药捷安康股价过山车，ETF被动“抬轿”又“踩雷”！什么情况？

Core Viewpoint - The recent volatility in the stock price of the Hong Kong innovative drug company, Yaojie Ankang, has raised concerns about the potential loopholes in index compilation rules and the dual-edged effect of ETF expansion, leading to significant investor backlash on social media [1][5]. Group 1: Company Overview - Yaojie Ankang, listed on June 23, 2025, is a biopharmaceutical company focused on developing innovative therapies for tumors, inflammation, and cardiovascular metabolic diseases [3]. - Since its listing, Yaojie Ankang's stock price had been steadily increasing until it was included in multiple indices on September 8, 2025, which triggered a surge in buying activity [3][4]. Group 2: Stock Price Movement - Following its inclusion in the indices, Yaojie Ankang experienced a dramatic price increase, with a 77.09% rise on September 12 and a staggering 115.58% increase on September 15 [3][4]. - However, on September 16, the stock price plummeted by 53.73%, dropping from 679.5 HKD to 192 HKD, illustrating extreme volatility [3][4]. Group 3: Index Inclusion and ETF Impact - The inclusion of Yaojie Ankang in the National Index of Hong Kong Innovative Drugs on September 15 led to passive buying by ETFs, with one major ETF purchasing 3 million shares, amounting to approximately 578 million HKD, which represented about 2.62% of the fund's net value [4]. - The total market size of the ETFs tracking this index is approximately 35.963 billion HKD, indicating a significant passive buying impact of around 940 million HKD [4]. Group 4: Index Compilation Issues - The index adjustment process lacked transparency, as the National Index Company did not announce Yaojie Ankang's inclusion in advance, which limited investor awareness [8][9]. - The index's selection criteria may have loopholes, as Yaojie Ankang had been listed for less than three months and did not fully meet the requirement regarding average daily trading volume [9]. Group 5: Broader ETF Market Dynamics - The expansion of ETFs has become a powerful force in the market, with passive funds now surpassing active funds in market value [10]. - The recent quarterly adjustments in various indices have led to significant market volatility, as seen with other stocks like Hanwha, which faced forced selling due to index weight adjustments [10][12].