Trinomab soars 246.82% on STAR Market debut, hitting 23B yuan valuation
What's the deal? Trinomab listed on Shanghai's STAR Market on July 21, 2026, pricing its IPO at 14.46 yuan per share. The stock surged 246.82% at the open to 50.15 yuan, pushing its total market value past 23 billion yuan.
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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