On the first trading day after the 2026 National Day holiday, Shanghai Allist Pharmaceuticals Co.,Ltd. (688578.SH) hit the daily limit down on a one-word board due to the global Phase III clinical failure of its core product furmonertinib, closing at 89.26 yuan per share as of press time, with market capitalization evaporating by over 10 billion yuan in a single day.
Among the company's top ten shareholders, the leading public fund in the pharmaceutical sector — Zhongou Healthcare Mixed A — ranks as the eighth-largest tradable shareholder, holding 7.649 million shares. The market value of its stake evaporated by more than 150 million yuan in a single day, making it one of the public funds with the heaviest exposure to this clinical black swan event.
Tracing the fund's holding trajectory reveals that it had been positioned in Allist for over a year, continuously trimming its position slightly while always maintaining a heavy allocation, ultimately failing to avoid the R&D risk of a single-product-dependent innovative drug company.
Public shareholder data shows that Zhongou Healthcare Mixed A first entered Allist's top ten tradable shareholders at the end of the second quarter of 2025, holding 9.153 million shares, accounting for 2.03% of total share capital, ranking as the tenth-largest tradable shareholder.
In other words, the main position-building period for Zhongou Healthcare Mixed A was concentrated in April to June 2025, when the domestic innovative drug sector was recovering, and the narrative of furmonertinib's commercialization exceeding expectations and smooth overseas clinical progress dominated market sentiment.
After completing its position building, Zhongou Healthcare Mixed A made small reductions each quarter. By the end of the third quarter of 2025, its holdings dropped to 8.595 million shares, a quarterly reduction of 557,500 shares, with its stake falling to 1.91%.
By the end of 2025, holdings further decreased to 8.393 million shares, a quarterly reduction of 202,100 shares, with the stake at 1.87%, still ranking tenth. By the end of the first quarter of 2026, holdings stood at 8.314 million shares, a quarterly reduction of 78,900 shares, with the stake at 1.85%, ranking as the eighth-largest tradable shareholder — the rise in ranking was passive, mainly due to reductions by shareholders ahead of it.
By the end of the second quarter of 2026, holdings were 7.649 million shares, a quarterly reduction of 665,000 shares, with the stake at 1.70%, maintaining its position as the eighth-largest tradable shareholder.
As of June 30, 2026, Zhongou Healthcare Mixed A had cumulatively reduced 1.504 million shares, a reduction ratio of approximately 16.4%, but still held 7.649 million shares. From the fund's disclosed position weight, Allist ranked as its 9th-largest heavy holding, accounting for approximately 3.37% of the fund's net asset value.
Based on public data, a rough estimate of Zhongou Healthcare Mixed A's holding cost and profit/loss can be made. In terms of position-building cost, the second quarter of 2025 was the main accumulation period, when Allist's stock price ranged approximately between 82 and 105 yuan. Combined with the 9.153 million shares held as of June 30, 2025, corresponding to a reference market value of 852 million yuan, the initial position-building cost for Zhongou Healthcare Mixed A was approximately 93 yuan per share, with total initial investment of about 851 million yuan.
Regarding reduction gains, during the four reduction quarters from the third quarter of 2025 to the second quarter of 2026, Allist's stock price centered around 95 to 110 yuan. Assuming an average reduction price of approximately 100 yuan per share, the cumulative reduction of 1.504 million shares recouped approximately 150 million yuan, with the reduced portion realizing a profit of about 10.5 million yuan.
Based on the limit-down price of 89.26 yuan per share on October 8, the latest market value of the remaining 7.649 million shares is approximately 683 million yuan, with a paper loss of about 28 million yuan on the position. Adding the profit from the reduced portion, as of the limit-down day, the fund's overall position in Allist remained in a state of slight paper loss, with a loss of approximately 17.5 million yuan, or about 2%.
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