On 15 August 2025, Innogen (stock code: 02591.HK) completed its initial public offering of H shares and was listed on the Main Board of the Hong Kong Stock Exchange. As the first company to launch an IPO on the Hong Kong market following the new HKEX listing rules effective 4 August, Innogen offered a total of 36,556,400 shares globally at an issue price of HK$18.68 per share, raising approximately HK$683 million.

In this transaction, Cooley HK and Commerce & Finance served as the issuer’s Hong Kong and U.S. legal counsel and PRC legal counsel, respectively.

CITIC Securities and CICC acted as joint sponsors, with Herbert Smith Freehills Kramer and King & Wood Mallesons advising the joint sponsors on Hong Kong and U.S. law, and PRC law, respectively.

Founded in 2014, Innogen is a biotechnology company dedicated to developing innovative therapies for diabetes and other metabolic diseases. It is the first company in Asia, and the third globally, to commercialize an original human-derived long-acting glucagon-like peptide-1 (GLP-1) receptor agonist. Its lead product, Isepaglutide Alpha (trade name: Yi Nuo Qing), was approved for marketing by China’s National Medical Products Administration in January 2025, becoming the first domestically developed humanized long-acting GLP-1 receptor agonist in China.

Innogen filed for a Hong Kong listing twice, in December 2024 and June 2025, and had completed four rounds of financing before listing, raising more than RMB 1.5 billion in total. Proceeds from the IPO will be used for clinical trials, the commercialization of its core product, as well as general working capital and other corporate purposes.