Core Viewpoint - The stock of Yaoke Ankang experienced extreme volatility, soaring 63% to 679.5 HKD before plummeting 53.7% to 192 HKD, resulting in a market value loss exceeding 190 billion HKD [2][6]. Company Overview - Yaoke Ankang, established in 2014, is a biotech company focused on developing innovative therapies for cancer, inflammation, and cardiovascular metabolic diseases, with its core product Tinengotinib in the registration clinical stage [4][6]. - The company has not generated any revenue and is marked with a "-B" designation by the Hong Kong Stock Exchange, indicating it is a pre-revenue biotech firm [4][6]. - Yaoke Ankang reported losses of 343 million RMB and 275 million RMB for 2023 and 2024, respectively, with a loss of 123 million RMB in the first half of 2025 [4]. Market Dynamics - The stock's dramatic rise was attributed to its inclusion in the Hong Kong Stock Connect Innovative Drug Index, leading to passive buying from ETFs, which raised questions about the index's decision to include a company that had been listed for less than three months [3][7]. - The limited float of shares (only 549,000 shares available for trading) contributed to the stock's volatility, as small amounts of capital could significantly impact the price [7][8]. ETF Impact - Several ETFs tracking the National Index for Hong Kong Stock Connect Innovative Drugs were implicated in high-level buying during the stock's surge, raising concerns about their role as "bag holders" after the price drop [3][8]. - On September 15, the stock was included in the ETF subscription and redemption list, leading to a significant price increase, but the subsequent drop on September 16 caused the ETFs to decline in value [8][9]. Transparency Issues - There are concerns regarding the transparency of index component adjustments, as the specific date of Yaoke Ankang's inclusion in the index was not publicly disclosed, potentially misleading retail investors [9].

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].

Core Insights - The stock price of the Hong Kong innovative drug company, Yaojie Ankang, has experienced significant volatility, drawing widespread market attention due to its recent inclusion in multiple indices, including the Guozheng Hong Kong Stock Connect Innovative Drug Index [1][2] 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 [2] - Since its listing, Yaojie Ankang's stock price had been steadily increasing until its inclusion in the Hong Kong Stock Connect on September 8, which triggered a surge in buying activity [2][3] Group 2: Stock Performance - Following its inclusion in the indices, Yaojie Ankang's stock price surged by 77.09% on September 12 and further increased by 115.58% on September 15 [2][3] - However, on September 16, the stock price plummeted by 53.73%, dropping from 679.5 HKD per share to 192 HKD per share, illustrating extreme volatility [2][3] Group 3: Index Inclusion and ETF Impact - The inclusion of Yaojie Ankang in the Guozheng Hong Kong Stock Connect Innovative Drug Index led to passive buying from ETFs, with one ETF purchasing 3 million shares, amounting to approximately 578 million HKD, which represented about 2.62% of the fund's net value [3][4] - The total scale of the five ETFs tracking the Guozheng Hong Kong Stock Connect Innovative Drug Index is approximately 35.963 billion HKD, suggesting a passive buying amount of around 940 million HKD [3][4] Group 4: Index Adjustment Controversy - The adjustment process for the Guozheng Hong Kong Stock Connect Innovative Drug Index has faced criticism for lacking transparency, as the index company did not announce Yaojie Ankang's inclusion in advance, impacting investors' awareness [4][5] - Concerns have been raised regarding the index's sample selection criteria, as Yaojie Ankang had been listed for less than three months and did not fully meet the requirements regarding average daily trading volume [5] Group 5: Market Dynamics and ETF Influence - The expansion of ETFs has significantly increased their influence on market dynamics, with passive funds becoming a powerful force affecting stock price movements [6][7] - As ETF sizes surpass 5 trillion HKD, the impact of passive buying and selling on individual stocks is expected to intensify, particularly during quarterly adjustments [6][7]

Core Viewpoint - The "2025 Asset Management Annual Conference" is set to take place in August in Shanghai, focusing on key topics such as asset allocation, AI models, green transformation, pension finance, and ETF passive investment, aiming to explore the development trends and future directions of the asset management industry [1][2]. Group 1: Event Overview - The annual conference, organized by the 21st Century Financial Research Institute, has been held since 2007 and will celebrate its 19th edition this year [1]. - The event will feature leaders and experts from financial regulatory bodies, academic institutions, and major financial organizations to discuss cutting-edge topics in the asset management sector [1]. Group 2: Research and Evaluation - The "Golden Shell" asset management competitiveness case study for 2025 will upgrade previous evaluations by including new exemplary practices from financial institutions [2]. - The 21st Century Financial Research Institute was established in 2015 to serve the asset management market, focusing on major topics through forums, closed-door discussions, research reports, and educational initiatives [2]. Group 3: Participation and Categories - Financial institutions are invited to participate in the annual conference and the "Golden Shell" asset management competitiveness evaluation, covering a wide range of entities including banks, insurance companies, securities firms, and independent wealth management companies [3][4]. - Three main categories for submissions have been established: institutional, product, and brand categories, with further subdivisions available [4]. Group 4: Evaluation Principles and Process - The evaluation will adhere to principles of fairness, openness, and impartiality, utilizing data from institutional submissions, public sources, and proprietary research [5]. - The evaluation process consists of four phases: data collection from May 6 to June 30, data analysis from July 1 to July 6, expert review from July 7 to July 20, and final results announcement at the annual conference in August [6][7].