# EDGAR Filing Document

**Accession Number:** 0001835268
**File Stem:** 0001193125-25-300640
**Filing Date:** 2025-11
**Character Count:** 14044
**Document Hash:** 7c88e8c72610addd05e2bf242cd0fe41
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-300640.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001193125-25-300640

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Connect Biopharma Holdings Ltd
- **CENTRAL INDEX KEY:** 0001835268
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92416
- **FILM NUMBER:** 251530759

**BUSINESS ADDRESS:**
- **STREET 1:** 3580 CARMEL MOUNTAIN ROAD, SUITE 200
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92130
- **BUSINESS PHONE:** 858-727-1040

**MAIL ADDRESS:**
- **STREET 1:** 3580 CARMEL MOUNTAIN ROAD, SUITE 200
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92130
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Panacea Innovation Ltd
- **CENTRAL INDEX KEY:** 0002010692

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MAPLES CORPORATE SERVICES LIMITED
- **STREET 2:** BOX 309, UGLAND HOUSE
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1104
- **BUSINESS PHONE:** 86 21 60252100

**MAIL ADDRESS:**
- **STREET 1:** C/O MAPLES CORPORATE SERVICES LIMITED
- **STREET 2:** BOX 309, UGLAND HOUSE
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1104

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 4)**

**Connect Biopharma Holdings Limited**

*(Name of Issuer)*

**Ordinary Shares**

*(Title of Class of Securities)*

**G23549101**

*(CUSIP Number)*

**James Huang**<br>Panacea Venture<br>No. 5, Lane 1350, Fuxing Middle Road<br>Xuhui District, Shanghai F4 200031<br>(86-21) 6176-1101

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**11/24/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **G23549101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Panacea Innovation Limited** | Name of reporting person<br>**Panacea Innovation Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**12000000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**12000000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**12000000.00** | Aggregate amount beneficially owned by each reporting person<br>**12000000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**21.5%** | Percent of class represented by amount in Row (11)<br>**21.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **G23549101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Panacea Venture Healthcare Fund II, L.P.** | Name of reporting person<br>**Panacea Venture Healthcare Fund II, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**12000000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**12000000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**12000000.00** | Aggregate amount beneficially owned by each reporting person<br>**12000000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**21.5%** | Percent of class represented by amount in Row (11)<br>**21.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **G23549101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Panacea Venture Healthcare Fund II GP Company, Ltd.** | Name of reporting person<br>**Panacea Venture Healthcare Fund II GP Company, Ltd.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**12000000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**12000000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**12000000.00** | Aggregate amount beneficially owned by each reporting person<br>**12000000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**21.5%** | Percent of class represented by amount in Row (11)<br>**21.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **G23549101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**James Huang** | Name of reporting person<br>**James Huang** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CHINA** | Citizenship or place of organization<br>**CHINA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**12000000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**12000000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**12000000.00** | Aggregate amount beneficially owned by each reporting person<br>**12000000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**21.5%** | Percent of class represented by amount in Row (11)<br>**21.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Ordinary Shares

**(b) Name of Issuer:**
Connect Biopharma Holdings Limited

**(c) Address of Issuer's Principal Executive Offices:**
3580 Carmel Mountain Road, Suite 200, San Diego, CA, 92130

This Amendment No. 4 to Schedule 13D (this "Amendment No. 4") amends and supplements the Statement on Schedule 13D filed with the United States Securities and Exchange Commission on February 13, 2024 (as amended to date, the "Schedule 13D"), relating to the Ordinary Shares, par value $0.000174 per share (the "Ordinary Shares") of Connect Biopharma Holdings Limited (the "Issuer"). Capitalized terms used herein without definition shall have the meaning set forth in the Schedule 13D.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5 of the Schedule 13D is hereby amended and restated in its entirety as follows:

The information contained on the cover pages to this Schedule 13D is incorporated by reference into this Item 5.

The ownership information presented herein represents beneficial ownership of Ordinary Shares as of the date of this filing, 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.

Panacea Venture Healthcare Fund II, L.P. is the record holder of the Ordinary Shares reported herein. James Huang is the sole owner of Panacea Innovation Limited, which is the sole owner of Panacea Venture Healthcare Fund II GP Company, Ltd., which is the general partner of Panacea Venture Healthcare Fund II, L.P. As a result, each of the Reporting Persons may be deemed to share beneficial ownership of the Ordinary Shares directly reported herein, but each disclaims such beneficial ownership.

**(b)**
The information contained on the cover pages to this Schedule 13D is incorporated by reference into this Item 5.

**(c)**
During the past 60 days, Panacea Venture Healthcare Fund II, L.P. purchased 50,000 Ordinary Shares on September 30, 2025 in open market transactions on the Nasdaq Global Market for a weighted average price of $1.464 per Ordinary Share. Additionally, on November 24, 2025, Panacea Venture Healthcare Fund II, L.P. sold 2,000,000 Ordinary Shares for $3.00 per Ordinary Share.

### 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.

**Reporting Person:** Panacea Innovation Limited

**Signature:** /s/ James Huang

**Name/Title:** James Huang, Founding Managing Partner

**Date:** 11/26/2025

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.

**Reporting Person:** Panacea Venture Healthcare Fund II, L.P.

**Signature:** By: Panacea Venture Healthcare Fund II GP Company, Ltd., its general partner, By: Panacea Innovation Limited, its sole owner, /s/ James Huang

**Name/Title:** James Huang, Founding Managing Partner

**Date:** 11/26/2025

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.

**Reporting Person:** Panacea Venture Healthcare Fund II GP Company, Ltd.

**Signature:** /s/ James Huang

**Name/Title:** James Huang, Founding Managing Partner

**Date:** 11/26/2025

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.

**Reporting Person:** James Huang

**Signature:** /s/ James Huang

**Name/Title:** James Huang

**Date:** 11/26/2025