China's Duality Biotherapeutics surges up to 130pc in HK debut

Duality Biotherapeutics (9606) shares surged as much as 130 percent on its first trading in Hong Kong on Tuesday, with its first drug to be commercialized as early as next year.

Shares of the newly listed Chinese biotech company were lately traded at HK$214.40 apiece, 126.6 percent higher than the offer price of HK$94.60 apiece, marking a paper gain of HK$12,740 per board lot of 100 stocks.

It once hit HK$222.00 per share on Tuesday.

Founder and chief executive Zhu Zhongyuan said at the listing ceremony that company is committed to the research and development of innovative drugs for cancer and autoimmune diseases, and has successfully entered the global antibody-drug conjugates industry chain.

Duality expects to report its drugs to the United States and mainland China by the end of this year, with the first product to be commercialized next year at the earliest.  The company management believes that the ongoing tariff war will not have any impact on its development and partnerships.

STAFF REPORTER