Connect Biopharma Holdings Ltd filing reports that BioFortune Inc. and Wubin Pan reported beneficial ownership of Ordinary Shares as of December 31, 2025. The filing shows 5,987,431 shares held of record by BioFortune Inc. (representing 10.7% of the class) and 6,026,813 shares attributable to Wubin Pan (representing 10.8% of the class), based on 55,903,513 Ordinary Shares outstanding as of October 31, 2025. The statement discloses that Mr. Pan is the sole shareholder of BioFortune Inc. and therefore shares beneficial ownership of the shares held by that entity; shared voting and dispositive power amounts are provided in the filing.
Positive
None.
Negative
None.
Insights
Large passive holdings reported by an affiliated entity and its sole owner, with shared voting and dispositive power disclosed.
The filing lists 5,987,431 shares held of record by BioFortune Inc. and 6,026,813 shares attributable to Wubin Pan, tied to a class base of 55,903,513 shares outstanding as of October 31, 2025. The percentages shown are 10.7% and 10.8%, respectively.
The disclosure explains beneficial ownership arises because Mr. Pan is the sole shareholder of BioFortune Inc.; shared voting and dispositive power figures are provided. Timing and transaction intent are not stated in this excerpt; subsequent filings would show any changes in holdings or voting arrangements.
What stake does BioFortune Inc. report in Connect Biopharma (CNTB)?
BioFortune Inc. reports ownership of 5,987,431 Ordinary Shares, equal to 10.7% of the class, based on 55,903,513 shares outstanding as of October 31, 2025. The figure is stated as of December 31, 2025.
How many shares does Wubin Pan beneficially own in CNTB?
Wubin Pan is reported as beneficially owning 6,026,813 Ordinary Shares, representing 10.8% of the class based on 55,903,513 shares outstanding as of October 31, 2025.
The total includes shares held of record by BioFortune Inc. and shares held by Mr. Pan's spouse.
Why are the holdings of BioFortune Inc. and Wubin Pan different?
The filing states Mr. Pan is the sole shareholder of BioFortune Inc., which holds 5,987,431 shares of record; Mr. Pan's total 6,026,813 shares include those shares plus 39,382 shares held by his spouse, producing the slightly higher percent.
What voting and disposition powers are disclosed for these holdings?
The filing shows 0 shares of sole voting or dispositive power for both BioFortune Inc. and Wubin Pan; shared voting power is 5,987,431 for BioFortune Inc. and 6,026,813 for Mr. Pan, with the same numbers for shared dispositive power.
What dates anchor the ownership percentages reported in the Schedule 13G/A?
Beneficial ownership is reported as of December 31, 2025, with the percent of class calculated using 55,903,513 Ordinary Shares outstanding as of October 31, 2025, as cited in the filing.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
Connect Biopharma Holdings Ltd
(Name of Issuer)
Ordinary Shares, par value $0.000174 per share
(Title of Class of Securities)
207523101
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
207523101
1
Names of Reporting Persons
BioFortune Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
VIRGIN ISLANDS, BRITISH
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
5,987,431.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,987,431.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,987,431.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.7 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP No.
207523101
1
Names of Reporting Persons
Wubin Pan
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,026,813.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,026,813.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,026,813.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.8 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Connect Biopharma Holdings Ltd
(b)
Address of issuer's principal executive offices:
3850 Carmel Mountain Road, Suite 200, San Diego, CA 92130
Item 2.
(a)
Name of person filing:
Each of the following is hereinafter individually referred to as a "Reporting Person" and collectively as the "Reporting Persons." This statement is filed on behalf of:
BioFortune Inc.
Wubin Pan
(b)
Address or principal business office or, if none, residence:
The business address of the Reporting Persons is c/o BioFortune Inc., Coastal Building, Wickham's Cay II, P. O. Box 2221, Road Town, Tortola, British Virgin Islands.
(c)
Citizenship:
BioFortune Inc. is organized under the laws of the British Virgin Islands. Wubin Pan is a citizen of Canada.
(d)
Title of class of securities:
Ordinary Shares, par value $0.000174 per share
(e)
CUSIP No.:
207523101
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The ownership information presented herein represents beneficial ownership of Ordinary Shares as of December 31, 2025, based upon 55,903,513 Ordinary Shares outstanding as of October 31, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 12, 2025.
Mr. Pan is the beneficial owner of 6,026,813 Ordinary Shares, which consist of (i) 5,987,431 Ordinary Shares held of record by BioFortune Inc. and (ii) 39,382 Ordinary Shares held of record by Mr. Pan's spouse. Mr. Pan is the sole shareholder of BioFortune Inc. As a result, Mr. Pan may be deemed to share beneficial ownership over the securities held of record by BioFortune Inc.
(b)
Percent of class:
BioFortune Inc.: 10.7%
Wubin Pan: 10.8%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
BioFortune Inc.: 0
Wubin Pan: 0
(ii) Shared power to vote or to direct the vote:
BioFortune Inc.: 5,987,431
Wubin Pan: 6,026,813
(iii) Sole power to dispose or to direct the disposition of:
BioFortune Inc.: 0
Wubin Pan: 0
(iv) Shared power to dispose or to direct the disposition of:
BioFortune Inc.: 5,987,431
Wubin Pan: 6,026,813
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
Not Applicable
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
