Core Viewpoint - The company Yaojie Ankang (02617.HK) has achieved a market capitalization exceeding HKD 100 billion shortly after its IPO, despite not having any products approved for sale and currently operating at a loss [2][3]. Group 1: Stock Performance - Yaojie Ankang's stock price surged by 115.58% on September 15, reaching a market capitalization of HKD 164.71 billion, with significant price increases of 27.57%, 20.78%, and 77.09% over the preceding three trading days [2]. - The company's IPO price was HKD 13.15 per share, and as of September 15, the closing price had risen to HKD 415 per share, representing a cumulative increase of approximately 30.6 times [2]. Group 2: Company Fundamentals - Yaojie Ankang is an innovative drug company focused on developing small molecule therapies for oncology, inflammation, and cardiovascular metabolic diseases, currently in the clinical registration phase [3]. - The company's lead product, Tiengogatinib, is a selective multi-kinase inhibitor targeting key pathways including FGFR/VEGFR, JAK, and Aurora kinases, with potential applications in various difficult-to-treat solid tumors [3]. - As of June 30, 2025, Tiengogatinib is involved in nine clinical trials globally, with the fastest progress in cholangiocarcinoma, expected to complete its registration phase II clinical trial in China by the second half of 2025 [3]. Group 3: Market Potential - The global cholangiocarcinoma drug market is projected to reach USD 2 billion in 2024, with a compound annual growth rate (CAGR) of 16.2% from 2019 to 2024, and expected to grow to USD 3.2 billion by 2027 [4]. - In China, the cholangiocarcinoma drug market is anticipated to reach CNY 3.2 billion in 2024, with a CAGR of 16.4% from 2019 to 2024, and projected to grow to CNY 5.5 billion by 2027 [4]. Group 4: Financial Performance - In the first half of the year, Yaojie Ankang reported zero revenue and a loss attributable to shareholders of CNY 123 million [6]. - In contrast, other biotech companies like Innovent Biologics and Kintor Pharmaceutical have achieved profitability, with Innovent reporting a net profit of CNY 834 million and multiple products already on the market [6]. Group 5: Market Sentiment - Investors express confusion regarding the rationale behind Yaojie Ankang's stock price surge, questioning whether there are potential licensing opportunities or if the price movement is primarily driven by speculation [6].