IPO Timeline Raw facts
Broker Deadline
2025-08-12
Morning deadline
HKEX Deadline
2025-08-12
Noon deadline
Broker Results (T-2)
2025-08-13
Some brokers release in afternoon
Grey Market (T-1)
2025-08-14
Afternoon
HKEX Allotment (T-1)
2025-08-14
Evening
Registrar Allotment (T-1)
2025-08-14
Evening
Listing Day (T)
2025-08-15
First day of trading
Company Overview
| Stock Name | Innogen-B |
|---|---|
| Stock Code | 02591 |
| Company Full Name | Guangzhou Innogen Pharmaceutical Group Co., Ltd |
| Industry | Biotech & Pharma |
| Principal Activities | We are the first company in Asia and the third company in the world to commercialize an originator human long-acting glucagon-like peptide-1 (GLP-1) receptor agonist. We have commercialized our core product, isosuluglupept alfa (brand name: Yinuoqing), in China for the treatment of type 2 diabetes (T2D). Leveraging our integrated R&D, manufacturing and commercialization capabilities, we are committed to developing therapies for diabetes and other metabolic diseases. |
| Listing Date | 2025-08-15 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | Chapter 18A |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Headquarters and Principal Place of Room 409, Building H Business in the PRC Self-numbered Creative Building No. 2 Tengfei Second Street China-Singapore Guangzhou Knowledge City Huangpu District, Guan |
| Business Address (Hong Kong) | 香港灣仔 皇后大道東248號 大新金融中心40樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.innogenpharm.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | 18C |
|---|---|
| Offer Price | HK$ 18.68 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 3,736 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-08-07 to 2025-08-12 |
| Global Offering Shares | 36,556,400 shares |
| HK Public Offer Shares (Initial) | 3,655,800 shares (10.0%) |
| Public Offer Lots (Initial) | 18,279lots (9,139lots, 9,140lots) |
| International Placing Shares (Initial) | 32,900,600 shares (90.0%) |
| Offer Ratio | ~8.0% |
| Total Shares Post-IPO | 456,819,349 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | CITIC Securities (Hong Kong) Limited CE AAK249 |
| Cornerstone Share | 11.5% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 682,873,552 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 3,736 |
| 2 lots | 400 | HK$ 7,472 |
| 3 lots | 600 | HK$ 11,208 |
| 4 lots | 800 | HK$ 14,944 |
| 5 lots | 1,000 | HK$ 18,680 |
| 6 lots | 1,200 | HK$ 22,416 |
| 7 lots | 1,400 | HK$ 26,152 |
| 8 lots | 1,600 | HK$ 29,888 |
| 9 lots | 1,800 | HK$ 33,624 |
| 10 lots | 2,000 | HK$ 37,360 |
| 15 lots | 3,000 | HK$ 56,040 |
| 20 lots | 4,000 | HK$ 74,720 |
| 25 lots | 5,000 | HK$ 93,400 |
| 30 lots | 6,000 | HK$ 112,080 |
| 35 lots | 7,000 | HK$ 130,760 |
| 40 lots | 8,000 | HK$ 149,440 |
| 45 lots | 9,000 | HK$ 168,120 |
| 50 lots | 10,000 | HK$ 186,800 |
| 100 lots | 20,000 | HK$ 373,600 |
| 150 lots | 30,000 | HK$ 560,400 |
| 200 lots | 40,000 | HK$ 747,200 |
| 250 lots | 50,000 | HK$ 934,000 |
| 300 lots | 60,000 | HK$ 1,120,800 |
| 350 lots | 70,000 | HK$ 1,307,600 |
| 400 lots | 80,000 | HK$ 1,494,400 |
| 450 lots | 90,000 | HK$ 1,681,200 |
| 500 lots | 100,000 | HK$ 1,868,000 |
| 1,000 lots | 200,000 | HK$ 3,736,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,500 lots | 300,000 | HK$ 5,604,000 |
| 2,000 lots | 400,000 | HK$ 7,472,000 |
| 2,500 lots | 500,000 | HK$ 9,340,000 |
| 3,000 lots | 600,000 | HK$ 11,208,000 |
| 3,500 lots | 700,000 | HK$ 13,076,000 |
| 4,000 lots | 800,000 | HK$ 14,944,000 |
| 4,500 lots | 900,000 | HK$ 16,812,000 |
| 5,000 lots | 1,000,000 | HK$ 18,680,000 |
| 6,000 lots | 1,200,000 | HK$ 22,416,000 |
| 7,000 lots | 1,400,000 | HK$ 26,152,000 |
| 8,000 lots | 1,600,000 | HK$ 29,888,000 |
| 9,139 lots | 1,827,800 | HK$ 34,143,304 |
Stock Connect Inclusion
| HK Market Cap | HK$ 11.87B |
|---|---|
| Analysis Result | Already included in Stock Connect (both, shenzhen, shanghai) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 8,533,385,439 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 7,850,930,711 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 174.7 million |
| Period-End Cash Balance | RMB 526.51 million |
| Listing Expenses | ~HK$ 66,200,000 |
| Listing Expenses / Funds Raised | ~10.7% |
| Total Pre-IPO Investment | approximately RMB 1,513.66 million |
First Day Performance
| First Day Close | HK$ 57.25 |
|---|---|
| First Day Open | HK$ 72.0 |
| First Day Change | 206.48% |
| First Day Volume | 16217300.0 |
| First Day Turnover | 978472000.0 |
Use of Proceeds
| Use of Proceeds | 1、約90.0%或549.1百萬港元將用于正在進行及計劃中的臨床試驗以及核心產品依蘇帕格魯肽α的計劃商業化上市； 2、約10.0%或61.0百萬港元將用于營運資金及一般公司用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (2)
Sponsor cum Overall Coordinator (2)
Overall Coordinators (4)
Joint Global Coordinators (5)
Joint Bookrunners (13)
CLSA Limited CE AAB893
China International Capital Corporation Hong Kong Securities Limited CE AEN894
德意志银行香港分行
MACQUARIE CAPITAL LIMITED CE AAC534
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
ABCI CAPITAL LIMITED CE AWL249
BOCOM International Securities Limited CE APJ121
CMB International Capital Limited CE AVM940
Fosun International Securities Limited CE AAF432
Futu Securities International (Hong Kong) Limited CE AZT137
FUZE SECURITIES (INTERNATIONAL) LIMITED CE AEU761
Hafoo Securities Limited CE ATR761
Tiger Brokers (HK) Global Limited CE BMU940
Joint Lead Managers (9)
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
ABCI Securities Company Limited CE ACX411
BOCOM International Securities Limited CE APJ121
CMB International Capital Limited CE AVM940
Fosun International Securities Limited CE AAF432
Futu Securities International (Hong Kong) Limited CE AZT137
FUZE SECURITIES (INTERNATIONAL) LIMITED CE AEU761
Hafoo Securities Limited CE ATR761
Tiger Brokers (HK) Global Limited CE BMU940
Capital Market Intermediaries (14)
CLSA Limited CE AAB893
China International Capital Corporation Hong Kong Securities Limited CE AEN894
德意志银行香港分行
MACQUARIE CAPITAL LIMITED CE AAC534
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
BOCOM International Securities Limited CE APJ121
CMB International Capital Limited CE AVM940
Fosun International Securities Limited CE AAF432
Futu Securities International (Hong Kong) Limited CE AZT137
FUZE SECURITIES (INTERNATIONAL) LIMITED CE AEU761
Hafoo Securities Limited CE ATR761
Tiger Brokers (HK) Global Limited CE BMU940
Stabilizing Manager (1)
CITIC Securities (Hong Kong) Limited CE AAK249
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company | 通商律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
Herbert Smith Freehills Kramer King & Wood |
| Auditor and Reporting Accountant | Ernst & Young |
| Industry Advisor | Frost & Sullivan (Beijing) Inc., Shanghai Branch Co. |
| Compliance Advisor | Gram Capital Limited CE BBX925 |
| Receiving Banks | CMB Wing Lung Bank Limited |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 迈富时管理 | 1,000,000 USD | 420,000 | 1.15% | 0.09% | 9 months | 2026-05-15 |
| 2 | Ginkgo Fund | 2,000,000 USD | 840,200 | 2.30% | 0.18% | 9 months | 2026-05-15 |
| 3 | 骏升 | 5,000,000 USD | 2,100,800 | 5.75% | 0.46% | 9 months | 2026-05-15 |
| 4 | 黎慧凤 | 1,000,000 USD | 420,000 | 1.15% | 0.09% | 9 months | 2026-05-15 |
| 5 | 邓海峰 | 1,000,000 USD | 420,000 | 1.15% | 0.09% | 9 months | 2026-05-15 |
Directors & Management
| Chairman | 王博士 |
|---|---|
| Company Secretary | Ms. Jin Jin |
Executive Director (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | WANG QINGHUA | Executive Director | |
| 2 | 姜帆 | Jiang Fan | Executive Director |
| 3 | 徐文洁 | Xu Wenjie | Executive Director |
| 4 | 黄冰 | Huang Bing | Executive Director |
Non-Executive Director (2)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | HO KYUNG SHIK | Non-Executive Director | |
| 2 | 衡磊 | Heng Lei | Non-Executive Director |
Independent Non-Executive Director (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 陶武平 | Tao Wuping | Independent Non-Executive Director |
| 2 | 宋瑞霖 | Song Ruilin | Independent Non-Executive Director |
| 3 | 陈向荣 | Chan Heung Wing Anthony | Independent Non-Executive Director |
Major Shareholders
| Major Shareholders & Holdings | Dr. Wang is the controlling shareholder, directly holding 46,219,556 unlisted shares (representing 11.00%), holding 78,124,970 shares (representing 18.59%) through controlled corporations such as 上海諾糖 and 香港銀諾, and, acting in concert with 香港醫韻, holding 27,253,600 shares (representing 6.48%). Other principal shareholders include 韓投上海 (9.93%), 鄭偉鶴 and 黃荔 (10.46%), 蘭亭投資 (6.03%), 廣州產投 (5.38%), etc. |
|---|
AI
AI 市场洞察
AI interpretation
deepseek-v4-pro · AI-generated
市场情绪
The IPO attracted overwhelming demand with an oversubscription ratio of 5,341.66 times, signaling extreme market enthusiasm. Despite 256,072 valid applications, only 18,279 were successful, yielding a hit rate of just 7.14%. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
申购档位分析
A-tail (甲尾) applicants with HKD 200,000 could expect just 0.2162 lots, while B-head (乙头) applicants with HKD 300,000 received only 0.3001 lots, a disproportionate 39% increase in allocation for 50% more capital. This narrow gap makes the B-head tier economically inefficient, especially after broker fees. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
申购人群画像
Mainland Chinese investors accounted for 62.6% of participants, highlighting strong cross-border appetite for this biotech listing. The applicant base was predominantly male (61.4%) with an average age of 43, typical for high-risk speculative IPOs. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
