Duality Biotherapeutics' (HKG:9606) board has approved a proposal to issue yuan-denominated shares and seek a listing on the Science and Technology Innovation Board of the Shanghai Stock Exchange, according to an Oct. 17 Hong Kong bourse filing.

Shares of the biopharmaceutical firm gained nearly 5% in morning trade Monday.

The proposed A-share issue remains subject to market conditions, board and shareholder approval, and clearance from Chinese regulators, the company said.

No application has yet been made to the authorities, and details such as the timing and size of the offering have not been finalized, it added.