Entity tied to CNTB director James Huang buys 1.16M shares in open market

Rhea-AI Filing Summary

Connect Biopharma Holdings Ltd director-linked entity reports major share purchase. An entity associated with James Huang completed an open-market purchase of 1,160,000 Ordinary Shares at $3.45 per share. After this transaction, the filing shows 13,160,000 Ordinary Shares held indirectly. The shares are recorded under Panacea Venture Healthcare Fund II, L.P., and Huang may be deemed to share beneficial ownership but expressly disclaims such beneficial ownership.

Insights

Insider transactions analyst

Large indirect open-market buy by fund linked to director.

The filing shows an entity associated with director James Huang executed an open-market purchase of 1,160,000 Ordinary Shares of Connect Biopharma (CNTB) at $3.45 per share. Open-market purchases generally reflect a deliberate decision to increase exposure.

Post-transaction, the filing reports 13,160,000 Ordinary Shares held indirectly. The position is attributed to Panacea Venture Healthcare Fund II, L.P., with Huang potentially deemed a beneficial owner but disclaiming such ownership. The transaction is a net buy with no concurrent sales, suggesting a clearly additive stake from this entity.

Insider Trade Summary

Net Buyer: 1,160,000 shares ($4,002,000)

Net Buy 1 txn

Insider Huang James

Role Director

Bought 1,160,000 shs ($4.00M)

Type	Security	Shares	Price	Value
Purchase	Ordinary Shares	1,160,000	$3.45	$4.00M

Holdings After Transaction: Ordinary Shares — 13,160,000 shares (Indirect, See Footnote)

Footnotes (1)

1. [object Object]

Key Figures

Shares purchased: 1,160,000 shares Purchase price: $3.45 per share Shares held after transaction: 13,160,000 shares +1 more

4 metrics

Shares purchased 1,160,000 shares Open-market purchase of Ordinary Shares

Purchase price $3.45 per share Price paid for Ordinary Shares

Shares held after transaction 13,160,000 shares Indirect Ordinary Share holdings post-transaction

Net buy shares 1,160,000 shares Net buy direction in transaction summary

Key Terms

open-market purchase, indirect, beneficial ownership, record holder

4 terms

open-market purchase financial

"completed an open-market purchase of 1,160,000 Ordinary Shares at $3.45 per share"

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.

indirect financial

"After this transaction, the filing shows 13,160,000 Ordinary Shares held indirectly"

beneficial ownership financial

"may be deemed to share beneficial ownership of the Ordinary Shares reported herein, but disclaims such beneficial ownership"

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.

record holder financial

"Panacea Venture Healthcare Fund II, L.P. is the record holder of the Ordinary Shares reported herein"

A record holder is the person or institution officially listed in a company’s books as the owner of shares, bonds or other securities on a specific date. Think of it like the name on the registration of a car: being the record holder determines who is eligible for dividends, voting at meetings, or other shareholder rights. Investors care because actions tied to a set date apply only to those recorded as owners.

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 VENTURE

NO. 5, LANE 1350, FUXING MIDDLE ROAD

(Street)

SHANGHAI CHINA 200031

(City) (State) (Zip)

CHINA

(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)
03/31/2026

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	03/31/2026		P		1,160,000	A	$3.45	13,160,000	I	See Footnote(1)

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. 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	04/01/2026
	** 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 did James Huang’s associated entity do in this CNTB Form 4 filing?

An entity associated with director James Huang reported buying 1,160,000 Ordinary Shares of Connect Biopharma at $3.45 per share. This open-market purchase increased the reported indirect holdings to 13,160,000 Ordinary Shares following the transaction, according to the filing details.

How many Connect Biopharma (CNTB) shares are held after the reported transaction?

Following the reported transaction, the filing shows 13,160,000 Ordinary Shares of Connect Biopharma held indirectly. This figure reflects the position after purchasing 1,160,000 shares in the open market at $3.45 per share through the entity linked to director James Huang.

What price was paid per Connect Biopharma (CNTB) share in the Form 4 transaction?

The open-market purchase was executed at $3.45 per Ordinary Share of Connect Biopharma. At this price, the entity associated with director James Huang acquired 1,160,000 shares, increasing its reported indirect stake to 13,160,000 shares following the transaction as disclosed.

Who is the actual record holder of the CNTB shares in this Form 4?

The record holder is Panacea Venture Healthcare Fund II, L.P., which holds the Ordinary Shares reported. The filing explains that James Huang controls upstream entities of the fund and may be deemed to share beneficial ownership of these shares but disclaims such beneficial ownership.

Is James Huang’s ownership in CNTB direct or indirect in this filing?

The filing characterizes the holdings as indirect. The shares are owned of record by Panacea Venture Healthcare Fund II, L.P. James Huang is associated through ownership of the fund’s general partner entities and may be deemed a beneficial owner but formally disclaims such beneficial ownership.

Does this CNTB Form 4 show a net buy or net sell by the reporting structure?

The Form 4 reflects a net buy position. It reports one open-market purchase totaling 1,160,000 shares and no sales. Transaction summary data lists 1,160,000 buy shares, zero sell shares, and a net-buy direction for the reported period in this filing.