Herbert Smith Freehills Kramer advises underwriters of Innogen Pharma's Hong Kong IPO

Leading global law firm Herbert Smith Freehills Kramer has advised CITIC Securities (Hong Kong) Limited, CLSA Limited and China International Capital Corporation Hong Kong Securities Limited and other underwriters of Guangzhou Innogen Pharmaceutical Group Co., Ltd. (02591.HK)'s H-share listing on the Main Board of the Hong Kong Stock Exchange.

"The strong first-half momentum in the Hong Kong IPO market has continued into July," said Hong Kong partner Jason Sung. "We’re proud to support transactions that reinforce the city’s role as a gateway for both innovation and international capital."

Innogen Pharma focuses on innovative therapies for diabetes and other metabolic diseases. The company's core product is Efsubaglutide Alfa, which has been successfully approved for commercialisation in the treatment of type 2 diabetes (T2D) in China. It is being developed for the treatment of obesity and weight loss, and metabolic dysfunction-associated steatohepatitis (MASH).

The public offering tranche of Innogen Pharma was oversubscribed by 5,364.9 times, with HK$370 billion worth of applications from over 260,000 investors. The offering of Innogen Pharma is the second highest over-subscribed IPO of Hong Kong so far in 2025. The company listed on the Hong Kong Stock Exchange on 15 August 2025.

This is the fourth healthcare IPO on which the firm has advised in the past three months.

"We congratulate Innogen Pharma on its successful listing on the Hong Kong Stock Exchange," said Jason. "Our track record in healthcare IPOs speaks to the depth of our sector expertise and commitment to clients' success."

Herbert Smith Freehills Kramer is a leading adviser to healthcare companies listing in Hong Kong. Over the past seven years, the firm has advised on 28 healthcare listings on the HKEX, including Jiangsu Hengrui Pharmaceuticals (01276.HK), QuantumPharm Inc. (02228.HK), Lepu ScienTech Medical (02291.HK), Biocytogen Pharmaceuticals (02315.HK), CARsgen Therapeutics (02171.HK), Abbisko (02256.HK) and Simcere (02096.HK), among others.

Partners Jason Sung and Jin Kong* led a cross-office team advising the underwriters, assisted by Jaime Fong, Sean Ji, Cyrus Wong, Haiyun Chen, Mia Zheng, Bryan Zhu, Shawna Peng, Grace Bian and Kelvin Chung.

Legal manager Marine Jin led Herbert Smith Freehills Kewei Joint Operation’s Digital Legal Delivery business to provide high-efficiency solutions for verification and other document-intensive processes during the listing, assisted by Jean Zhou, Chloe Hu, Chunqin Li and Mia Jin.

*Due to regulatory requirements in Hong Kong, Jin Kong's official title is Senior Registered Foreign Lawyer.