一、The Event

On September 16, 2025, the Hong Kong stock market once again witnessed a “monster stock” episode. Innovative pharmaceutical company Yaojie Ankang-B (02617.HK), listed for just three months, surged more than 63% intraday to a record high of HK$679.5 per share, pushing its market capitalization close to HK$270 billion. However, sentiment shifted dramatically in the afternoon as the stock plunged rapidly, closing down 53.73% at HK$192 per share. Its market cap shrank to around HK$76.2 billion, evaporating over HK$100 billion in a single day.

(Image source: East Money App)

二、Analysis Behind the Wild Swings

1. Factors Driving the Surge

The stock’s rally was fueled by drug development progress and capital flows. Its core drug candidate, Tinengotinib (TT-00420), has entered registration clinical trials for cholangiocarcinoma and other indications, and on September 10 it received implicit approval to begin a Phase II clinical trial for breast cancer. This was seen as a short-term catalyst, though actual commercialization remains uncertain. In addition, the company was included in the Stock Connect program and relevant biotech indexes on September 8, prompting heavy buying by funds and ETFs. Given its small free float, these inflows amplified volatility.

2.Factors Behind the Selloff

The surge was not backed by fundamental performance. Public filings show the company is still in the clinical research stage, with no products yet commercialized. In the first half of this year, it recorded zero revenue and a net loss of about RMB 123 million.

三、Intraday Market Update (September 17)

On September 17, Yaojie Ankang shares continued to show extreme volatility. The stock dipped to as low as HK$172.1 in early trading before rebounding to as high as HK$260 intraday, a swing of over 50%. As of 2:09 p.m., the stock traded at HK$212.6, up 10.73% from the previous close, with more than 13.47 million shares changing hands and turnover approaching HK$3 billion.

（image source：uSMART HK app）

四、How to Buy Yaojie Ankang-B on uSMART

After logging into the uSMART HK app, tap the search icon in the top right corner, enter the stock code (02617.HK), and access the stock details page to view trading information and historical performance. Tap the “Trade” button at the bottom right, select your trade type, fill in the order conditions, and submit.