Connect Biopharma Announces Plans to Terminate its American Depositary Receipt Program and Directly List its Ordinary Shares on Nasdaq

Core Viewpoint - Connect Biopharma Holdings Limited plans to terminate its American Depositary Receipt (ADR) program and convert its ADRs into ordinary shares, which will be listed on the Nasdaq Global Market, enhancing institutional visibility and eliminating depositary fees [1][2][4]. Group 1: Termination of ADR Program - The ADR program and the Deposit Agreement are expected to terminate on or about September 2, 2025, with a mandatory cancellation and exchange of ADRs for ordinary shares at a one-for-one ratio [2]. - A termination notice will be issued to ADR owners around August 18, 2025, providing further details on the termination [3]. Group 2: Strategic Implications - The termination of the ADR program is seen as a significant step towards becoming a U.S.-centric company, which is expected to facilitate institutional visibility and strengthen the investor base [4]. - The conversion to ordinary shares is anticipated to eliminate ADR depositary fees, thereby potentially increasing shareholder value [4]. Group 3: Company Overview - Connect Biopharma is a clinical-stage biopharmaceutical company focused on developing treatments for asthma and COPD, with its lead product candidate, rademikibart, currently undergoing global clinical studies [5]. - The company has an exclusive collaboration agreement for rademikibart with Simcere in China, indicating its strategic partnerships in key markets [5].