HK Stock Market Move | DUALITYBIO-B (09606) rises over 4%; founder plans to increase holdings by no more than US$5 million; institutions see Elfe-D as a potential blockbuster product.

DUALITYBIO-B (09606) rose over 5% intraday, up 4.32% as of press time at HK$111.1, with turnover of HK$144 million. On the news front, on the evening of October 28, DualityBio announced that it had repurchased a total of 794,200 shares as of the announcement date for a total consideration of approximately HK$125 million. All repurchased shares are held as treasury shares. Based on continued confidence in the group's future development prospects and recognition of the company's long-term investment value, in addition to the initial increase, founder, chairman, executive director and chief executive officer Zhu Zhongyuan intends to further increase his shareholding by purchasing shares in the open market with his own funds, with an additional total amount of no more than US$5 million. The total amount of the initial increase and the further increase is expected to be no more than US$10 million. CMBI recently issued a research report stating that the company's valuation is still primarily driven by the B7-H3 ADC asset Elfe-D. The bank noted that Elfe-D is expected to become a blockbuster product, supported by emerging efficacy, differentiated safety, and a potential first-mover advantage in ADC + IO 2.0 combinations; the latest ESMO update together with last month's WCLC data further reinforce this investment thesis, showing encouraging early efficacy in lung cancer and non-lung cancer solid tumors (including SCLC, PROC, HCC and CC), with manageable tolerability.