智通财经APP获悉，药捷安康-B(02617)一度涨超25%，截至发稿，涨15.81%，报200港元，成交额7.12 亿港元。 据悉，替恩戈替尼是一款自主研发、注册性临床阶段的创新多靶点小分子激酶抑制剂，通过靶向肿瘤细 胞和改善肿瘤微环境发挥抗肿瘤作用。目前，替恩戈替尼已经在中美两地开展了多项针对胆管癌、前列 腺癌、乳腺癌等实体瘤的临床试验，并获得了美国FDA授予的用于治疗胆管癌的"孤儿药认证"(Orphan Drug Designation, ODD)、"快速通道资格认证"(Fast Track Designation)，以及用于治疗前列腺癌的"快速 通道资格认证"，中国NMPA批准纳入突破性治疗品种名单，欧洲EMA授予的用于治疗胆道癌的孤儿药 认证(ODD)。 消息面上，据药捷安康官微消息，10月20日，药捷安康宣布，公司在2025年欧洲肿瘤内科学会(ESMO) 年会上公开了核心产品替恩戈替尼于胆管癌适应症的最新汇总研究数据。 ...

Core Insights - The stock price of Jiangsu Jietian Pharmaceutical Co., Ltd. (2617.HK) surged over 550% within six trading days, reaching a market capitalization of over HKD 100 billion, before experiencing a dramatic drop, losing nearly HKD 1.9 billion in market value in a single day [1][6] - The price increase was primarily driven by the company's core product, Tiengogatin, receiving clinical trial approval from the National Medical Products Administration for treating specific types of breast cancer [1][2] - The stock's rapid inclusion in multiple important indices led to significant passive fund inflows, which played a crucial role in the stock's price surge [2][3] Company Overview - Jiangsu Jietian Pharmaceutical is a clinical-stage biopharmaceutical company focused on developing innovative therapies for oncology, inflammation, and cardiovascular diseases [5] - The company has five clinical-stage candidates and several preclinical candidates, but has not yet achieved commercial profitability, reporting a revenue of only HKD 3.6 million in the first half of the year, a 65.1% decline year-on-year [4][5] - As of mid-2025, the company is projected to incur losses of HKD 343 million, HKD 275 million, and HKD 123 million for the years 2023, 2024, and the first half of 2025, respectively [5] Market Dynamics - The stock is characterized as a small-cap stock with a limited float of approximately 550,000 shares, making it susceptible to significant price fluctuations due to concentrated buying and selling [3][4] - Following its inclusion in the Hong Kong Stock Connect and various Hang Seng indices, the stock experienced a rapid price increase, with daily gains of 27.57%, 20.78%, and 77.09% recorded from September 10 to 12 [2][3] - The current market capitalization has fallen to HKD 59 billion, nearly an 80% decline from its peak, reflecting market skepticism towards unprofitable biotech firms [6]

很多投资者认为，股价越高越好。但对于企业而言，当股价涨幅远超公司基本面的时候，带来的弊病远大于利益。 过去三个月，药捷安康上演了一出怒涨52倍的"资本奇迹"。6月23日上市时，药捷安康的发行价仅为13.15港元，公司整体市值约为52亿港元；三个月后的 今天，药捷安康股价水涨船高，最高时曾飙升至679.5港元，公司市值也接近2700亿港元大关，是上市之初的52倍。这样的估值水平，已经远远超过康方 生物和科伦博泰这样的当红炸子鸡。 一家成立仅11年、尚未有任何产品商业化、上半年仍亏损1.23亿元的生物医药公司，股价缘何持续暴涨又暴跌？狂欢过后，药捷安康的归宿又在哪里呢？ 01 坎坷上市路 追根溯源，药捷安康成立于2014年，是一家主要针对肿瘤、炎症以及心脏代谢疾病开发小分子创新疗法的生物医药公司，最初由药石科技创始人杨民民与 时任药石科技董事的吴希罕共同创立。2016年的时候，"医药老炮"吴永谦收购药捷安康40%股权，成为董事长兼首席执行官，也揭开了传奇故事的序章。 这里有必要介绍一下吴永谦，他有着丰富的医药行业研发经验。在1985年7月取得南京大学化学学士学位后，吴永谦选择远赴美国继续深造，并于1993年5 月 ...

Core Viewpoint - The article discusses the recent volatility in the stock price of Yaojie Ankang (药捷安康), highlighting its significant price fluctuations and the impact of clinical trial news on its market performance [5][6][9]. Stock Performance Summary - On September 16, Yaojie Ankang's stock price surged nearly 60% at the opening, reaching a peak of 679.50 HKD per share, with a market cap exceeding 260 billion HKD. However, it closed down 53.73% on the same day, ending at 192.0 HKD per share [5][6]. - Following this, on September 17, the stock rebounded, closing up 8.96% at 209.2 HKD per share, with a total market cap of 83.03 billion HKD. By September 18, the stock fell again by 12.43% to 183.2 HKD per share [5][6]. - Since its IPO on June 23, the stock price has increased by 1293.16% from the initial offering price of 13.15 HKD per share [5]. Clinical Trial Developments - The primary driver behind the stock's recent surge was the announcement of a clinical trial for its core product, Tiengoni (替恩戈替尼), which received clinical trial approval from the National Medical Products Administration of China [9][10]. - Tiengoni is a multi-target kinase inhibitor that shows potential in treating various cancers, including cholangiocarcinoma, prostate cancer, liver cancer, and breast cancer. The company expects to complete the registration phase II clinical trial for cholangiocarcinoma by the second half of 2025 [11][12]. Financial Performance and Future Outlook - Yaojie Ankang has reported significant losses, totaling approximately 1 billion CNY over the past three and a half years, with losses of 252 million CNY in 2022, 343 million CNY in 2023, and 123 million CNY in the first half of 2024 [13][15]. - The company has raised over 1.7 billion CNY through multiple financing rounds since its establishment in 2014, relying heavily on external funding to support its operations and R&D efforts [15]. - Despite the promising developments, the company is still in the registration clinical phase and has not yet commercialized any products, indicating a long road ahead before potential market entry [15].

Core Viewpoint - The recent inclusion of multiple Hong Kong stocks into the Stock Connect program has led to significant price volatility and increased trading activity, driven by various factors including index adjustments, new capital inflows, speculative trading, and limited share availability [1][2][4]. Group 1: Stock Performance - Several stocks, such as药捷安康-B and佰泽医疗, experienced dramatic price movements after being included in the Stock Connect, with药捷安康-B seeing a peak increase of over 1000% shortly after inclusion, followed by a sharp decline of 53.73% [2][4]. - The average trading volume for these stocks surged significantly post-inclusion, with some stocks experiencing increases in daily trading volume by several times to dozens of times compared to before [3][4]. Group 2: Reasons for Volatility - The adjustment of index constituents has led to passive buying from ETFs tracking these indices, contributing to the volatility of newly included stocks [4][5]. - The inclusion of these stocks has opened up opportunities for mainland investors, resulting in a notable influx of capital into these stocks [5][6]. - Speculative trading has also played a role, particularly in the healthcare sector, where stocks with innovative drug concepts have attracted attention [6][7]. - Many of the stocks included are relatively new to the market, with limited free-floating shares, making them more susceptible to extreme price fluctuations when capital flows in [6][7].

Core Viewpoint - The recent inclusion of multiple Hong Kong stocks into the Stock Connect program has led to significant price volatility, with stocks experiencing sharp increases followed by drastic declines [1][2][3] Group 1: Stock Performance - After being included in the Stock Connect, stocks like Yaojie Ankang-B saw a price surge of 20.13% on September 8, followed by a staggering drop of 53.73% on September 16 [1] - Baize Medical experienced a price increase of over 27% on September 12, with daily volatility reaching 85.55% on September 16 [2] - Other stocks such as Brain Dynamics-B and Xixiang Group also exhibited similar volatile trends post-inclusion [2] Group 2: Market Reactions - The market attributes the volatility to several factors, including adjustments in index constituents leading to passive buying from related ETFs [3] - The new status of these stocks as Stock Connect eligible has expanded the investor base, bringing in more capital and increasing buying pressure [3] - Speculative trading has also played a role, particularly for stocks in the pharmaceutical sector that have recently made significant announcements [3] Group 3: Trading Volume - The average trading volume of the stocks included in the Stock Connect has surged significantly, with some stocks experiencing increases of several times or even dozens of times compared to their pre-inclusion volumes [2]

近日，多只港股被纳入港股通标的后，股价暴涨暴跌，波动大幅加剧。 对于出现此种现象的原因，市场认为有多种可能，包括指数成份股调整导致相关ETF被动买入、新晋港 股通标的身份带来南向港股通资金"活水"买盘、市场投机资金借概念炒作，以及部分新晋港股通标的上 市时间不久，导致实际流通交易的股份数相对较少等。 值得注意的是，从现有案例来看，港股被纳入港股通标的可能给相关股票带来投资机会，但市场狂热后 也往往导致价格阶段性虚高，造成投资风险。 多只港股"入通"后剧烈波动 日前，港股通标的证券名单调整并自2025年9月8日起生效，其中20只证券被纳入。多只股票"入通"后涨 势加速，波动明显加大。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 最为典型的是药捷安康-B。数据显示，药捷安康-B在被纳入港股通标的后股价即加速上涨，9月8日当天 大涨20.13%，在短短几个交易日里最高涨幅逾10倍。但自9月16日开始，药捷安康-B股价开始剧烈调 整，当天大跌53.73%。9月18日，药捷安康-B再跌12.43%。 佰泽医疗在被纳入港股通标的后，波动幅度也明显加大，其中9月12日盘中一度大涨逾27%，全天 ...

Group 1 - The recent inclusion of multiple Hong Kong stocks into the Stock Connect program has led to significant price volatility and trading volume increases [1][2][3] - Notable examples include Yaojie Ankang-B, which saw a price surge of 20.13% on the day of inclusion, followed by a dramatic drop of 53.73% shortly after [2][4] - Other stocks like Baize Medical and Brain Dynamics-B also experienced extreme fluctuations, with trading volumes increasing several times compared to before their inclusion [3][4] Group 2 - The volatility is attributed to several factors, including adjustments in index constituents that prompted passive buying from ETFs tracking these indices [4][5] - The inclusion of these stocks has opened up opportunities for mainland investors, resulting in increased buying activity [5][6] - Speculative trading has also played a role, particularly in innovative pharmaceutical stocks that have garnered attention due to their growth potential [6][7] Group 3 - The stocks that have been included in the Stock Connect are often newly listed, leading to lower liquidity and making them more susceptible to price swings [6][7] - The fundamental uncertainties surrounding these companies, such as ongoing losses and lack of revenue, add to the investment risks associated with these stocks [7]

对于出现此种现象的原因，市场认为有多种可能，包括指数成份股调整导致相关ETF被动买入、新晋港股通标的身份带来南向港股通资金"活水"买盘、市场投机资 金借概念炒作，以及部分新晋港股通标的上市时间不久，导致实际流通交易的股份数相对较少等。 值得注意的是，从现有案例来看，港股被纳入港股通标的可能给相关股票带来投资机会，但市场狂热后也往往导致价格阶段性虚高，造成投资风险。 多只港股"入通"后剧烈波动 日前，港股通标的证券名单调整并自2025年9月8日起生效，其中20只证券被纳入。多只股票"入通"后涨势加速，波动明显加大。 最为典型的是药捷安康－B。数据显示，药捷安康－B在被纳入港股通标的后股价即加速上涨，9月8日当天大涨20.13%，在短短几个交易日里最高涨幅逾10倍。但 自9月16日开始，药捷安康－B股价开始剧烈调整，当天大跌53.73%。9月18日，药捷安康－B再跌12.43%。 比如，港股市场近期调整了恒生系列多个指数成份股，新纳入多只港股，使得港股通标的同步出现调整。 佰泽医疗在被纳入港股通标的后，波动幅度也明显加大，其中9月12日盘中一度大涨逾27%，全天振幅达26.52%，15日振幅进一步提升至67.79 ...

Core Viewpoint - The stock of the innovative drug company, Yaojie Ankang (02617.HK), experienced extreme volatility on September 16, with a peak increase of over 63% before closing down 53.73% in a single day, raising concerns about its valuation and market behavior [1][3][10]. Group 1: Stock Performance - Yaojie Ankang's stock opened at 477.2 HKD, peaked at 679.5 HKD, and closed at 192 HKD, with a total intraday fluctuation exceeding 116% [1][3]. - The company’s stock had previously surged dramatically since its IPO on June 23, 2023, where it was listed at 13.15 HKD, leading to a market capitalization of approximately 2700 billion HKD at its peak [5][6]. - The stock's valuation increased by about 52 times since its listing, significantly outpacing other biotech companies during the same period [5]. Group 2: Financial Status - Yaojie Ankang has not yet commercialized any products and reported losses of approximately 343 million RMB and 275 million RMB for 2023 and 2024, respectively, with zero revenue in the first half of the year [5][7]. - The company has been in a "burning cash" state due to high R&D and management costs, which is typical for innovative drug companies [7]. Group 3: Market Dynamics - The company was included in the Hang Seng Index series, effective September 8, 2025, which may have contributed to increased trading volume and stock price volatility [7][9]. - Following the announcement of a clinical trial approval for its core product, the stock saw explosive growth, with increases of 77.09% and 115.58% on September 12 and 15, respectively [9]. Group 4: Market Concerns - Analysts have raised concerns about the stock's valuation being disconnected from the company's fundamentals, indicating a potential market bubble driven by speculative trading [10][11]. - The stock's behavior is characterized by typical "small-cap" traits, where limited trading volume can lead to significant price swings, often attracting speculative investors [10][11].