文 | 财能圈 今年以来，A股最受追捧的公司非寒武纪莫属，得益于英伟达被ban，以28亿营收撑起6000多亿市值，股价一度超越茅台，登 顶"股王" 而港股有一家创新药公司，比寒武纪还离谱。寒武纪好歹主营业务有20多亿收入，而药捷安康主营业务收入为0元，市值却一度 逼近2700亿。 受传统思想观念影响，当前社会仍处在一个"谈癌色变"的时代。事实上，癌症治疗技术一直在进步，从手术、放疗到化疗，再到 靶向治疗和免疫治疗。 小分子靶向疗法是近些年癌症治疗的一种重要方式。以销售额测算，小分子药物在2022年全球十大肿瘤药物中占五个席位。2018 年至2023年，美国食品药品监督管理局（FDA）及国家药品监督管理局批准的肿瘤药物中，有1/3为小分子靶向药物。 药捷安康正是一家"主攻癌症"的创新药公司，成立于2014年。按照官方口径，该公司专注于发现及开发肿瘤、炎症及心脏代谢疾 病小分子创新疗法。 公司创始人为吴永谦，1985年毕业于南京大学化学系，1993年取得美国韦恩州立大学哲学博士学位，之后两年在美国布兰迪斯大 学任博士后研究员。 吴永谦在生物医药行业资历颇深，1996年至2005年受雇于美国吉尔福德制药，又在德国药 ...

Core Viewpoint - The extreme volatility of the stock price of Yaojie Ankang is attributed to its recent inclusion in the Hong Kong Stock Connect and the announcement of a significant clinical trial progress for its core product, Tinengotinib, leading to substantial market reactions [4][5][6]. Group 1: Stock Performance - On September 12, Yaojie Ankang's stock surged by 77.09%, followed by a 115.58% increase on September 15, before plummeting by 53.73% on September 16 [1]. - The maximum drawdown from the peak price of 679.5 HKD reached 78% [3]. Group 2: Market Reactions and ETF Impact - The stock's extreme fluctuations negatively impacted the net asset values of related ETFs [3]. - Following the volatility, ETF managers took decisive actions to significantly reduce Yaojie Ankang's weight in their portfolios, which was initially 2.6% [7][8]. Group 3: Regulatory and Structural Issues - The incident highlighted issues in index compilation rules, particularly the insufficient prudence in including new stocks and inadequate assessment of liquidity risks [5]. - There was a lack of timely and transparent information disclosure regarding adjustments to index constituents [6]. Group 4: Company Overview - Yaojie Ankang reported zero revenue in its mid-2025 financials, with high R&D expenditures and reliance on financing, typical characteristics of a biotech company [9]. - The company's primary product, Tinengotinib, targets multiple resistant solid tumors, with the fastest progress in cholangiocarcinoma, which has a limited market size of 2 billion USD globally in 2024 [11]. Group 5: Future Considerations - The current valuation of Yaojie Ankang appears to have discounted all optimistic assumptions, with potential risks from clinical failures, financing challenges, or increased competition [11]. - The event is expected to prompt a reevaluation of index compilation rules, including conditions for new stock inclusion, liquidity considerations, and transparency in information disclosure [11].

Core Viewpoint - The stock of Yaoke Ankang experienced a dramatic rise and fall within a short period, reflecting the volatile nature of the market and investor sentiment towards innovative drug companies in Hong Kong [3][4]. Company Overview - Yaoke Ankang, a company focused on the drug Tinengotinib, saw its stock price surge by 10 times after its IPO three months ago, reaching a market capitalization close to 270 billion HKD [3][6]. - The company was included in the national index for innovative drugs, which attracted significant passive investment, leading to a rapid increase in stock price [3][8]. Market Dynamics - The stock price increased by 447% from September 8 to September 15, 2023, driven by positive clinical trial news and inclusion in major indices, but then plummeted by 53.73% on September 16 [3][8]. - The limited free float of shares (approximately 549,000 shares, or 1.38% of total shares) contributed to the stock's volatility, as it made the price more susceptible to market sentiment [3][6]. Investor Behavior - Investors in the secondary market tend to focus on short-term gains, often leading to speculative trading behaviors such as "chasing highs" and "panic selling" [3][7]. - The influx of mainland capital through the Hong Kong Stock Connect has intensified speculative trading in the innovative drug sector, which may undermine long-term investment confidence [9]. Future Outlook - The market's current enthusiasm for innovative drugs presents a unique opportunity for companies to secure funding for research and development, but it also raises concerns about the sustainability of such valuations [9][11]. - Yaoke Ankang's reliance on a single core asset and the timing of its IPO may hinder its ability to maintain a stable market valuation without significant clinical milestones [11][13].

Group 1 - The stock price of the biopharmaceutical company,药捷安康-B (2617.HK), surged by 53% to reach 295 HKD, setting a new record since its IPO, with a market capitalization exceeding 110 billion HKD [1] - Since its listing on June 23, the stock price has increased over 21 times from the IPO price of 13.15 HKD within less than three months [1] Group 2 -药捷安康 is a clinical-stage biopharmaceutical company focused on discovering and developing innovative small molecule therapies for oncology, inflammation, and cardiovascular metabolic diseases [3] - The company's core product, Tinengotinib, is a unique MTK inhibitor in the registration clinical stage, targeting the treatment of several recurrent or refractory solid tumors [3] - On September 10, 2025, the company received clinical implied approval from the National Medical Products Administration of China for its Phase II clinical trial of Tinengotinib combined with Fulvestrant for treating hormone receptor-positive (HR+) and HER2-negative or low-expressing recurrent or metastatic breast cancer [3]