Trinomab soars 246.82% on STAR Market debut, hitting US$3.16B valuation
What's the deal? Trinomab listed on Shanghai's STAR Market on July 21, 2026, pricing its IPO at US$1.99 per share. The stock surged 246.82% at the open to US$6.9, pushing its total market value past US$3.16B.
Why now? The Zhuhai-based unicorn is the first company accepted after the STAR Market restarted its fifth set of listing standards, a framework designed for pre-profit, research-heavy firms.
What's the endgame? The company traces back to a 2014 San Francisco conversation between immunologist Liao Huaxin, then scientific director of Duke University's Human Vaccine Institute, and pharmaceutical veteran Zheng Weihong. Their goal was to build China's own first-in-class original drugs rather than rely on imported originals.
Liao spent 22 years at Duke and published more than 200 papers in journals including Nature , Science , and Cell . Zheng spent nearly two decades in pharmaceutical sales before the two paired a research platform with commercial ambition.
The signal: Zhuhai is emerging as a hub for hard-technology listings. Earlier in 2026, municipal state-owned Zhuhai Science and Technology Industry Group backed two other high-profile IPOs — GPU maker Biren Technology and large-model developer Zhipu AI — signalling the city's push from AI computing power into biotech.
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