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Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
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SCHEDULE 13D/A 0002010692 XXXXXXXX LIVE 4 Ordinary Shares 11/24/2025 true 0001835268 G23549101 Connect Biopharma Holdings Limited 3580 Carmel Mountain Road Suite 200 San Diego CA 92130 James Huang (86-21) 6176-1101 Panacea Venture No. 5, Lane 1350, Fuxing Middle Road Xuhui District, Shanghai F4 200031 0002010692 N Panacea Innovation Limited OO N E9 0 12000000 0 12000000 12000000 N 21.5 CO 0001869939 N Panacea Venture Healthcare Fund II, L.P. OO N E9 0 12000000 0 12000000 12000000 N 21.5 PN Y Panacea Venture Healthcare Fund II GP Company, Ltd. OO N E9 0 12000000 0 12000000 12000000 N 21.5 CO 0001573160 N James Huang OO N F4 0 12000000 0 12000000 12000000 N 21.5 IN Ordinary Shares Connect Biopharma Holdings Limited 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 3 of the Schedule 13D is hereby amended and supplemented as follows: Since Amendment No. 3, Panacea Venture Healthcare Fund II, L.P. has purchased 50,000 Ordinary Shares in a series of open market transactions at a weighted average price of $1.4641 per Ordinary Share. Panacea Venture Healthcare Fund II, L.P. obtained the funds used to purchase the Ordinary Shares through capital contributions from its partners. 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. The information contained on the cover pages to this Schedule 13D is incorporated by reference into this Item 5. 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. None Not applicable. Panacea Innovation Limited /s/ James Huang James Huang, Founding Managing Partner 11/26/2025 Panacea Venture Healthcare Fund II, L.P. By: Panacea Venture Healthcare Fund II GP Company, Ltd., its general partner, By: Panacea Innovation Limited, its sole owner, /s/ James Huang James Huang, Founding Managing Partner 11/26/2025 Panacea Venture Healthcare Fund II GP Company, Ltd. /s/ James Huang James Huang, Founding Managing Partner 11/26/2025 James Huang /s/ James Huang James Huang 11/26/2025