By Fineline Cube 
China-based Duality Biotherapeutics, Inc. (HKG: 9606) successfully debuted in Hong Kong after completing an initial public offering (IPO) of 15,071,600 shares on the Hong Kong Stock Exchange (HKSE). The shares were priced at HKD 103.2 (USD 13.2) each, raising a total of HKD 1.555 billion (USD 200 million). This milestone marks a significant step in the company’s growth and development.
Company Overview
Duality Biotherapeutics, a specialist in antibody-drug conjugates (ADCs), has established a robust pipeline of 12 innovative and differentiated ADC molecules since its founding in 2019. The company is advancing an autoimmune ADC candidate expected to enter clinical trials between 2024 and 2026. Duality Bio’s technological prowess is underpinned by four proprietary ADC platforms: DITAC, DIBAC, DIMAC, and DUPAC.
IPO Journey
Duality Bio’s IPO journey began with its first filing to the HKSE in August 2023. Despite a setback when the prospectus was deemed invalid on February 26, 2024, the company received endorsement from the China Securities Regulatory Commission (CSRC) for overseas listing in January 2024, fulfilling the necessary preconditions for a listing committee hearing with the HKSE.-Fineline Info & Tech