XUANZHUBIO-B's stock surged 12.58% during afternoon trading on Tuesday, marking a significant upward movement for the biopharmaceutical company.

The sharp rise follows the company's announcement that it has received formal approval from the China Securities Regulatory Commission for the conversion of 357 million non-tradable shares into H-shares. This H-share reform is expected to substantially expand the company's tradable share base and lead to a fundamental improvement in liquidity.

Additionally, the company recently entered into a licensing and supply agreement with Boston Oncology for two of its self-developed oncology drugs, piroplinib (Xuan Yue Ning®) and diroac (Xuan Fei Ning®). Under the agreement, XUANZHUBIO-B granted exclusive commercialization rights in 21 countries and regions across the Middle East and North Africa and is expected to receive an upfront payment plus cumulative milestone payments exceeding $100 million, along with royalties based on sales.