5天，南京跑出一家2000亿巨头

Core Viewpoint - The article discusses the dramatic rise and subsequent fall of the stock price of Yaojie Ankang, a biotechnology company, highlighting the volatility and speculative nature of the biotech market in Hong Kong [2][3][4]. Stock Performance - Yaojie Ankang's stock price surged from 70.7 HKD on September 10 to a peak of 679.5 HKD on September 16, resulting in a market capitalization of nearly 270 billion HKD [2][3]. - Following this peak, the stock experienced a sharp decline, dropping 75% to a low of 165 HKD, and closing at 192 HKD, representing a 53.73% decrease on the same day [3][4]. Market Context - The company, which has not generated any revenue since its inception, achieved a market valuation that surpassed established players like Kangfang Biotech and Innovent Biologics [2][4]. - The surge in stock price was attributed to its inclusion in the Hang Seng Index and the announcement of clinical trial approvals for its lead product, Tiengotein [5][6]. Product Pipeline and Clinical Trials - Tiengotein, a multi-target kinase inhibitor, is in Phase II clinical trials for treating HR+/HER2- breast cancer, a significant market segment [5][6]. - The drug has shown promise in previous trials for other cancers, with an objective response rate exceeding 40% in resistant patients [6][7]. Financial Health - Yaojie Ankang reported a net loss of 123 million CNY in the first half of 2025, with R&D expenses of 98.43 million CNY, indicating a need for continued funding to support its clinical trials [7][13]. - The company has raised over 1.7 billion CNY through nine rounds of financing since its establishment, with significant backing from local investors [13][14]. Founder's Background - The founder, Wu Yongqian, has extensive experience in drug development and has focused on multi-target inhibitors to address drug resistance in cancer treatment [9][10][11]. - Wu's strategic pivot towards oncology and inflammation has positioned Yaojie Ankang to capitalize on emerging trends in the biotech sector [11][12]. Industry Trends - The article notes a growing trend of innovation in the Nanjing region, with several biotech companies, including Yaojie Ankang, successfully entering the capital markets [16][17]. - The supportive regulatory environment and increasing investment in innovative drugs are expected to drive further growth in the sector [16][17].