SYDNEY - Chinese biotech firm Duality Biotherapeutics launched an initial public offering (IPO) of up to HK$1.56 billion ($200.7 million) on Monday in Hong Kong, testing investor appetite amid a global stock market rout.

The company is selling 15.07 million shares in the price range of HK$94.60 to HK$103.2 each, according to its prospectus.

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Hong Kong's Hang Seng Index opened 9.3 percent lower on Monday as global financial markets reacted to fears of a global recession sparked by US President Donald Trump's tariffs.

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Duality, which is an antibody-drug conjugate developer, said cornerstone investors have agreed to buy up to $65 million worth of shares in the IPO.

The final price of the IPO is due to be set on April 11, with the stock is on track for a trade debut on April 15, the prospectus added.