Core Viewpoint - The extreme volatility of the stock price of药捷安康 (02617.HK) has raised concerns in the market, with a significant drop following a sharp rise, indicating potential instability and investor caution [1][5]. Group 1: Stock Price Movement -药捷安康's stock price surged by 63% to 679.5 HKD per share in the morning, before plummeting to 192 HKD per share by the end of the day, resulting in a decline of 53.73% [1]. - The stock's market capitalization fluctuated dramatically, reaching nearly 270 billion HKD at its peak and then shrinking to 76.2 billion HKD, leading to a loss of over 190 billion HKD in a single day [5]. - The stock's trading volume was notably high, with a turnover rate of 4.13%, significantly exceeding the previous day's rate of 1.34% [5]. Group 2: Market Impact - The volatility of药捷安康's stock affected several pharmaceutical ETFs, including the 恒生创新药ETF (159316) and 港股通创新药ETF (520880), which fell by 1.18% and 1.11% respectively [3]. - Following the inclusion of药捷安康 in the Hong Kong Stock Connect and major innovation drug indices on September 8, there was a notable increase in southbound capital, which bought 3.0625 million shares by September 15, accounting for 56% of the company's actual circulating shares [4]. Group 3: Company Fundamentals -药捷安康's core product,替恩戈替尼, is currently in clinical trials, with no drugs yet on the market as of June 30, 2025, and the company reported a net loss of 123 million HKD in the first half of the year [6]. - The company relies heavily on previous financing to support its research and development, with R&D expenses amounting to 98.43 million HKD and management expenses of 27.47 million HKD during the same period [6]. Group 4: Index Adjustments - The recent adjustments to the calculation methods of the 恒生创新药指数 and related indices aim to better reflect companies involved in innovative drug research and development, excluding service providers in the CXO sector [8][9]. - Following these adjustments,药捷安康 was included in multiple key indices, which contributed to its recent stock price movements and the overall performance of related ETFs [9].

Group 1 - The Hang Seng Index Company announced adjustments to the calculation methods of several indices, including the Hang Seng Hong Kong Stock Connect Innovative Drug Index, Hang Seng Innovative Drug Index, Hang Seng Biotechnology Index, and Hang Seng Hong Kong-US Biotechnology Index [1] - The adjustments aim to enhance the focus on pure innovative drug companies by excluding companies primarily engaged in the CXO industry, which includes Contract Research Organizations (CRO), Contract Manufacturing Organizations (CMO), and Contract Development and Manufacturing Organizations (CDMO) [2][4] - The changes will result in a more concentrated index composition, with the top five constituents of the Hang Seng Hong Kong Stock Connect Innovative Drug Index shifting to companies like Innovent Biologics, BeiGene, and others, while the previous weight of excluded companies was approximately 18.1% [3] Group 2 - The Hang Seng Biotechnology Index will see a reduction in the number of constituents from 50 to a fixed number of 30, along with new trading qualification requirements under the Stock Connect program [6] - The Hang Seng Hong Kong-US Biotechnology Index will also reduce its constituent count from 60 to a fixed number of 40, indicating a significant decrease in the number of stocks included [9] - The adjustments to the indices will take effect on June 30, 2025, with the changes in constituent stocks implemented on September 8, 2025 [9]