Innogen (Ticker: 02591 HK) is a China-based pharmaceutical company that discovers and develops therapies for diabetes and other metabolic diseases. Its core product, Efsubaglutide Alfa, is a GLP-1 receptor agonist that received regulatory approval in China for treating type 2 diabetes in January 2025 and is in clinical trials for obesity and MASH. Innogen plans to list on the Hong Kong Stock Exchange on August 15, 2025, offering approximately 36.6 million shares at HK$18.68 each. The offering aims to raise around HK$683 million (US$87 million). According to the prospectus, the company intends to use the proceeds for brand promotion, business development, working capital, and potential strategic acquisitions.