Down nearly 20% over the past three days, the share price of the "2025 Hong Kong Stock Popularity King" has hit a new low, closing in on its original offer price.

In August 2025, Innogen Pharmaceutical-B (02591.HK) skyrocketed 206.48% on its first day of listing, with its market capitalization once exceeding HK$32.4 billion, making it the most dazzling star in the Hong Kong IPO market at the time.

However, this capital carnival was short-lived. Following its initial surge, the company's share price has continued to slide. Since its debut, the cumulative decline has exceeded 60%.

Placement Oversubscribed by Over 5,000 Times; Market Cap Shrinks by Over 10 Billion Since Day One

Public records show that Innogen Pharmaceutical, founded in 2014, is a biopharmaceutical company dedicated to developing innovative therapies for metabolic diseases such as diabetes, obesity, and NASH (Non-alcoholic Steatohepatitis). It is the third company globally to advance an internally developed, long-acting human GLP-1 receptor agonist to the regulatory approval stage and successfully commercialize it.

NewTimeSpace has learned that the company's core product, Supaglutide $\alpha$, was approved by China’s National Medical Products Administration (NMPA) in January 2025 for the treatment of Type 2 Diabetes (T2D) and officially launched for sale in the Chinese market in May.

In 2025, Innogen Pharmaceutical successfully listed on the Hong Kong Stock Exchange (HKEX). The IPO was met with frantic market enthusiasm. The Hong Kong Public Offering recorded a staggering oversubscription of more than 5,340 times, freezing approximately HK$370 billion in capital. This surpassed Mixue Group from March of the previous year, ranking second as the "Oversubscription King" of 2025. Additionally, the international placement was covered 10.67 times. The company successfully introduced five cornerstone investors—China Grand, Ginkgo Fund, Marketingforce, Deng Haifeng, and Li Huifeng—who collectively subscribed to approximately US$10 million in shares.

The day before its formal listing, on August 14, 2025, the company's share price surged over 277% in grey market trading, setting a record for new stocks that year.

NewTimeSpace has learned that on its debut day, Innogen opened at HK$72.40, a 288.12% jump from the offer price of HK$18.68, hitting an intraday high of HK$73.70. However, the stock followed a "high open, low close" trajectory, ending its first day at HK$57.25 (a 206.48% gain), with a market capitalization of HK$26.152 billion.

Judging by the subsequent performance in the capital market, that first day marked both the high-water mark and the peak of the company’s share price. Since then, the stock has trended downward amidst fluctuations, falling more than 60% since its debut.

As of the close on March 4, the stock was quoted at HK$22.28, down 8.39% for the day and 19.86% over the last three days, with its market cap shrinking to HK$10.18 billion.

Focused on the GLP-1 Track: 11 Years to Launch One Product

NewTimeSpace understands that Innogen Pharmaceutical is still in a high-investment phase. From 2022 to 2024, the company recorded cumulative losses exceeding RMB 1.2 billion. The loss peaked in 2023 at RMB 733 million before narrowing to RMB 175 million in 2024. In the first five months of 2025, as commercialization of its core product progressed, losses expanded to RMB 97.875 million.

Behind this "money-burning model" is an extremely concentrated pipeline structure. While Innogen’s R&D covers diabetes, weight loss, and pet diabetes, every project revolves around the GLP-1 receptor agonist mechanism.

Currently, the pipeline includes Supaglutide $\alpha$, which is being developed for obesity, overweight conditions, and Metabolic Dysfunction-Associated Steatohepatitis (MASH), as well as five preclinical candidates: YN014 for Alzheimer’s disease, YN401 for Type 1 Diabetes, and YN209 for MASH.

Aside from the already marketed Supaglutide $\alpha$, the other five candidates remain in the preclinical stage.

It is understood that the company is actively advancing Phase IIb/III clinical trials for Supaglutide $\alpha$ in obesity and MASH indications, which are expected to be completed in the fourth quarter of 2026.

Industry insiders believe Innogen’s core appeal lies in its status as the "Domestic GLP-1 Debut," featuring China's first ultra-long-acting GLP-1 receptor agonist. This drug has a half-life of 204 hours, superior to the 168 hours of Novo Nordisk’s Semaglutide, theoretically supporting bi-weekly dosing.

Presently, Innogen has only one product on the market after 11 years of operation. Relying on its clinical efficacy and commercial layout, the revenue generated by Supaglutide $\alpha$ as of May 31, 2025, was RMB 38.1 million.

Intense Industry Competition; Global Giants Exert Pressure

NewTimeSpace has learned that the GLP-1 receptor agonist market holds massive potential.

Public data shows that China’s GLP-1 market size was only RMB 1.2 billion in 2019 but jumped to RMB 8.7 billion by 2023, representing a CAGR of 64%. Frost & Sullivan points out that the total GLP-1 market in China is expected to exceed RMB 50 billion by 2030, with weight loss contributing RMB 17.3 billion and T2D contributing RMB 15.5 billion.

Currently, the Chinese GLP-1 market is dominated by the "dual giants" Novo Nordisk and Eli Lilly. Novo Nordisk’s Semaglutide injection (Ozempic®/Wegovy®) firmly holds the first position with a 63% share.

Eli Lilly’s Tirzepatide (Mounjaro®/Zepbound®) secured a 9% market share within just six months of its weight loss approval in China in June 2024 and continues to scale rapidly.

As these global products from Novo Nordisk and Eli Lilly become established in China, physician and patient habits are being formed. Furthermore, GLP-1 products from local giants like Innovent Biologics, Hengrui Medicine, and Huadong Medicine have entered late-stage clinical trials or the filing stage, signaling an imminent price war.

However, Innogen’s Supaglutide $\alpha$ is currently only approved for T2D. The Phase IIb/III trials for weight loss are not expected to finish until Q4 2026, with approval likely delayed until 2027—by which time the highly anticipated weight loss track will have been largely seized by giants.

Innogen’s valuation logic is heavily built on the "second growth curve" of weight loss indications. The market is concerned the company might be a case of being "early to rise but late to market" in this sector.

In response to intensifying competition, Innogen announced in early February that the Clinical Trial Application (IND) for Supaglutide $\alpha$ for pet diabetes was formally accepted on February 4, 2026. The company expects to begin Phase I clinical trials in the first quarter of 2026.

While no GLP-1 veterinary drug has yet been approved globally, several candidates have entered clinical trials. Whether Innogen can take the lead in this niche track may become the key to the company’s turnaround.

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