# Lock-up Expiry

The Biotech Bubble Bursts: A $34 Billion Evaporation for a Former Market Darling

Yaojie Ankan, a major pharmaceutical firm, saw its market value crash by 260 billion HKD within a year, culminating in a 60% single-day drop. The collapse was driven by a massive share lock-up expiration and investor fatigue following three aggressive, discounted fund-raising rounds.