GenScript Biotech Holdings surged in Hong Kong after its associate company disclosed promising early clinical data on a potential first-in-class cell therapy for treating cancer.

Shares rose as much as 29 per cent on Wednesday before trimming gains to trade 10.54 per cent higher at HK$13.42 at the close. The benchmark Hang Seng Index fell 1.56 per cent.

In the phase one trial – where the primary goal is typically to evaluate a therapy’s safety and gather early signals of efficacy in humans – its associate company, Legend Biotech, a Nasdaq Global Select Market-listed firm, found that 12 patients had no toxicities, no serious adverse events and no deaths, according to the company’s statement published on June 2.

The company enrolled patients with relapsed or refractory B-cell non-Hodgkin lymphoma. Their cancer had either returned after prior treatment or stopped responding to it altogether.

Its phase one data set will be presented as a late-breaking oral presentation at the European Hematology Association 2026 Congress, taking place from June 11 to 14 in Stockholm, Sweden.

China accounted for about one-third of the global early-stage drug pipeline, according to a January report from consultancy McKinsey & Company. A growing number of Chinese biotech firms have out-licensed early-stage drug candidates to US counterparts over the past two years.

The country’s ascent in the global pharmaceutical value chain has raised concerns among US lawmakers.