New stock update | Yinon Biopharmaceuticals plans to launch Hong Kong IPO, CSRC requires supplementary explanation on matters such as equity structure and changes.

On September 27th, the China Securities Regulatory Commission announced the supplementary materials requirements for overseas issuance and listing (from September 20, 2024 to September 26, 2024), which mentioned the requirement for Duality Biotherapeutics to provide supplementary explanations on matters related to equity structure and equity changes. According to the Hong Kong Stock Exchange disclosure, on August 26th, Duality Biotherapeutics, Inc. submitted a listing application to the Hong Kong Stock Exchange Main Board, with Morgan Stanley, Jefferies, and CITIC Securities serving as joint sponsors. Specifically, the CSRC announcement stated that Duality Biotherapeutics should provide supplementary explanations on the following matters and have lawyers verify and provide clear legal opinions: 1. Regarding the equity structure and equity changes, please explain: (1) the reasons for shareholder Tasly International Capital Limited exiting and re-entering before submitting the listing application in June 2023; (2) the tax payment status of the equity transfer in June 2024; (3) the conclusive opinions on compliance with foreign exchange management, overseas investment, and foreign investment regulatory procedures related to the equity structure build; (4) whether it involves state-owned stock identification and other state asset management procedures. 2. Regarding employee stock ownership plans and equity incentives, (1) please provide compliance opinions on the existence of benefits transfer in the equity incentive plan; (2) please explain the changes in the shareholding proportion and equity structure of the largest shareholder after the full exercise of the equity incentive plan. 3. Regarding the issuer's listing plan, please list the changes in the equity structure before and after the issuance assuming the exercise of over-allotment options. According to the prospectus, Duality Biotherapeutics is a global leader in the field of Antibody-Drug Conjugates (ADCs), dedicated to developing a new generation of innovative ADC drugs for patients with cancer and autoimmune diseases. The company has established a diverse pipeline of innovative ADC candidates using their own ADC technology platform and is advancing these pipelines with the aim of revolutionizing cancer treatment and providing therapies that significantly improve global patient outcomes. As per Duality Biotherapeutics, since its establishment in 2019, the company has built a highly innovative and differentiated pipeline consisting of 12 independently developed ADC candidate drugs, including: six clinical-stage ADCs with potential in indications with unmet clinical needs, each of which ranks among the global leaders according to Frost & Sullivan in terms of overall or major indications development progress; two new generation bispecific ADCs (BsADCs) and one ADC for treating autoimmune diseases (AI-ADC) expected to enter the clinical stage from 2024 to 2026; and multiple other preclinical ADCs.