BRIEF: Duality Biotherapies surges in Hong Kong trading debut

Shares of biotech firm Duality Biotherapeutics Inc. (9606.HK) opened up 91% at HK$181 on Tuesday and continued to climb in their Hong Kong trading debut, closing up 127% at HK$214.80 by the midday break.

The company said it sold 17.33 million shares priced at HK$ 94.60 each, representing the bottom of their range, raising net proceeds of HK$ 1.51 billion ($195 million). The Hong Kong portion of the share sale was oversubscribed by 114 times, while the international tranche was 12.5 times oversubscribed.

Duality reported 2024 revenue of 1.94 billion yuan, up 8.7% year-over-year, while its net loss nearly tripled to 1.05 billion yuan.

The company plans to use 45% of proceeds from the listing for R&D and commercialization of its core products, DB1303 and DB-1311. It will use 30% for R&D of other key products, and 15% for continued development of its ADC technology platform.

By Lau Chi Hang

To subscribe to Bamboo Works weekly free newsletter, click here