On August 15, 2025, Innogen (2591.HK) was officially listed on the Main Board of the Hong Kong Stock Exchange (HKEX). The company offered 36,556,400 shares globally at an issue price of HK$18.68 per share, raising approximately HK$683 million in gross proceeds.

In this transaction, Cooley and Commerce & Finance Law Offices acted as Hong Kong and U.S. legal advisor and PRC legal advisor to the company, respectively.
CITIC Securities and CICC served as joint sponsors. Herbert Smith Freehills Kramer and KWM advised the sponsors and underwriters as Hong Kong and U.S. legal counsel, and PRC legal counsel, respectively.

Founded in 2014, Innogen is a science-driven biopharmaceutical company whose core product is Efsubaglutide Alfa, a treatment of obesity and being overweight, and metabolic dysfunction-associated steatohepatitis. Innogen entered into an A-share IPO coaching agreement with CITIC Securities in December 2022. The company submitted its Hong Kong listing application to HKEX twice, in December 2024 and June 2025, and successfully passed the listing hearing in July 2025.

Innogen plans to allocate approximately 90% of the net proceeds (around HK$549 million) to the ongoing and planned clinical trials and planned commercial launch of Efsubaglutide Alfa, with the remainder to be used for working capital and general corporate purposes.