On July 18, 2025, Connect Biopharma Holdings Ltd announced it is terminating its Deposit Agreement for American Depositary Shares (ADSs), with the ADR program set to end around September 2, 2025, and plans for a direct listing of Ordinary Shares on Nasdaq under the symbol 'CNTB'. This change will facilitate a one-for-one exchange of ADSs for Ordinary Shares for shareholders.