Original report · translated from Chinese
Innogen (stock code HK.02591) began trading today on the Main Board of The Stock Exchange of Hong Kong, marking a new stage in its participation in international capital markets. The company, which develops innovative therapies for metabolic diseases, described the listing as recognition of its research capabilities and commercial potential, and as a milestone in its mission to provide best-in-class and first-in-class medicines to people with diabetes and metabolic diseases in China and worldwide.
Innovation in metabolic disease to address unmet clinical needs
Since its establishment, Innogen has focused on innovative medicines for diabetes, obesity, non-alcoholic steatohepatitis (NASH) and other metabolic diseases. Its own metabolic-disease development platform supports a pipeline from early discovery to clinical development. Its lead product, efsubaglutide alfa, marketed as Diabegone, had received Chinese regulatory approval and entered commercialisation. The company described it as the first domestically developed human-derived long-acting GLP-1 medicine approved in China and as part of its ambition to offer better treatments to the hundreds of millions of people worldwide with metabolic diseases.
Capital to advance the pipeline and international development
Proceeds from the Hong Kong IPO were intended primarily to advance clinical trials and commercial expansion of the lead product. Innogen described the listing as a critical step in its development. With capital-market support, it planned to accelerate research and market entry, deepen strategic collaboration with international partners and bring original Chinese medicines to more patients. It would continue investing in research, improve approaches to metabolic-disease management across the course of illness, and explore emerging technologies. Through independent development and global cooperation, it aimed to build an internationally competitive biopharmaceutical business while upholding its patient-first commitment.
Acknowledgements and outlook
Innogen thanked investors and partners for their trust and support, and all investigators and participants in the efsubaglutide alfa studies. The company said it would respond to market expectations through transparent, efficient governance, translate innovation into health benefits and create long-term value for shareholders and society.
About Innogen
Founded in 2014, Innogen (HK.02591) is a science-driven biopharmaceutical company focused on metabolic diseases and committed to innovative, accessible, affordable and high-quality treatments.
Founder, Chairman and CEO Dr. Qinghua Wang is the inventor of efsubaglutide alfa, a nationally appointed expert and a doctoral supervisor. At the time of the article, he was a Distinguished Professor at Fudan University and Deputy Director of its diabetes research institute. Before returning to China, he had been a tenured professor at the University of Toronto and a member of the Research Council of the Banting and Best Diabetes Centre. His work has long focused on diabetes, related metabolic diseases and translational research.
Fatty-liver terminology
The article pairs non-alcoholic steatohepatitis with the abbreviation NAFLD. NASH is the abbreviation for non-alcoholic steatohepatitis; NAFLD means non-alcoholic fatty liver disease. The wording leaves the intended indication unclear.
Innogen has several independently developed innovative-drug programmes for diabetes, obesity and non-alcoholic steatohepatitis (NAFLD), with global intellectual property and international development and commercial plans.
The announcement states that Innogen's independently developed Class 1 innovative medicine efsubaglutide alfa received marketing approval from China's National Medical Products Administration on January 26, 2025. It describes Innogen as the third company worldwide and the first in Asia to commercialise a human, long-acting GLP-1 receptor agonist with independently owned intellectual property.
The company said clinical studies showed favourable safety and strong glucose- and weight-lowering effects, with potential advantages in chronic metabolic diseases including diabetes, obesity and fatty liver. It described the product's launch as demonstrating the international competitiveness of original Chinese medicines and as a step toward benefiting more people with metabolic diseases worldwide.