--- page 1 ---
1
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “Stock Exchange ”)
and Hong Kong Securities Clearing Company Limited ( “HKSCC ”) take no responsibility for the contents of this
announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability
whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this
announcement.
Unless otherwise defined herein, capitalized terms used in this announcement shall have the same meanings as those
defined in the prospectus dated April 7, 2025 (the “Prospectus ”) issued by Duality Biotherapeutics, Inc. (ي )
the “Company ”).
This announcement is for information purposes only and does not constitute an offer or an invitation to induce an
offer by any person to acquire, purchase or subscribe for any securities of the Company. This announcement is not a
prospectus. Potential investors should read the Prospectus for detailed information about the Company and the Global
Offering described below before deciding whether or not to invest in the Offer Shares. Any investment decision in
relation to the Offer Shares should be taken solely in reliance on the information in the Prospectus.
This announcement is not for release, publication, distribution, directly or indirectly, in or into the United States
(including its territories and possessions, any state of the United States and the District of Columbia) or to any person
(as defined in Regulation S under the U.S. Securities Act of 1933, as amended from time to time, (the “U.S. Securities
Act”)) or any other jurisdiction where such distribution is prohibited by law. This announcement does not constitute
or form a part of any offer to sell or solicitation to purchase or subscribe for securities in the United States or in any
other jurisdictions.
The Offer Shares have not been and will not be registered under the U.S. Securities Act or any state securities laws
in the United States and may not be offered, sold, pledged or transferred within the United States or to, or for the
account or benefit of U.S. persons (as defined in Regulation S under the U.S. Securities Act), except in transactions
exempt from, or not subject to, the registration requirements of the U.S. Securities Act. The Offer Shares are being
offered and sold (1) solely to QIBs in reliance on Rule 144A or another exemption from, or in a transaction not subject
to, registration under the U.S. Securities Act and (2) outside the United States in offshore transactions in reliance on
Regulation S under the U.S. Securities Act.
In connection with the Global Offering, Morgan Stanley Asia Limited, as the stabilizing manager (the “Stabilizing
Manager ”), or any person acting for it and on behalf of the Underwriters, may over-allocate or effect transactions with
a view to stabilizing or supporting the market price of the Shares at a level higher than that which might otherwise
prevail for a limited period after the Listing Date. However, there is no obligation on the Stabilization Manager (or any
person acting for it) to conduct any such stabilizing action. Such stabilizing action, if taken, (a) will be conducted at
the absolute discretion of the Stabilization Manager (or any person acting for it) and in what the Stabilization Manager
reasonably regards as the best interest of the Company, (b) may be discontinued at any time and (c) is required to be
brought to an end within 30 days of the last day for lodging applications under the Hong Kong Public Offering. Such
stabilization action, if commenced, may be effected in all jurisdictions where it is permissible to do so, in each case
in compliance with all applicable laws, rules and regulatory requirements, including the Securities and Futures (Price
Stabilizing) Rules (Chapter 571W of the Laws of Hong Kong), as amended, made under the Securities and Futures
Ordinance (Chapter 571 of the Laws of Hong Kong).
Potential investors should be aware that stabilizing action cannot be taken to support the price of the Shares for longer
than the stabilization period which begins on the Listing Date, and is expected to expire on May 10, 2025, the 30th
day after the last day for the lodging of applications under the Hong Kong Public Offering. After this date, no further
stabilizing action may be taken, demand for the Shares, and therefore the price of the Shares, could fall.
Potential investors of the Offer Shares should note that the Joint Sponsors and the Joint Representatives (for
themselves and on behalf of the Hong Kong Underwriters) shall be entitled to terminate the Hong Kong Underwriting
Agreement with immediate effect upon the occurrence of any of the events set out in the section headed “Underwriting
– Underwriting Arrangements and Expenses – Hong Kong Public Offering – Grounds for Termination ” in the
Prospectus at any time prior to 8:00 a.m. on the Listing Date.


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2
Duality Biotherapeutics, Inc.
ي
Incorporated under the laws of the Cayman Islands with limited liability)
GLOBAL OFFERING
Number of Offer Shares under the
Global Offering
: 17,332,300 Shares (taking into account the
 full exercise of the Offer Size
 Adjustment Option and subject to the
 Over-allotment Option)
Number of Hong Kong
Offer Shares
: 7,535,800 Shares (as adjusted after
 reallocation)
Number of International
Offer Shares
: 9,796,500 Shares (taking into account
 the full exercise of the Offer Size
 Adjustment Option, as adjusted after
 reallocation and subject to the
 Over-allotment Option)
Final Offer Price : HK$94.60 per Offer Share, plus
 brokerage of 1.0%, SFC transaction
 levy of 0.0027%, Stock Exchange
 trading fee of 0.00565%, and AFRC
 transaction levy of 0.00015%
Nominal Value : US$0.0001 per Share
Stock Code : 9606
Joint Sponsors
Morgan Stanley Jefferies CITIC Securities
(no particular order)
Overall Coordinators, Joint Global Coordinators, Joint Bookrunners and
Joint Lead Managers
Morgan Stanley Jefferies CLSA Limited CICC CMBI
(no particular order)
Joint Bookrunners and Joint Lead Managers
ICBCI BOCI GFSHK ABCI


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3


DUALITY BIOTHERAPEUTICS, INC. / 映恩生物
ANNOUNCEMENT OF FINAL OFFER PRICE AND
ALLOTMENT RESULTS
Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings
as those defined in the prospectus dated April 7, 2025 (the “Prospectus”) issued by Duality Biotherapeutics,
Inc. (the “Company”).

Warning: In view of high concentration of shareholding in a small number of Shareholders, Shareholders and
prospective investors should be aware that the price of the  Shares could move substantially even with a small
number of Shares traded and should exercise extreme caution when dealing in the Shares.
SUMMARY

Company information
Stock code  9606
Stock short name  DUALITYBIO-B
Dealings commencement date  April 15, 2025*
*see note at the end of the announcement

Price Information
Final Offer Price  HK$94.60
Offer Price Range HK$94.60 – HK$103.20
Offer Price Adjustment exercised  No

Offer Shares and Share Capital*
Number of Offer Shares (taking into account the full exercise
of the Offer Size Adjustment Option)
17,332,300
Number of Offer Shares in Hong Kong Public Offering (as
adjusted after reallocation)
7,535,800
Number of Offer Shares in International Offer ing (taking
into account the full exercise of the Offer Size Adjustment
Option and as adjusted after reallocation)
9,796,500
Number of issued Shares upon Listing (before any exercise
of the Over-allotment Option)
85,436,464
The number of Offer Shares above is determined after taking into account the additional Offer Shares
issued under the following Offer Size Adjustment Option.

Offer Size Adjustment Option (Upsize Option)
Number of additional Shares issued under the option 2,260,700
- Hong Kong Public Offering N/A
- International Offering  2,260,700
The Offer Size Adjustment Option has been fully exercised by the Joint Representatives, pursuant to
which the Company is issuing and allotting 2,260,700 additional Offer Shares, representing
approximately 15% of the total number of Offer Shares initially available under the Global Offering, at
the final Offer Price.

Over-allocation
No. of Offer Shares over-allocated (taking into account the
full exercise of the Offer Size Adjustment Option)
2,599,800


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4


- International Offering  2,599,800
Such over-allocation may be covered by exercising the Over-allotment Option or by making purchases
in the secondary market at prices that do not exceed the Offer Price or through deferred delivery or a
combination of these means. In the event the Over-allotment Option is exercised, an announcement will
be made on the Stock Exchange’s website.

Proceeds
Gross proceeds (Note)  HK$1,639.64 million
Less: Estimated listing expenses payable based on Final
Offer Price
HK$(127.02) million
Net proceeds  HK$1,512.62 million

Note: Gross proceeds refers to the amount to which the Company is entitled to receive, taking into
account the full exercise of the Offer Size Adjustment Option, and without taking into account the Over-
allotment Option. For details of the use of proceeds, please refer to the section headed “Future Plans and
Use of Proceeds” of the Prospectus. In the event that the Over-allotment Option is exercised, the
Company will adjust the allocation of the net proceeds on a pro rata basis. During the Track Record
Period, the listing expenses of RMB24.1 million has been charged to the consolidated statements of profit
or loss of the Company.

ALLOTMENT RESULTS DETAILS
HONG KONG PUBLIC OFFERING

No. of valid applications  26,857
No. of successful applications  24,801
Subscription level  115.14 times
Claw-back triggered  Yes
No. of Offer Shares initially available under the Hong Kong Public
Offering
1,507,200
No. of Offer Shares reallocated from the International Offering
(clawback)
6,028,600
Final no. of Offer Shares under the Hong Kong Public Offering (as
adjusted after reallocation)
7,535,800
% of Offer Shares under the Hong Kong Public Offering to the
Global Offering
Approximately 43.48%

Note: For details of the final allocation of Shares to the Hong Kong Public Offering, investors can refer to
www.eipo.com.hk/eIPOAllotment to perform a search by identification number or
www.eipo.com.hk/eIPOAllotment for the full list of allottees.
INTERNATIONAL OFFERING

No. of placees  125
Subscription Level  13.52 times
No. of Offer Shares initially available under the International
Offering
13,564,400


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5


No. of Offer Shares reallocated to the Hong Kong Public Offering
(clawback)
6,028,600
Final no. of Offer Shares under the International Offering (taking
into account the full exercise of the Offer Size Adjustment Option,
as adjusted after reallocation and subject to the Over-allotment
Option)
9,796,500
% of Offer Shares under the International Offering to the Global
Offering
Approximately 56.52%

The Directors confirm that, to the best of their knowledge, information and belief, save for (a) a waiver from
strict compliance with Rule 9.09(b) of the Listing Rules and/or consents under paragraph 5(2) of Appendix F1
to the Listing Rules (the “ Placing Guidelines”) granted by the Stock Exchange to permit the Company to
allocate certain Offer Shares in the International Offering to close associates of existing Shareholders of the
Company, and (b) consents under paragraph 5(1) of the Placing Guidelines and Chapter 4.15 of the Guide for
New Listing Applicants in relation to allocations to connected clients granted by the Stock Exchange, (i) none
of the Offer Shares subscribed by the plac ees and the public have been financed directly or indirectly by  the
Company, any of the Directors, chief executive of the Company, substantial Shareholders, existing
Shareholders of the Company or any of its subsidiaries or their respective close associates; and (ii) none of
the placees and the public who have purchased the Offer Shares are accustomed to taking instructions from
the Company,  any of the Directors, chief executive of the Company, substantial Shareholders, existing
Shareholders of the Company or any of its subsidiaries  or their respective close associates in relation to the
acquisition, disposal, voting or other disposition of Shares registered in his/her/its name or otherwise held by
him/her/it.
The placees in the International Offering include the following:
Cornerstone Investors

Investor Note 1
No. of
Offer
Shares
allocated
% of Total Number
of Offer Shares Note 2
% of the
Company’s total
issued shares
immediately
following
completion of
the Global
Offering Note 2
Existing
shareholders or
their close
associates
BioNTech SE 410,900 2.37% 0.48% No
LAV Star Opportunities
Limited (“LAV Star”)
410,900 2.37% 0.48% Yes
Lake Bleu Prime
Healthcare Master Fund
Limited
263,000 1.52% 0.31% No
Lake Bleu Innovation
Healthcare Master Fund
Limited
147,900 0.85% 0.17% No


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6



Investor Note 1
No. of
Offer
Shares
allocated
% of Total Number
of Offer Shares Note 2
% of the
Company’s total
issued shares
immediately
following
completion of
the Global
Offering Note 2
Existing
shareholders or
their close
associates
TruMed Healthcare
Master Fund, ABS
Direct Equity Fund
LLC Asia Series 11 and
TruMed Health
Innovation Fund LP
(together “TruMed”)
821,900 4.74% 0.96% No
Fullgoal Fund
Management Co., Ltd.
392,800 2.27% 0.46% No
Fullgoal Asset
Management (HK)
Limited
429,100 2.48% 0.50% No
E Fund Management
Co., Ltd. (易方達基金
管理有限公司) (“E
Fund Management”)
604,900 3.49% 0.71% No
E Fund Management
(Hong Kong) Co., Ltd.
(易方達資產管理香港
有限公司) (“E Fund
HK”)
52,600 0.30% 0.06% No
China Universal Asset
Management Co., Ltd.
493,100 2.84% 0.58% No
Panjing Harbourview
Investment Fund
410,900 2.37% 0.48% No
MY Asian
Opportunities Master
Fund, L.P.
410,900 2.37% 0.48% No
Emerging Markets
Healthcare Partners
LLC
205,400 1.19% 0.24% No
Worldwide Healthcare
Partners LLC
123,200 0.71% 0.14% No


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7



Investor Note 1
No. of
Offer
Shares
allocated
% of Total Number
of Offer Shares Note 2
% of the
Company’s total
issued shares
immediately
following
completion of
the Global
Offering Note 2
Existing
shareholders or
their close
associates
Suzhou Suchuang
Biomedical Health
Venture Capital Fund
Partnership (Limited
Partnership) (蘇州蘇創
生物醫藥大健康創業
投資基金合夥企業(有
限合夥)) (“Suzhou
Suchuang”)
164,300 0.95% 0.19% Yes
Total 5,341,800 30.82% 6.25%
Notes:

1. For further details of the Cornerstone Investors, please refer to the section headed “Cornerstone
Investors” in the Prospectus.

2. Taking into account the full exercise of the Offer Size Adjustment Option and before any exercise
of the Over-allotment Option.


Allotees with Waivers/Consents Obtained

Investor
No. of
Offer
Shares
allocated
% of Total
Number of Offer
Shares Note 1
% of the Company’s
total issued shares
immediately
following
completion of the
Global Offering Note
1  Relationship
Allotees with waiver from strict compliance with Rule 9.09 of the Listing Rules and/or consents
under paragraph 5(2) of the Placing Guidelines in relation to subscription for Shares by close
associates of existing Shareholders Note 2
LAV Star 410,900 2.37% 0.48% A close associate of
a core connected
person and a
Cornerstone Investor
Suzhou Suchuang 164,300 0.95% 0.19% A close associate of
an existing


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8



Investor
No. of
Offer
Shares
allocated
% of Total
Number of Offer
Shares Note 1
% of the Company’s
total issued shares
immediately
following
completion of the
Global Offering Note
1  Relationship
Shareholder and a
Cornerstone Investor
Yunion Investment
Holdings Limited
(“Yunion”)
78,000 0.45% 0.09% A close associate of
an existing
Shareholder and a
placee
Allotees with consent under paragraph 5(1) of the Placing Guidelines and Chapter 4.15 of the
Guide for New Listing Applicants in relation to allocations to connected clients Note 3
E Fund Mangement 604,900 3.49% 0.71% A connected client
and a Cornerstone
Investor
E Fund HK 52,600 0.30% 0.06% A connected client
and a Cornerstone
Investor
CITIC Securities
International Capital
Management
Limited (“CSI”)
154,000 0.89% 0.18% A connected client
and a placee
China Asset
Management (Hong
Kong) Limited
(“China AM HK”)
78,000 0.45% 0.09% A connected client
and a placee
Value Partners Hong
Kong Limited
(“VP HK”)
78,000 0.45% 0.09% A connected client
and a placee
Notes:

1. Taking into account the full exercise of the Offer Size Adjustment Option and before any exercise
of the Over-allotment Option.

2. For details of  the waiver from strict compliance with Rule 9.09(b) of the Listing Rules and /or
consents under paragraph 5(2) of the Placing Guidelines , please refer to the “Waivers from
Strict Compliance with the Listing Rules and Exemptions from the Companies (Winding Up and
Miscellaneous Provisions) Ordinance” section in the Prospectus and/or the section headed
“Others / Additional Information” in this announcement.


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9



Investor
No. of
Offer
Shares
allocated
% of Total
Number of Offer
Shares Note 1
% of the Company’s
total issued shares
immediately
following
completion of the
Global Offering Note
1  Relationship
3. For details of consents under paragraph 5( 1) of the Placing Guidelines , p lease refer to the
“Waivers from Strict Compliance with the Listing Rules  and Exemptions from the Companies
(Winding Up and Miscellaneous Provisions) Ordinance” section in the Prospectus and/or the
section headed “Others / Additional Information” in this announcement.

Allottees who are customer(s) or client(s) / supplier(s) of the Company

Investor Note 1
No. of
Offer
Shares
allocated
% of Total
Number of Offer
Shares Note 2
% of the Company’s
total issued shares
immediately
following
completion of the
Global Offering Note 2  Relationship
BioNTech SE 410,900 2.37% 0.48% Customer of the
Company and a
Cornerstone Investor
Notes:

1. For further details of BioNTech SE, please refer to the sections headed “Cornerstone Investors”
and “Business” in the Prospectus.

2. Taking into account the full exercise of the Offer Size Adjustment Option and before any exercise
of the Over-allotment Option.

LOCK-UP UNDERTAKINGS
Cornerstone Investors
 Name
Number of
Shares held in
the Company
subject to lock-
up undertakings
upon Listing
% of
shareholding in
the Company
subject to lock-up
undertakings
upon Listing
(assuming the
Over-allotment
Option is not
exercised) Note 1
Last day subject to the lock-
up undertakings Note 2
BioNTech SE 410,900 0.48% October 14, 2025
LAV Star 410,900 0.48% October 14, 2025
Lake Bleu Prime Healthcare
Master Fund Limited
263,000 0.31% October 14, 2025


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10


 Name
Number of
Shares held in
the Company
subject to lock-
up undertakings
upon Listing
% of
shareholding in
the Company
subject to lock-up
undertakings
upon Listing
(assuming the
Over-allotment
Option is not
exercised) Note 1
Last day subject to the lock-
up undertakings Note 2
Lake Bleu Innovation Healthcare
Master Fund Limited
147,900 0.17% October 14, 2025
TruMed 821,900 0.96% October 14, 2025
Fullgoal Fund Management Co.,
Ltd.
392,800 0.46% October 14, 2025
Fullgoal Asset Management (HK)
Limited
429,100 0.50% October 14, 2025
E Fund Management  604,900 0.71% October 14, 2025
E Fund HK 52,600 0.06% October 14, 2025
China Universal Asset
Management Co., Ltd.
493,100 0.58% October 14, 2025
Panjing Harbourview Investment
Fund
410,900 0.48% October 14, 2025
MY Asian Opportunities Master
Fund, L.P.
410,900 0.48% October 14, 2025
Emerging Markets Healthcare
Partners LLC
205,400 0.24% October 14, 2025
Worldwide Healthcare Partners
LLC
123,200 0.14% October 14, 2025
Suzhou Suchuang 164,300 0.19% October 14, 2025
Total 5,341,800 6.25%
Notes:

1. Taking into account the full exercise of the Offer Size Adjustment Option and before any exercise of the
Over-allotment Option.

2. Each of the Cornerstone Investors shall not dispose of any of the Offer Shares acquired in the Global
Offering during the period of six months from and including the Listing Date pursuant to the relevant


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11


 Name
Number of
Shares held in
the Company
subject to lock-
up undertakings
upon Listing
% of
shareholding in
the Company
subject to lock-up
undertakings
upon Listing
(assuming the
Over-allotment
Option is not
exercised) Note 1
Last day subject to the lock-
up undertakings Note 2
Cornerstone Investment Agreements. For details, please refer to the section headed “Cornerstone
Investors – Restrictions on the Cornerstone Investors” of the Prospectus.

Existing Shareholders
Name
Number of Shares held
in the Company subject
to lock-up undertakings
upon Listing
% of shareholding in
the Company subject
to lock-up
undertakings upon
Listing (assuming the
Over-allotment
Option is not
exercised) Note 1
Last day subject to the
lock-up undertakings
Note 2
DualityBio Ltd. 6,500,000 7.61% October 14, 2025
LAV Fund VI, L.P. Note 3 11,272,321 13.19% October 14, 2025
LAV Fund VI
Opportunities, L.P. Note 3
5,000,000 5.85% October 14, 2025
King Star Med LP 6,589,554 7.71% October 14, 2025
Shanghai Yingjia
Enterprise Management
Partnership (Limited
Partnership) (“Shanghai
Yingjia”) Note 3
6,387,649 7.48% October 14, 2025
WuXi Biologics
HealthCare Venture
4,169,643 4.88% October 14, 2025
Orchids Limited 3,757,440 4.40% October 14, 2025
Wuxi AstraZeneca CICC
No. 1 Venture Capital
Partnership (L.P.)
1,674,107 1.96% October 14, 2025
Hangzhou AstraZeneca
CICC Venture Capital
Partnership (L.P.)
1,674,107 1.96% October 14, 2025


--- page 12 ---
12


Name
Number of Shares held
in the Company subject
to lock-up undertakings
upon Listing
% of shareholding in
the Company subject
to lock-up
undertakings upon
Listing (assuming the
Over-allotment
Option is not
exercised) Note 1
Last day subject to the
lock-up undertakings
Note 2
GOLDEN SWORD
VENTURES LIMITED
3,333,333 3.90% October 14, 2025
SW BIOTECH I LPF 1,674,107 1.96% October 14, 2025
Xiamen Shenglianzhiyuan
Equity Investment Limited
Partnership
1,506,696 1.76% October 14, 2025
Suzhou Huagai Yizhen
Equity Investment
Partnership (Limited
Partnership)
1,715,774 2.01% October 14, 2025
Tianjin Huagai Zeyuan
Equity Investment
Partnership (Limited
Partnership)
833,333 0.98% October 14, 2025
Shenzhen Huagai Qianhai
Kekong Angel Venture
Capital Partnership
(Limited Partnership)
625,000 0.73% October 14, 2025
China Singapore Suzhou
Industrial Park Ventures
Note 3
2,507,440 2.93% October 14, 2025
Green Pine Growth Fund I
LP
1,878,721 2.20% October 14, 2025
Suzhou Taikuntong Start-
up Investments Partnership
(Limited Partnership)
1,506,696 1.76% October 14, 2025
APHN Limited 1,500,000 1.76% October 14, 2025
Hoi Pok (Hong Kong)
Trading Company
1,205,223 1.41% October 14, 2025
Hankang Biotech Fund III,
L.P.
803,482 0.94% October 14, 2025


--- page 13 ---
13


Name
Number of Shares held
in the Company subject
to lock-up undertakings
upon Listing
% of shareholding in
the Company subject
to lock-up
undertakings upon
Listing (assuming the
Over-allotment
Option is not
exercised) Note 1
Last day subject to the
lock-up undertakings
Note 2
Splendid Biotech Fund
L.P.
401,741 0.47% October 14, 2025
Tasly International Capital
Limited
1,004,464 1.18% October 14, 2025
Huagai Sunshine
Investment Fund LP
583,333 0.68% October 14, 2025
Total 68,104,164  79.71%
Notes:

1. Taking into account the full exercise of the Offer Size Adjustment Option and before any exercise of the
Over-allotment Option.

2. Each of the above existing Shareholders has entered into a deed of lock-up undertaking in favor of the
Company, the Joint Sponsors and the Overall Coordinators pursuant to which certain lock -up
restrictions have been imposed on its Shares during the period ending on the date that is 6 months from
the Listing Date. For details, please refer to the section headed “Underwriting – Lock-up Undertakings
of All Existing Shareholders” of the Prospectus.

3. The numbers of Shares held by LAV Fund VI, L.P., LAV Fund VI Opportunities, L.P., Shanghai Yingjia
and China Singapore Suzhou Industrial Park Ventures  do not take into account the Shares to be
subscribed by their respective close associates of it in the Global Offering. The Company has applied
to the Stock Exchange, and the Stock Exchange has granted a waiver from the strict compliance with
Rule 9.09(b) of the Listing Rules and /or consents under paragraph 5(2) of the Placing Guidelines to
permit the Company to allocate such Offer Shares in the International Offering to their respective close
associates. For details, please refer to the sections headed “Allotees with Waivers/Consents Obtained”
and “Others / Additional Information” in this announcement.


--- page 14 ---
14


PLACEE CONCENTRATION ANALYSIS
Placees*
Number of
Shares allotted

Allotment as % of
International Offering
(taking into account the
full exercise of the Offer
Size Adjustment Option
and assuming no exercise
of the Over-allotment
Option)
Allotment as % of
International Offering
(taking into account the
full exercise of the Offer
Size Adjustment Option
and assuming the Over-
allotment Option is
exercised in full)
Allotment as % of total
Offer Shares (taking into
account the full exercise of
the Offer Size Adjustment
Option and assuming no
exercise of the Over-
allotment Option)
Allotment as % of total
Offer Shares (taking
into account the full
exercise of the Offer Size
Adjustment Option and
assuming the Over-
allotment Option is
exercised in full)
Number of Shares held upon
Listing

% of total issued share
capital upon Listing (taking
into account the full exercise
of the Offer Size Adjustment
Option and assuming no
exercise of the Over-
allotment Option)
% of total issued share
capital upon Listing
(taking into account the
full exercise of the Offer
Size Adjustment Option
and assuming the Over-
allotment Option is
exercised in full)
Top 1 2,055,000 20.98% 16.58% 11.86% 10.31% 2,055,000 2.41% 2.33%
Top 5  5,288,400 53.98% 42.66% 30.51% 26.53% 5,288,400 6.19% 6.01%
Top 10

 7,443,400 75.98% 60.05% 42.95% 37.34% 23,715,721 27.76% 26.94%
Top 25

 10,641,400 108.62% 85.84% 61.40% 53.39% 35,808,810 41.91% 40.68%
Note: * Ranking of placees is based on the number of Shares allotted to the placees.
SHAREHOLDERS CONCENTRATION ANALYSIS
Shareholders*
Number of Shares allot
ted

Allotment as % of
International Offering
(taking into account
the full exercise of the
Offer Size Adjustment
Option and assuming
no exercise of the
Over-allotment
Option)
Allotment as % of
International Offering
(taking into account
the full exercise of the
Offer Size Adjustment
Option and assuming
the Over-allotment
Option is exercised in
full)
Allotment as % of total
Offer Shares (taking
into account the full
exercise of the Offer
Size Adjustment
Option and assuming
no exercise of the
Over- allotment
Option)
Allotment as % of
total Offer Shares
(taking into account
the full exercise of the
Offer Size Adjustment
Option and assuming
the Over-allotment
Option is exercised in
full)
Number of Shares
held upon Listing

% of total issued
share capital upon
Listing (taking into
account the full
exercise of the Offer
Size Adjustment
Option and assuming
no exercise of the
Over-allotment
Option)
% of total issued share
capital upon Listing
(taking into account
the full exercise of the
Offer Size Adjustment
Option and assuming
the Over-allotment
Option is exercised in
full)
Top 1 410,900 4.19% 3.31% 2.37% 2.06% 16,683,221 19.53% 18.95%
Top 5 488,900 4.99% 3.94% 2.82% 2.45% 40,408,067 47.30% 45.90%
Top 10 653,200 6.67% 5.27% 3.77% 3.28% 56,692,901 66.36% 64.40%
Top 25 6,434,700 65.68% 51.91% 37.13% 32.28% 74,538,864 87.24% 84.67%
Note: * Ranking of Shareholders is based on the number of Shares held by the Shareholders upon Listing.


--- page 15 ---
15


BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the Prospectus, a total of 26,857 valid
applications made by the public will be conditionally allocated on the basis set out below:

BASIS OF ALLOTMENT
    APPROXIMATE
    PERCENTAGE
ALLOTTED
NO. OF
SHARES
NO. OF
VALID
  OF THE TOTAL
NO. OF
APPLIED
FOR
APPLICA
TIONS
 BASIS OF ALLOTMENT / BALLOT SHARES
APPLIED FOR
   POOL A
100 4,613  3,691 out of 4,613 to receive 100 Shares 80.01%
200 1,573  1,290 out of 1,573 to receive 100 Shares 41.00%
300 899  755 out of 899 to receive 100 Shares 27.99%
400 2,339  1,965 out of 2,339 to receive 100 Shares 21.00%
500 980  833 out of 980 to receive 100 Shares 17.00%
600 488  439 out of 488 to receive 100 Shares 14.99%
700 450  410 out of 450 to receive 100 Shares 13.02%
800 444  412 out of 444 to receive 100 Shares 11.60%
900 1,190  1,125 out of 1,190 to receive 100 Shares 10.50%
1,000 2,287  100 Shares 10.00%
1,500 1,386  100 Shares plus 281 out of  1,386 to receive
additional 100 Shares 8.02%
2,000 1,402  100 Shares plus 561 out of  1,402 to receive
additional 100 Shares 7.00%
2,500 824  100 Shares plus 412 out of  824 to receive
additional 100 Shares 6.00%
3,000 847  100 Shares plus 551 out of  847 to receive
additional 100 Shares 5.50%
3,500 660  100 Shares plus 495 out of  660 to receive
additional 100 Shares 5.00%
4,000 690  100 Shares plus 552 out of  690 to receive
additional 100 Shares 4.50%
4,500 551  100 Shares plus 490 out of  551 to receive
additional 100 Shares 4.20%
5,000 876  200 Shares 4.00%
6,000 304  200 Shares plus 67 out of  304 to receive
additional 100 Shares 3.70%
7,000 192  200 Shares plus 73 out of  192 to receive
additional 100 Shares 3.40%
8,000 236  200 Shares plus 113 out of  236 to receive
additional 100 Shares 3.10%
9,000 205  200 Shares plus 125 out of  205 to receive
additional 100 Shares 2.90%


--- page 16 ---
16


10,000 1,140  200 Shares plus 798 out of  1,140 to receive
additional 100 Shares 2.70%
20,000 520  500 Shares 2.50%
30,000 264  700 Shares 2.33%
40,000 360  900 Shares 2.25%
 25,720  Total number of Pool A successful
applicants: 23,664


   POOL B
50,000 755  2,200 Shares plus 3 out of  755 to receive
additional 100 Shares 4.40%
60,000 103  2,600 Shares 4.33%
70,000 36  3,000 Shares 4.29%
80,000 43  3,400 Shares 4.25%
90,000 19  3,800 Shares 4.22%
100,000 87  4,100 Shares 4.10%
150,000 24  6,000 Shares 4.00%
200,000 16  7,800 Shares 3.90%
250,000 7  9,700 Shares 3.88%
300,000 9  11,400 Shares 3.80%
350,000 7  13,100 Shares 3.74%
400,000 4  14,200 Shares 3.55%
450,000 1  15,300 Shares 3.40%
500,000 3  16,000 Shares 3.20%
600,000 3  18,600 Shares 3.10%
700,000 2  21,000 Shares 3.00%
753,600 18  22,600 Shares 3.00%
 1,137  Total number of Pool B successful
applicants: 1,137


As of the date of this announcement, the relevant subscription monies previously deposited in the
designated nominee accounts have been remitted back to the accounts of all HKSCC participants .
Investors  should contact their relevant brokers for any inquiries.

COMPLIANCE WITH LISTING RULES AND GUIDANCE
The Directors confirm that , except for the Listing Rules that have been waived  and/or in respect of
which consent has been obtained, the Company has complied with the Listing Rules and guidance
materials in relation to the placing, allotment and listing of the Company’s Shares.
The Directors confirm that, to the best of their knowledge, no rebate has been, directly or indirectly,
provided by the Company, Directors or syndicate members to any placees or the public (as the case
may be) and the consideration paid by them for each Offer Share subscribed for or purchased by them
was the same as the final Offer Price determined by agreement between the Joint Representatives (for
themselves and on behalf of the Underwriters) and the Company in addition to any brokerage, AFRC
transaction levy, SFC transaction levy and Stock Exchange trading fee payable.


--- page 17 ---
17


OTHERS / ADDITIONAL INFORMATION

Reallocation and Offer Size Adjustment Option

As the Hong Kong Public Offering has been over -subscribed 100 times or more, the reallocation as
described in the section headed “Structure of the Global Offering – The Hong Kong Public Offering –
Reallocation” of the Prospectus has been applied.

The Offer Size Adjustment Option has been fully exercised, pursuant to which the Company is issuing
and allotting 2,260,700 additional Offer Shares, representing 15% of the total number of Offer Shares
initially available under the Global Offering, at the final Offer Price. All of the additional Offer Shares
that would be allotted and issued by the Company pursuant to the full exercise of the Offer Size
Adjustment Option will be allocated to the International Offering . Accordingly, the total number of
Offer Shares finally available under the Global Offering (taking into account the full exercise of the
Offer Size Adjustment Option and before any exercise of the Over -allotment Option) that would be
allotted and issued by the Company is 17,332,300 Offer Shares and the total issued share capital of the
Company upon Listing (taking into account the full exercise of the Offer Size Adjustment Option and
before any exercise of the Over-allotment Option) will be 85,436,464 Shares.

As a result of the above, the final number of Offer Shares under the Hong Kong Public Offering is
adjusted to 7,535,800 Shares, representing approximately 43.48% of the total number of Offer Shares
available under the Global Offering (assuming the Over -allotment Option is not exercised), and the
final number of Offer Shares under the International Offering is adjusted to  9,796,500 Shares,
representing 56.52% of the total number of Offer Shares under the Global Offering (assuming the
Over-allotment Option is not exercised).

Placing to close associates of existing Shareholders with a waiver from the strict compliance
with Rule 9.09(b) of the Listing Rules and/or prior consents under paragraph 5(2) of the
Placing Guidelines

LAV Star and Suzhou Suchuang

The Company has applied to the Stock Exchange, and the Stock Exchange has granted, a waiver from
strict compliance with the requirements under Rule 9.09(b) of the Listing Rules and/or consents under
paragraph 5(2) of the Placing Guidelines, to allow LAV Star and Suzhou Suchuang  to participate as
Cornerstone Investors in the Global Offering to subscribe for the Shares to be issued by the Company
under the International Offering. Please refer to the section headed “Waivers from Strict Compliance
with the Listing Rules and Exemptions from the Companies (Winding Up and Miscellaneous
Provisions) Ordinance – Waiver from Strict Compliance with Rule 9.09(B) of, and Consent under
Paragraph 5(2) of Appendix F1to the Listing Rules in Respect of Subscriptions of Offer Shares by
Close Associates of Existing Shareholder as Cornerstone Investors” in the Prospectus for details.

Yunion

The Company has applied to the Stock Exchange, and the Stock Exchange has granted a consent under
paragraph 5(2) of the Placing Guidelines to permit the Company to allocate such Offer Shares in the
International Offering to Yunion. Yunion is a close associate of  Shanghai Yingjia , an existing
Shareholder of the Company. The allocation of Offer Shares to Yunion is in compliance with all the
conditions under the consent granted by the Stock Exchange, including but not limited to (i)  the


--- page 18 ---
18


Company is a biotech company under Chapter 18A of the Listing Rules , and (ii) no preference in
allocation was given to Yunion.

For details of the allocations of Offer Shares to close associates of existing Shareholders, please refer
to the section headed “Allotment Results Details – International Offer ing – Allotees with
Waivers/Consents Obtained” in this announcement.

Placing to connected clients with a prior consent under paragraph 5(1) of the Placing
Guidelines

The Company has applied to the Stock Exchange for, and the Stock Exchange has granted a consent
under paragraph 5(1) of the Placing Guidelines to permit each of E Fund Management and E Fund HK
to participate in the Global Offering as  Cornerstone Investor s. Please refer to the section headed
“Waivers from Strict Compliance with the Listing Rules and Exemptions from the Companies
(Winding Up and Miscellaneous Provisions) Ordinance –Consent in respect of the Proposed
Subscription of Offer Shares by Connected Clients” in the Prospectus for details.

In addition, under the International Offering, certain Offer Shares were placed to connected clients of
their connected distributors pursuant to the Placing Guidelines. Details of the placement to connected
clients are set out below:


--- page 19 ---
19


No. Connected
Distributor(s)
Connected
Client(s)/
Placee(s)
Relationship
with the
Connected
Distributor(s)
Information of the Connected Client(s) Whether the
Connected Client(s)
will hold the beneficial
interests of the Offer
Shares on a
nondiscretionary basis
or discretionary basis
for independent third
parties
Number of Shares
to be subscribed
Approximate % to
the Offer Shares
under the Global
Offering (taking
into account the full
exercise of the Offer
Size Adjustment
Option and
assuming no
exercise of the
Over-allotment
Option)
Approximate % to
the total issued share
capital immediately
following completion
of the Global
Offering (taking into
account the full
exercise of the Offer
Size Adjustment
Option and assuming
no exercise of the
Over-allotment
Option)
1. CLSA Limited CITIC
Securities
International
Capital
Management
Limited
(“CSI”)
CSI is a member
of the same
group of
companies as
CLSA Limited.


Please refer to Note 1

non-discretionary basis
for independent third
parties
154,000 0.89% 0.18%
2. CLSA Limited China Asset
Management
(Hong Kong)
Limited
(“China AM
HK”)
China AM HK
is a member of
the same group
of companies as
CLSA Limited
China AM HK will subscribe for and hold
the Offer Shares as a placee under the
International Offering in accounts in its
capacity as the discretionary fund
manager managing assets on behalf of its
underlying clients. To the best knowledge
of China AM HK after due enquiry, each
of the underlying clients of China AM HK
is an independent third party of China AM
HK and CLSA and the companies which
are members of the same group of CLSA.

discretionary basis for
independent third parties
78,000 0.45% 0.09%


--- page 20 ---
20


No. Connected
Distributor(s)
Connected
Client(s)/
Placee(s)
Relationship
with the
Connected
Distributor(s)
Information of the Connected Client(s) Whether the
Connected Client(s)
will hold the beneficial
interests of the Offer
Shares on a
nondiscretionary basis
or discretionary basis
for independent third
parties
Number of Shares
to be subscribed
Approximate % to
the Offer Shares
under the Global
Offering (taking
into account the full
exercise of the Offer
Size Adjustment
Option and
assuming no
exercise of the
Over-allotment
Option)
Approximate % to
the total issued share
capital immediately
following completion
of the Global
Offering (taking into
account the full
exercise of the Offer
Size Adjustment
Option and assuming
no exercise of the
Over-allotment
Option)
3. GF Securities
(Hong Kong)
Brokerage
Limited
Value
Partners
Hong Kong
Limited
(“VP HK”)
VP HK is a
member of the
same group of
GF Securities
(Hong Kong)
Brokerage.

Please refer to Note 2

discretionary basis for
independent third parties
78,000 0.45% 0.09%

1.  CSI will act as the single counterparty of a back-to-back total return swap transaction (the “CSI Back-to-back TRS”) to be entered into by
CSI in connection with a total return swap order (the “CSI Client TRS”) placed and fully funded by its ultimate clients, which are funds (the
“CSI Ultimate Clients”), by which CSI will pass the full economic exposure of the Offer Shares placed to CSI to the CSI Ultimate Clients.
As confirmed by CSI and CLSA, CSI will hold the legal title and beneficial interest in the Offer Shares, but will contractually agree to pass on
the full economic exposure and return of the Offer Shares to the CSI Ultimate Clients, all being independent third parties, on a non-discretionary
basis. The CSI Ultimate Clients may exercise their early termination rights to terminate the CSI Client TRS at any time from the trade date of the
CSI Client TRS which should be on or after the date on which the Offer Shares are listed on the Stock Exchange. Upon the final maturity or
termination of the CSI Client TRS by the CSI Ultimate Clients, CSI will dispose of the Offer Shares on the secondary market and the CSI
Ultimate Clients will receive a final termination amount of the CSI Back-to-back TRS which will have taken into account all the economic


--- page 21 ---
21


returns or economic loss in relation to the Offer Shares and the fixed amount of transaction fees of the CSI Back-to-back TRS and the CSI Client
TRS. Due to its internal policy, CSI will not exercise the voting right of the Offer Shares during the terms of the CSI Back-to-back TRS.

To the best knowledge of CSI after making all reasonable enquiries, none of the CSI Ultimate Clients has any ultimate beneficial owners holding
30% or more interest of the Shares acquired by CSI under the placing, and each of the CSI Ultimate Clients is an independent third party of the
Company, CSI, CLSA and the companies which are members of the same group of CLSA.

2. VP HK is a discretionary investment manager managing assets on behalf of its underlying clients which are collective investment schemes.
VP HK is a wholly-owned subsidiary of Value Partners Group Limited.

Background and details of the schemes under VP HK which is not authorised by the SFC:

BACKGROUND AND
DETAILS OF THE
SCHEMES UNDER VP HK
No.
Fund name  Types and values
of assets under
management
Whether the
scheme is
publicly
marketed
Scheme
establishment
date
Identities of the general
partners and the 20
largest limited partners
of the scheme where
applicable
Identity of the
scheme
administrator
Relationships among the scheme, the
ultimate beneficial owner(s) of the
limited partner(s), the largest group of
the shareholders of the Company, and
the Company
1  Value Partners Asia Fund LLC  Private fund,
USD 23 million
as of Dec 2024
No  21/8/2006  Not applicable, as it’s a
private fund company
HSBC Trustee
(Cayman)
Limited
The scheme and ultimate beneficial
owners are independent third parties
of GF Securities (Hong Kong)
Brokerage, the Company and the
Controlling Shareholders of the
Company.
2  VALUE PARTNERS CHINA A-SHARE
INNOVATION FUND SP
Private fund,
USD 22 million
as of Dec 2024
No  19/11/2006  Not applicable, as it’s a
private fund company
HSBC Trustee
(Cayman)
Limited
The scheme and ultimate beneficial
owners are independent third parties
of GF Securities (Hong Kong)
Brokerage, the Company and the
Controlling Shareholders of the
Company.

To the best knowledge, information and belief of VP HK, the ultimate beneficial owners holding 30% or more interest of the ultimate clients of
VP HK include: (i) HSBC International Trustee Limited; and (ii) Custody Bank of Japan. To the best knowledge, information and belief of VP


--- page 22 ---
22


HK after due enquiry, they are independent third parties of the Company, VP HK, GF Securities (Hong Kong) Brokerage and the companies
which are members of the same group of companies as GF Securities (Hong Kong) Brokerage.


--- page 23 ---
23


DISCLAIMERS

Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and
Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this
announcement, make no representation as to its accuracy or completeness and expressly
disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the
whole or any part of the contents of this announcement.
This announcement is not for release, publication, distribution, directly or indirectly, in or into
the United States (including its territories and possessions, any state of the United States and the
District of Columbia). This announcement does not constitute or form a part of any offer or
solicitation to purchase or subscribe fo r securities in the United States. The securities mentioned
herein have not been, and will not be, registered under the United States Securities Act of 1933,
as amended (the “ U.S. Securities Act ”). The securities may not be offered or sold in the United
States except pursuant to an exemption from the registration requirements of the U.S. Securities
Act and in compliance with any applicable state securities laws, or outside the United States
unless in compliance with Regulation S under the U.S. Securities Ac t. There will be no public
offer of securities in the United States.
The Offer Shares are being offered and sold (i) solely to qualified institutional buyers as defined in
Rule 144A under the U.S. Securities Act pursuant to an exemption from registration under the U.S.
Securities Act and (ii) outside the United States in offshore transactions in reliance on Regulation S
under the U.S. Securities Act.
This announcement is for information purposes only and does not constitute an invitation or offer
to acquire, purchase or subscribe for securities. This announcement is not a prospectus. Potential
investors should read the Prospectus dated April 7, 2025 issued by Duality Biotherapeutics, Inc.
for detailed information about the Global Offering described below before deciding whether or
not to invest in the Shares thereby being offered.
*Potential investors of the Offer Shares should note that the Joint Sponsors and the Joint
Representatives  (for themselves and on behalf of the Hong Kong Underwriters) shall be entitled
to terminate their obligations under the Hong Kong Underwriting Agreement with immediate
effect upon the occurrence of any of the events set out in the section headed “Underwriting –
Underwriting Arrangements and Expenses – Hong Kong Public Offering – Hong Kong
Underwriting Agreement – Grounds for Termination ” in the Prospectus at any time prior to 8:00
a.m. (Hong Kong time) on the Listing Date (which is currently  expected  to be on April 15 ,
2025 ).

PUBLIC FLOAT
Immediately following the completion of the Global Offering,  after taking into account of the full
exercise of the Offer Size Adjustment Option and without taking into account of the Over -allotment
Option, an aggregate of 62,253,243 Shares or approximately 72.86% of the total issued share capital
of the Company will be held in the public hands. Therefore, the number of Shares in the public hands
represents no less than 25% of the total issued share capital of the Company, satisfying the minimum
percentage requirement in compliance with Rule 8.08(1) of the Listing Rules. Based on the Offer Price
of HK$94.60 per Share, the Company will have a market capitalization of at least HK$375 million
held by the public at the time of the Listing as required under Rule 18A.07 of the Listing Rules.
The Directors confirm that, immediately following the completion of the Global Offering, (i) no placee
will, individually, be placed more than 10% of the enlarged issued share capital of the Company


--- page 24 ---
24


immediately after the Global Offering; (ii) there will not be any new substantial Shareholder
immediately after the Global Offering; (iii) the three largest public Shareholders do not hold more than
50% of the Shares held in the public hands at the time of the Listing in compliance with Rules 8.08(3)
and 8.24 of the Listing Rules; and (iv) there will be at least 300 Shareholders at the time of the Listing
in compliance with Rule 8.08(2) of the Listing Rules.
COMMENCEMENT OF DEALINGS
The Share certificates will only become valid evidence of title at 8:00 a.m. on Tuesday, April 15, 2025
(Hong Kong time), provided that the Global Offering has become unconditional and the right of
termination described in the paragraph headed “Underwriting – Underwriting Arrangements – Hong
Kong Public Offering – Grounds for Termination” in the Prospectus has not been exercised. Investors
who trade the Shares on the basis of publicly available allocation details prior to the receipt of Share
certificates or prior to the Share certificates becoming valid evidence of title do so entirely at their own
risk.
Assuming that the Global Offering becomes unconditional at or before 8:00 a.m. on Tuesday, April
15, 2025 (Hong Kong time), it is expected that dealings in the Shares on the Stock Exchange will
commence at 9:00 a.m. on Tuesday, April 15, 2025 (Hong Kong time). The Shares will be traded in
board lots of 100 Shares each, and the stock code of the Shares will be 9606.

By order of the Board
Duality Biotherapeutics, Inc.
Dr. ZHU Zhongyuan
Chairman of the Board, Executive
Director and Chief Executive Officer

Hong Kong, April 14 , 2025

As at the date of this announcement, the board of directors of the Company comprises (i) Dr. ZHU
Zhongyuan, Mr. ZHANG Shaoren and Ms. SI Wen  as executive directors; (ii) Mr. CAI Zhiyang  and Dr.
YU Tao as non -executive directors; and  (iii) Mr. XIE Dong, Mr. GAO Fengyong and Ms. CHUAI Shuyin
as proposed independent non -executive directors  (effective from the Listing Date) .
