Director-linked fund boosts Connect Biopharma (NASDAQ: CNTB) stake

Rhea-AI Filing Summary

Connect Biopharma Holdings Ltd reported an insider-related open-market purchase of its Ordinary Shares. An entity associated with director James Huang, Panacea Venture Healthcare Fund II, L.P., bought 150,000 Ordinary Shares at a weighted average price of $2.4774 per share.

After this transaction, the entity indirectly associated with Huang held 13,310,000 Ordinary Shares. The shares were purchased in multiple trades between $2.37 and $2.52, and Huang disclaims beneficial ownership despite being associated with the fund’s control structure.

Insider Trade Summary

Net Buyer: 150,000 shares ($371,610)

Net Buy 1 txn

Insider Huang James

Role null

Bought 150,000 shs ($372K)

Type	Security	Shares	Price	Value
Purchase	Ordinary Shares	150,000	$2.4774	$372K

Holdings After Transaction: Ordinary Shares — 13,310,000 shares (Indirect, See Footnote)

Footnotes (1)

1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions ranging from $2.37 to $2.52, inclusive. The Reporting Person undertakes to provide to the Issuer, any securityholder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth above. Panacea Venture Healthcare Fund II, L.P. is the record holder of the Ordinary Shares reported herein. James Huang is the sole owner of Panacea Innovation Limited, which is the sole owner of Panacea Venture Healthcare Fund II GP Company, Ltd., which is the general partner of Panacea Venture Healthcare Fund II, L.P. As a result, James Huang may be deemed to share beneficial ownership of the Ordinary Shares reported herein, but disclaims such beneficial ownership.

Key Figures

Shares purchased: 150,000 shares Weighted average price: $2.4774 per share Post-transaction holdings: 13,310,000 shares +2 more

5 metrics

Shares purchased 150,000 shares Open-market purchase of Ordinary Shares

Weighted average price $2.4774 per share Average purchase price for the 150,000 shares

Post-transaction holdings 13,310,000 shares Indirect Ordinary Shares held after transaction

Trade price range $2.37–$2.52 per share Range of individual trade prices in the purchase

Net buy shares 150,000 shares Net buy direction in transaction summary

Key Terms

weighted average price, open-market purchase, beneficial ownership, disclaims such beneficial ownership, +1 more

5 terms

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

open-market purchase financial

"transaction_action": "open-market purchase""

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

beneficial ownership financial

"may be deemed to share beneficial ownership of the Ordinary Shares reported herein"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

disclaims such beneficial ownership financial

"but disclaims such beneficial ownership."

indirect ownership financial

""ownership_type": "indirect""

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Huang James

(Last) (First) (Middle)

C/O PANACEA CAPITAL

79 SCIENCE PARK DRIVE, #04-05

(Street)

SINGAPORE SINGAPORE 118264

(City) (State) (Zip)

SINGAPORE

(Country)

2. Issuer Name and Ticker or Trading Symbol
Connect Biopharma Holdings Ltd [ CNTB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/29/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Ordinary Shares	05/29/2026		P		150,000	A	$2.4774(1)	13,310,000	I	See Footnote(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions ranging from $2.37 to $2.52, inclusive. The Reporting Person undertakes to provide to the Issuer, any securityholder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth above.

2. Panacea Venture Healthcare Fund II, L.P. is the record holder of the Ordinary Shares reported herein. James Huang is the sole owner of Panacea Innovation Limited, which is the sole owner of Panacea Venture Healthcare Fund II GP Company, Ltd., which is the general partner of Panacea Venture Healthcare Fund II, L.P. As a result, James Huang may be deemed to share beneficial ownership of the Ordinary Shares reported herein, but disclaims such beneficial ownership.

	/s/ James Huang	06/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did CNTB report for James Huang?

Connect Biopharma reported an open-market purchase linked to director James Huang. An associated fund acquired 150,000 Ordinary Shares at a weighted average price of $2.4774, increasing its indirect holdings to 13,310,000 shares following the transaction.

Who actually holds the CNTB shares from this Form 4 filing?

The shares are held by Panacea Venture Healthcare Fund II, L.P., which is the record holder. James Huang is linked through several affiliated entities but expressly disclaims beneficial ownership, even though he may be deemed to share beneficial ownership under SEC rules.

What price did the CNTB shares trade at in this insider purchase?

The reported weighted average purchase price was $2.4774 per Ordinary Share. The filing notes that individual trades occurred in a range from $2.37 to $2.52 per share, with details available upon request from the issuer or regulators.

How many CNTB shares did the insider-linked entity own after the transaction?

Following the reported purchases, the entity associated with James Huang held 13,310,000 Ordinary Shares indirectly. This figure represents its total indirect position after buying 150,000 additional shares in open-market transactions on the reported date.

Was the CNTB insider transaction a purchase or a sale?

The Form 4 shows a net-buy transaction. It records one open-market purchase of 150,000 Ordinary Shares, with no reported sales, gifts, exercises, or tax-withholding dispositions in this filing, resulting in an increase in the entity’s overall share position.

What does it mean that James Huang disclaims beneficial ownership of CNTB shares?

Disclaiming beneficial ownership means Huang reports the shares due to his relationship with the fund but does not admit personal economic ownership. The shares are held by Panacea Venture Healthcare Fund II, L.P., and are reported for transparency under SEC beneficial ownership rules.