Days after Hong Kong tumbles, ADC play Duality braves IPO

Shanghai ADC play Duality braved one of Hong Kong’s worst downturns of the past 20 years to stick its landing on the Stock Exchange of Hong Kong, offering a ray of hope to China biotechs that have been suffering through a multiyear financing drought.

Nearly eight months after filing to go public, five-year-old Duality Biotherapeutics Inc. (HKEX:9606) raised HK$1.6 billion (US$211.4 million) on Tuesday for a postmoney valuation of HK$8.1 billion, more than US$1 billion. Duality shares, which priced at HK$94.60, more than doubled to HK$205 in their trading debut, with the biotech finishing the day with a market cap of HK$17.5 billion...