INNOGEN-B (02591.HK) is offering shares from August 7 to August 12, 2025, with a proposed global offering of 36,556,400 H shares (with a 15% over-allotment option). The offer price is HK$18.68 per share; the minimum subscription (one board lot of 200 shares) requires an entry fee of approximately HK$3,773.68; the shares are expected to list on the Main Board of the Stock Exchange on August 15, 2025.

INNOGEN-B: An innovative metabolic-disease drugmaker focused on diabetes, obesity and MASH

Offering split: Hong Kong public offering of 3,655,800 shares (about 10%), international offering of 32,900,600 shares (about 90%, subject to reallocation and the exercise of the over-allotment option).

Offer price: HK$18.68 per share; estimated one-lot entry fee about HK$3,773.68; 200 shares per lot.

Offering period: August 7 to August 12, 2025.

Listing date: Expected August 15, 2025.

IPO sponsors: CITIC Securities (Hong Kong) and China International Capital Corporation Hong Kong Securities as joint sponsors.

Company Profile

Founded in 2014, Yinnuo Pharma focuses on R&D and commercialization for metabolic diseases. Its core product was approved by China’s NMPA in January 2025 for adult type 2 diabetes and has launched commercially in China; the company is concurrently advancing this molecule in obesity and MASH, with related trials cleared under FDA INDs and planned in both China and the United States.

Financial Information

According to the prospectus and announcements, Yinnuo Pharma recorded revenue of approximately RMB 38.14 million and gross profit of approximately RMB 34.07 million in the first five months of 2025; the company posted a loss of approximately RMB 97.88 million during the period. In the track record period, the company recorded net losses of approximately RMB 733 million in 2023 and RMB 175 million in 2024; as of May 31, 2025, cash and cash equivalents were approximately RMB 557 million.

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

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* 0 % interest applies to margin subscription amounts of HK$10 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 20 May 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

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