China's Duality Biotherapeutics saw its shares more than double on its Hong Kong Stock Exchange debut, marking the best first-day trading performance following an IPO in the city in four years. This achievement comes despite one of the worst downturns in the Hong Kong market over the past two decades, providing optimism for Chinese biotech firms facing a prolonged financing drought. Separately, Chinese biopharmaceutical company Giant Biogene raised approximately $301 million through a top-up placement in Hong Kong, with shares priced at HK$66.65 each. In the United States, Chinese tea brand Chagee priced its New York IPO at $28 per share, raising $411 million at the top end of its marketed range, defying market volatility linked to ongoing trade tensions.