Core Viewpoint - The stock price of the newly listed company, Yaojie Ankang-B (2617.HK), experienced extreme volatility, soaring by 63% to 679.5 HKD per share before plummeting by 53.73% by the end of the trading day, highlighting potential manipulation in the market [1][2]. Summary by Sections Stock Performance - Yaojie Ankang's stock price surged by 863% over five days, reaching a market capitalization close to 270 billion HKD [1]. - Since its IPO on June 23, the stock price has increased over 50 times from the initial offering price of 13.15 HKD [1]. - The stock's dramatic rise and fall within a single trading day resulted in potential losses of up to 70% for investors who bought at the peak [1]. Company Announcement - On September 16, Yaojie Ankang announced that it was unaware of any reasons for the unusual trading price and volume fluctuations, confirming that its business operations and financial status remained stable [2]. IPO Details - The IPO raised 201 million HKD with an issuance ratio of 3.9%, and the total market value at the issuance was 5.219 billion HKD [6]. - The public offering was oversubscribed by 3,419 times, while the international placement was only 0.97 times subscribed, leading to a reallocation of shares [6][7]. - The final allocation resulted in 20% of shares being available for public trading, with cornerstone investors holding 63.96% of the total issuance [8]. Trading Dynamics - As of September 16, Yaojie Ankang's market capitalization was approximately 72.6 billion HKD, indicating that the stock may still be overvalued [11]. - The stock was included in the Hong Kong Stock Connect on September 8, which contributed to its price surge, with Northbound trading accumulating over half of the available shares in just four trading days [9][10]. - The limited float of shares, with only about 550,000 shares available for trading, makes the stock susceptible to price manipulation by major investors [8][13]. Market Manipulation Concerns - The trading activity suggests that major players may be using the stock to manipulate prices, with previous instances of similar behavior noted in other companies [12][14]. - The influx of Northbound capital could be a strategy for major investors to offload shares without facing immediate selling pressure due to the upcoming lock-up period for cornerstone investors [15].