SCHEDULE 13D/A 0002010692 XXXXXXXX LIVE 3 Ordinary Shares 07/21/2025 true 0001835268 207523101 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 13950000 0 13950000 13950000 N 25.1 CO 0001869939 N Panacea Venture Healthcare Fund II, L.P. OO N E9 0 13950000 0 13950000 13950000 N 25.1 PN Y Panacea Venture Healthcare Fund II GP Company, Ltd. OO N E9 0 13950000 0 13950000 13950000 N 25.1 CO 0001573160 N James Huang OO N F4 0 13950000 0 13950000 13950000 N 25.1 IN Ordinary Shares Connect Biopharma Holdings Limited 3580 Carmel Mountain Road Suite 200 San Diego CA 92130 This Amendment No. 3 to Schedule 13D (this "Amendment No. 3") 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"). There is no CUSIP number assigned to the Ordinary Shares of the Issuer. CUSIP number 207523101 has been assigned to the American Depositary Shares of the Issuer ("ADSs"). Each ADS represents one Ordinary Share. 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 July 1, 2024, Panacea Venture Healthcare Fund II, L.P. has purchased 540,000 American Depositary Shares (each representing one Ordinary Share) in a series of open market transactions at a weighted average price of $1.3621 per American Depositary 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 55,561,056 Ordinary Shares outstanding as of April 30, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 15, 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 170,000 American Depositary Shares (each representing one Ordinary Share) in open market transactions on the Nasdaq Global Market. Details by date, listing the number of American Depositary Shares acquired and the weighted average price per share for transactions that were effected during the past sixty days are provided below. The Reporting Persons undertake to provide, upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares purchased at each separate price for this transaction. July 11, 2025 25,000 American Depositary Shares acquired $1.3615 Weighted Average Price per Share July 14, 2025 20,000 American Depositary Shares acquired $1.4069 Weighted Average Price per Share July 17, 2025 125,000 American Depositary Shares acquired $1.7201 Weighted Average Price per Share None Not applicable. Panacea Innovation Limited /s/ James Huang 07/21/2025 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 07/21/2025 Panacea Venture Healthcare Fund II GP Company, Ltd. By: Panacea Innovation Limited, its sole owner, /s/ James Huang 07/21/2025 James Huang /s/ James Huang 07/21/2025