Accelerating the global leading value construction of ADC, DUALITYBIO-B (09606) promotes "H + A" dual capital platform layout to release long investment signals.

On the evening of April 13, the leading ADC company DUALITYBIO-B (09606) announced that the board of directors had approved the plan to issue RMB shares and list on the science and technology innovation board. The company plans to issue no more than 15.77 million RMB shares, accounting for 15% of the total share capital after issuance, with the funds raised mainly used for new drug research and development and supplementary operating capital. According to the announcement, the company has received the official letter from the Hong Kong Stock Exchange, and the extraordinary general meeting is scheduled for April 29 this year, indicating that the company's "return to A" process is steadily progressing. As an emerging biopharmaceutical blue ocean following the Hong Kong Stock Exchange, since the opening of the science and technology innovation board, with significant industry aggregation effects, higher quality companies, and more favorable valuation levels, more and more biopharmaceutical companies have been attracted to go public, providing solid policy support and broad development space for the return of A-share leading companies. For YingEn Biotech, after successfully listing on the Hong Kong Stock Exchange in June 2025, the plan to apply for listing on the science and technology innovation board means that the company is actively anchoring the "H+A" dual capital platform layout to further broaden its corporate financing channels, support the clinical advancement of its pipeline, and build its technological platform. In recent years, the three main drivers of technology-driven, explosive demand, and policy support have driven ADC drugs to be highly sought after in the market. As a leading company leading global ADC innovation and the forefront of IO2.0+ADC, YingEn Biotech's capital moves will undoubtedly attract double attention from the industry and market. The "H+A" dual layout deepens the company's value In recent years, while many A-share companies have "gone south" to Hong Kong, more and more companies have chosen the path of "Hong Kong stock as the base, A-share as the sprint." According to statistics, there have been about 10 Hong Kong-listed companies that have recently submitted A-share IPO applications or initiated listing guidance, covering multiple hard technology fields such as biopharmaceuticals and high-end manufacturing. For companies, accelerating the dual capital platform layout of "H+A" has obvious advantages: the advantages of the Hong Kong stock market lie in its ability to help companies fully connect with international capital, support companies in going global and global mergers and acquisitions; while the advantages of the A-share market lie in its liquidity and valuation attractiveness, especially in hard technology, biopharmaceuticals, and other premium racetracks. It is understood that A-shares are driven by both institutions and retail investors, and overall trading activity and liquidity premiums are significantly higher than in Hong Kong stocks. Wind data shows that in local tracks such as technology, medicine, and new energy, A-shares usually have valuations 30%-60% higher than Hong Kong stocks. In the biopharmaceutical track, the A-share valuation premium of biotechnology companies listed in both "A+H" markets exceeds 60%. For example, Biocytogen Pharmaceuticals, which landed on the science and technology innovation board in December last year, has seen its A-share price more than double from its issue price, with a premium of nearly 90% compared to its Hong Kong stock price; another "A+H" dual-listed biotechnology company, CanSino Biologics Inc., has an A-share price that is more than 135% higher than its Hong Kong stock price. This premium differential reflects the market's expectations for the high growth potential of Chinese innovative pharmaceutical companies. The "scarcity" clearly plays a key role in market pricing -- companies with high growth potential, strong core innovation, and global competitiveness are more likely to be recognized by A-share investors. This is also the important reason why YingEn Biotech is worth looking forward to. From this round of YingEn Biotech's science and technology innovation board IPO fundraising arra...