 billion HKD [1][2] Group 2: Market Manipulation Concerns - Companies with low market capitalization and small float are targeted for speculation due to their "easily manipulable" nature, leading to two types of market activities: collusion between companies and funds, and passive speculation by market funds [4] - The cases of Yaojie Ankang and Cao Cao Chuxing exemplify these speculative activities, where funds leveraged the inclusion in Stock Connect for profit [4] Group 3: Yaojie Ankang Case - Yaojie Ankang, a clinical-stage biopharmaceutical company, raised only 200 million HKD during its IPO, the smallest in the medical sector for 2025, and had a highly concentrated shareholding structure [5] - After being included in the Stock Connect on September 8, 2025, the stock price surged due to passive fund inflows, but subsequently plummeted by 54% in a single day, trapping retail investors [6][5] Group 4: Cao Cao Chuxing Case - Cao Cao Chuxing faced weak institutional demand during its IPO, leading to a reliance on retail investors to fill the gap [7] - Following its inclusion in the Stock Connect, the stock price initially surged by 143% but then fell sharply, indicating potential market manipulation [9][10] Group 5: Trading Data Insights - Trading data revealed that Citibank was the largest net buyer before the inclusion, but quickly became the largest net seller afterward, suggesting a strategy of accumulating shares before the inclusion and selling to retail investors post-inclusion [10][12]