Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Guangzhou Innogen Pharmaceutical / Equity Capital Markets

Guangzhou Innogen Pharmaceutical (2591 HK)

<ul>
<li>Guangzhou Innogen Pharmaceutical Group launched its Hongkong IPO aiming to raise up to HK$683M. The company plans to sell 36.6M shares at HK$18.68 per share.</li>
<li>Innogen discovers, develops, and commercializes innovative therapies for diabetes and other metabolic diseases. Their portfolio currently comprises of one core product, Efsubaglutide Alfa, for treatment of type 2 diabetes.</li>
<li>The GLP-1 drug market is slowly tending towards an overheated zone with upcoming Ozempic’s patent expiry in 2026.</li>
</ul>


Guangzhou Innogen Pharmaceutical Group launched its Hongkong IPO aiming to raise up to HK$683M. The company plans to sell 36.6M shares at HK$18.68 per share.
Innogen discovers, develops, and commercializes innovative therapies for diabetes and other metabolic diseases. Their portfolio currently comprises of one core product, Efsubaglutide Alfa, for treatment of type 2 diabetes.
The GLP-1 drug market is slowly tending towards an overheated zone with upcoming Ozempic’s patent expiry in 2026.


Innogen IPO: Competition Mars Outlook, Long Way To Go, Listing Gain Only Incentive For Now

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>Innogen, a China-based near-commercial stage biotech company, launched its IPO to raise at least USD 88 million via a Hong Kong listing.</li>
<li>In our previous note, we have examined the company’s core product, namely efsubaglutide alfa,  updates in various filings, and our thoughts on valuation.</li>
<li>In this note, we look at the deal term. We think the valuation is demanding and lacks institutional interest.</li>
</ul>


Innogen, a China-based near-commercial stage biotech company, launched its IPO to raise at least USD 88 million via a Hong Kong listing.
In our previous note, we have examined the company’s core product, namely efsubaglutide alfa,  updates in various filings, and our thoughts on valuation.
In this note, we look at the deal term. We think the valuation is demanding and lacks institutional interest.


Innogen (银诺医药) IPO: Fairly Valued at Best and Lack of Institutional Interests

<ul>
<li>Innogen, a China-based near-commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CICC are the joint sponsors.</li>
<li>In our previous note, we have examined the company’s core product namely efsubaglutide alfa, and updates in various filings.</li>
<li>In this note, we will provide a valuation for the company’s core product.</li>
</ul>


Innogen, a China-based near-commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CICC are the joint sponsors.
In our previous note, we have examined the company’s core product namely efsubaglutide alfa, and updates in various filings.
In this note, we will provide a valuation for the company’s core product.


Innogen (银诺医药) Pre-IPO: Thoughts on Valuation

<ul>
<li>Innogen, a China-based near-commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CICC are the joint sponsors.</li>
<li>In this note, we look at changes to the company’s PHIP prospectus.</li>
<li>While there is no major update to the asset lists, we do see that the market forecasts provided in the prospectus scaled down significantly.</li>
</ul>


Innogen, a China-based near-commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CICC are the joint sponsors.
In this note, we look at changes to the company’s PHIP prospectus.
While there is no major update to the asset lists, we do see that the market forecasts provided in the prospectus scaled down significantly.


Innogen (银诺医药) Pre-IPO Update: Cuts in Market Forecasts

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, we had a look at a number of deals that are in the pipeline.</li>
<li>On the placements front, it was a relatively quiet week with a few primary raisings.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, we had a look at a number of deals that are in the pipeline.
On the placements front, it was a relatively quiet week with a few primary raisings.


ECM Weekly (28 July 2025) - MMC, Pine Lags, Prestige, Veritas, Daehan, Kasumigaseki, NSDL, GNI

China

Guangzhou Innogen Pharmaceutical Group Co Ltd is a China-based company primarily engaged in the research, development, and commercialization of pharmaceutical products. The company focuses on innovative therapies for diabetes and other metabolic diseases, with its core product being Efsubaglutide Alfa (Diabegone) for type 2 diabetes. It was founded in 2014 and is headquartered in Shanghai, China.

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Guangzhou Innogen Pharmaceutical (2591 HK)

Innogen IPO: Competition Mars Outlook, Long Way To Go, Listing Gain Only Incentive For Now

Guangzhou Innogen Pharmaceutical launched HK IPO aiming to raise HK$683M. The company plans to sell 36.6M shares at HK$18.68 per share. IPO...

Tina Banerjee

Innogen (银诺医药) IPO: Fairly Valued at Best and Lack of Institutional Interests

China biotech company Innogen launches IPO in Hong Kong to raise at least $88 million, with a demanding valuation and lack of institutional...

Ke Yan, CFA, FRM

Innogen (银诺医药) Pre-IPO: Thoughts on Valuation

China-based biotech company Innogen seeks to raise $100 million through Hong Kong listing. In this note, we provide our risk-adjusted SOTP...

Ke Yan, CFA, FRM

Innogen (银诺医药) Pre-IPO Update: Cuts in Market Forecasts

China biotech company Innogen plans to raise $100 million in Hong Kong listing with CITIC Securities and CICC as joint sponsors, with scaled down...

Ke Yan, CFA, FRM

ECM Weekly (28 July 2025) - MMC, Pine Lags, Prestige, Veritas, Daehan, Kasumigaseki, NSDL, GNI

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Innogen IPO: Competition Mars Outlook, Long Way To Go, Listing Gain Only Incentive For Now

Guangzhou Innogen Pharmaceutical launched HK IPO aiming to raise HK$683M. The company plans to sell 36.6M shares at HK$18.68 per share. IPO...

Tina Banerjee

Innogen (银诺医药) IPO: Fairly Valued at Best and Lack of Institutional Interests

​China biotech company Innogen launches IPO in Hong Kong to raise at least $88 million, with a demanding valuation and lack of institutional...

Ke Yan, CFA, FRM

Innogen (银诺医药) Pre-IPO: Thoughts on Valuation

​China-based biotech company Innogen seeks to raise $100 million through Hong Kong listing. In this note, we provide our risk-adjusted SOTP...

Ke Yan, CFA, FRM

Innogen (银诺医药) Pre-IPO Update: Cuts in Market Forecasts

​China biotech company Innogen plans to raise $100 million in Hong Kong listing with CITIC Securities and CICC as joint sponsors, with scaled down...

Ke Yan, CFA, FRM

ECM Weekly (28 July 2025) - MMC, Pine Lags, Prestige, Veritas, Daehan, Kasumigaseki, NSDL, GNI

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

China biotech company Innogen launches IPO in Hong Kong to raise at least $88 million, with a demanding valuation and lack of institutional...

China-based biotech company Innogen seeks to raise $100 million through Hong Kong listing. In this note, we provide our risk-adjusted SOTP...

China biotech company Innogen plans to raise $100 million in Hong Kong listing with CITIC Securities and CICC as joint sponsors, with scaled down...