DUALITYBIO-B's stock price surged 5.02% during intraday trading on Wednesday, following the company's announcement of plans to pursue a secondary listing on China's STAR Market. The biopharmaceutical company revealed its board has approved a plan to issue RMB-denominated shares, aiming to raise funds primarily for new drug research and development.

The move represents DualityBio's strategy to establish a dual "H+A" capital platform, with the Hong Kong market providing international capital access and the A-share market offering potentially higher valuations and liquidity. According to market analysis, A-share valuations for biopharmaceutical companies typically command a 30%-60% premium over their H-share counterparts, which could lead to a valuation re-rating for DualityBio.

The company plans to use approximately 85% of the raised funds for new drug R&D, focusing on global development of core products DB-1311 and DB-1310, while the remaining 15% will supplement working capital. This strategic capital move comes as DualityBio advances its position as a global leader in ADC (antibody-drug conjugate) innovation, with multiple pipeline assets approaching key clinical and commercialization milestones.