On the evening of April 13, leading ADC company DualityBio-B (09606) announced that its board of directors has approved a plan to issue RMB-denominated shares and list on the STAR Market. The company intends to issue no more than 15.7792 million RMB shares, representing 15% of the total share capital post-issuance. The raised funds will be primarily used for new drug research and development and to supplement working capital. According to the announcement, the company has already received the formal circular from the Hong Kong Stock Exchange, and an extraordinary general meeting of shareholders is scheduled for April 29 this year, indicating steady progress in the company's return to the A-share market.
Since its launch, the STAR Market, as an emerging blue ocean for biopharmaceuticals following the Hong Kong exchange, has attracted an increasing number of biopharmaceutical companies to list, thanks to its significant industrial clustering effect, superior company quality, and more favorable valuation levels. This provides solid policy support and broad development space for leading Hong Kong-listed companies seeking a secondary listing. For DualityBio, which successfully listed in Hong Kong in June 2025, this planned application for a STAR Market listing signifies the company is actively pursuing a dual "H+A" capital platform strategy to further broaden its financing channels and support the clinical advancement of its pipeline and technology platform construction.
In recent years, technology drivers, surging demand, and policy support have propelled ADC drugs into the market spotlight. As a leader guiding global ADC innovation and the forefront of IO2.0+ADC progress, DualityBio's capital moves are undoubtedly drawing attention from both the industry and the market.
The advantages of accelerating a dual "H+A" financing platform are evident. The Hong Kong market helps companies fully connect with international capital and supports overseas expansion and global M&A, while the A-share market offers more attractive liquidity and valuations, with significant premiums for sectors like hard technology and biopharmaceuticals. Data shows that in sectors like technology, pharmaceuticals, and new energy, A-share valuations are typically 30%-60% higher than their H-share counterparts. For biotech firms with dual listings, the median A-share premium over H-shares exceeds 60%. This premium reflects the A-share market's expectations for the high growth potential of innovative Chinese pharmaceutical companies, with "scarcity" being a key pricing factor.
From DualityBio's STAR Market IPO fundraising plan, the company aims to raise up to 6.75 billion RMB, corresponding to no more than 15% of the post-issuance share capital. If this proceeds steadily, coupled with core ADC pipelines entering key clinical and commercialization stages, DualityBio is poised for a valuation re-rating. Regarding fund usage, 85% is allocated to new drug R&D and 15% to working capital. Within R&D, 80% will fund global research and development for two core products, DB-1311 (a B7H3 ADC) and DB-1310 (a HER3 ADC), primarily for global Phase III or registrational trials in cancers like prostate, lung, and breast cancer. The remaining 20% will support other pipeline drugs and technology platforms like DIBAC and DUPAC. This demonstrates a clear R&D focus and high capital efficiency.
Take DB-1311, one of DualityBio's three core ADC assets, as an example. It has shown outstanding performance in metastatic castration-resistant prostate cancer (mCRPC), with updated data indicating a median overall survival (OS) of 22.5 months and a median radiological progression-free survival (rPFS) of 11.3 months, with manageable safety. Based on this strong data, a global Phase III trial for this indication commenced as scheduled in March this year. DualityBio holds co-development and co-commercialization option rights for DB-1311 in the U.S. market. With significantly enhanced financial strength post-IPO, whether the company will exercise these rights at an opportune time to further unlock the global value of this blockbuster candidate is highly anticipated.
Concurrently with announcing increased funding for innovation, the company also disclosed a three-year post-listing share price stabilization plan in the circular. For investors, this move helps enhance market participation rates and cash returns for shareholders, reflecting DualityBio's commitment to protecting minority shareholder interests, its responsible attitude towards investors, and confidence in its long-term investment value. As a quality enterprise already validated by the Hong Kong market, DualityBio's standardized governance is well-positioned to withstand long-term scrutiny from regulators and investors in both markets.
Meanwhile, the market has noted the financial data disclosed from the company's first year listed in Hong Kong. According to the results announcement, DualityBio reported 2025 annual revenue of 1.852 billion RMB but a book loss of 2.595 billion RMB. Why this divergence during high business growth? It is important to clarify that this loss figure was primarily influenced by non-operational factors like changes in the fair value of preferred shares (approximately 2.2 billion RMB). Excluding these impacts, DualityBio's adjusted loss for 2025 was 389 million RMB, and the company has maintained positive operating cash flow for three consecutive years, which better reflects its actual operational status. Fundamentally, the adjusted loss is contained within a small range, and with a solid pipeline reserve, the upcoming approval and commercial launch of core products like DB-1303 are expected to drive an inflection point in operational performance.
For investors, DualityBio's differentiated innovative R&D layout in the IO2.0+ADC field, supported by strong cash flow, positions it for valuation growth, offering a distinct investment choice and potential for better returns. In recent years, through a forward-looking, differentiated R&D strategy and a rich pipeline, DualityBio has established itself as a global leader in the IO2.0+ADC race, creating "first-in-class" and "best-in-class" competitive advantages. Its imminent STAR Market listing application undoubtedly adds a highly scarce investment target for A-share investors.
The core value of an ADC R&D company depends on its platform and drug value. Leveraging strong R&D capabilities and years of technical accumulation, DualityBio has built four core technology platforms—DITAC, DIBAC, DUPAC, among others—establishing a multi-modal, highly synergistic ADC innovation system covering traditional ADCs, bispecific ADCs, autoimmune disease ADCs, and novel payload ADCs.
Regarding core product commercialization, DB-1303, the company's first key product, has reached the primary PFS endpoint in a Phase III registrational trial for HER2-positive breast cancer in China. A Biologics License Application (BLA) has been submitted to the National Medical Products Administration (NMPA) and accepted, positioning it to potentially become the company's first commercialized product.
As a frontrunner in global ADC drug innovation, DualityBio's technological value has gained significant international recognition. In recent years, the company has accelerated pipeline commercialization through a "self-R&D + global collaboration" model, partnering with firms like BioNTech, BeiGene, GSK, and Avenzo, with total deal values exceeding $6 billion. The collaboration with BioNTech is a particular focus. Since the FDA approved the Padcev and Keytruda combination therapy in December 2023, "IO+ADC" has become a mainstream oncology treatment paradigm. However, in August last year, BioNTech and DualityBio首次 proposed an "IO2.0+ADC" combination strategy, upgrading from "single-target activation" to "dual-target协同调控," enhancing the synergistic effects with ADC. Through this deep collaboration, DualityBio is pioneering the "IO2.0+ADC" space, concretely体现 its scarcity value advantage. Currently, their combination therapy clinical progress is globally leading. The companies are co-developing three ADCs—DB-1303, DB-1311, and DB-1305—with global combination therapy trials advancing steadily. The DB-1305 and BNT327 combination is the world's first "IO2.0 + third-generation ADC"组合 to enter clinical trials.
This collaboration is just one example of its leadership. In 2025, the company maintained high R&D investment, with annual R&D expenses reaching 838 million RMB, supporting global multi-center clinical trials. By the end of 2025, DualityBio's differentiated pipeline included 10 key ADC assets in clinical stages, with cumulative global trial enrollment exceeding 3,200 patients. In 2025 alone, global enrollment surpassed 1,200 patients, with nearly 50%来自 overseas, signaling the maturation of its global clinical布局.
The market anticipates that as proof-of-concept data for multiple combination therapies are read out, 2026 could be a milestone year for DualityBio's leadership in the global IO2.0+ADC therapy landscape. Clearly, with the simultaneous advancement of global multi-center trials, overseas licensing, and international collaborations, DualityBio has built a multi-modal, synergistic ADC innovation system. Its robust endogenous growth momentum and genuine innovation strength align perfectly with the STAR Market's investment focus on leading biopharmaceutical companies.
In conclusion, recent A-share market trends show some correction in the pharmaceutical sector amid increased macroeconomic uncertainties. During periods of secondary market volatility, identifying targets with both scarcity and growth potential becomes key to achieving stable returns. This underpins the core value proposition of DualityBio, which is poised to become a valuation growth benchmark in the biopharmaceutical sectors of both the A and H-share markets.
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