Duality Biotherapeutics (HKG:9606) launched its initial public offering in Hong Kong on Monday, braving the global stock market rout triggered by US President Donald Trump's reciprocal tariffs.

The Chinese biotech firm is offering 15,071,600 shares at between HK$94.60 and HK$103.20 apiece, a deal that could raise as much as HK$1.56 billion if priced at the upper limit of the range.

Of the total shares on offer, 1.5 million are earmarked for Hong Kong investors. If there is a strong demand for the IPO, an over-allotment option of up to 2.26 million shares can be exercised.

The developer of antibody drug conjugates secured Germany's BioNTech and 10 private equity funds as cornerstone investors. They pledged to subscribe to $65 million worth of IPO shares.

Duality Bio expects to determine the listing price on April 11 and disclose the allocations on April 14. It intends to start trading on the Hong Kong bourse on April 15.

Listing proceeds will be used for the research, development, and commercialization of core and key products, the development of new drug assets, and general corporate purposes.