--- title: "[HK IPO] Yinuo Medicine-B Subscription Strategy" type: "Topics" locale: "zh-HK" url: "https://longbridge.com/zh-HK/topics/32801445.md" description: "Brother Er Gou has been on a road trip recently, so the writing is a bit late... Last night, I finished reading the prospectus of $INNOGEN-B(02591.HK), and it was already very late. This morning, I visited the most famous check-in spot in Qingzhou—the Qingzhou Museum. According to online sources, this is the most impressive national-level museum in a county-level city in China. After visiting, the Qingzhou Museum lives up to its reputation and is indeed worth seeing. The most important exhibits in the Qingzhou Museum are the Buddhist statues unearthed from Longxing Temple and the imperial examination paper of Zhao Bingzhong. The Buddhist statues from Longxing Temple were mainly created over 500 years from the Northern Wei to the Northern Song Dynasty..." datetime: "2025-08-11T03:42:10.000Z" locales: - [en](https://longbridge.com/en/topics/32801445.md) - [zh-CN](https://longbridge.com/zh-CN/topics/32801445.md) - [zh-HK](https://longbridge.com/zh-HK/topics/32801445.md) author: "[王二狗子](https://longbridge.com/zh-HK/profiles/1050883.md)" --- > 支持的語言: [English](https://longbridge.com/en/topics/32801445.md) | [简体中文](https://longbridge.com/zh-CN/topics/32801445.md) # [HK IPO] Yinuo Medicine-B Subscription Strategy ![image](https://pub.pbkrs.com/uploads/2025/d167c926b6d5171b35c19f9410a6749a?x-oss-process=style/lg) Recently, Brother Er Gou has been on a road trip, so the writing is a bit late... Last night, I finished reading the prospectus of $INNOGEN-B(02591.HK), which took quite a while. This morning, I visited the most famous check-in spot in Qingzhou—the Qingzhou Museum. According to online sources, this is the most impressive national-level museum in a county-level city in China. After visiting the museum, I can confirm that the Qingzhou Museum lives up to its reputation and is definitely worth a visit. The most important exhibits are the Buddhist statues unearthed from the Longxing Temple and the imperial examination paper of Zhao Bingzhong, the top scholar. The Buddhist statues from the Longxing Temple were mainly created over a span of 500 years, from the Northern Wei to the Northern Song dynasties, with the most numerous and artistically accomplished works coming from the Northern Wei, Eastern Wei, and Northern Qi dynasties. The Buddhist statues from this period look very cheerful, each with a smiling expression, yet still exuding solemnity and elegance... ![image](https://pub.pbkrs.com/uploads/2025/a4a2c4944679eea9904072faf1445c12?x-oss-process=style/lg) ![image](https://pub.pbkrs.com/uploads/2025/49ad19a3be70a02b85007a2486187676?x-oss-process=style/lg) The imperial examination paper of Zhao Bingzhong from the Wanli era of the Ming Dynasty is the only surviving copy in the world, filling a gap in Ming Dynasty court archives. The main text, written in 2460 characters of the official script, contains not a single typo—truly a masterpiece. Of course, Brother Er Gou doesn’t understand calligraphy, but even so, the article is a feast for the eyes... The crowd around the top scholar’s examination paper was the largest, especially parents with their children, all hoping to absorb some of the top scholar’s brilliance and wishing their children success in the college entrance exams... ![image](https://pub.pbkrs.com/uploads/2025/e45aa8b3a858fed4b40dad36c594e26d?x-oss-process=style/lg) ![image](https://pub.pbkrs.com/uploads/2025/4f3fcebb12fbea24722b933d86db45cb?x-oss-process=style/lg) Back to the main topic: today, $AB&B BIO-TECH-B(02627.HK) surged at the opening, reaching a peak increase of HKD 34.8, a staggering 170% rise. Indeed, what you can’t have is always the most desirable—this is truly thrilling... At this moment, Brother Er Gou feels that the analysis of Yinuo Medicine-B is almost meaningless... ## **1\. Basic Information** $INNOGEN-B(02591.HK), founded in 2014, is a biopharmaceutical company dedicated to providing innovative, accessible, and affordable high-quality drugs for patients with metabolic diseases. The company currently has multiple R&D pipelines targeting diabetes, obesity, and metabolic dysfunction-related indications, all of which are independently developed with global patents and are positioned for global R&D and market sales. The company’s first pipeline product, Yisupaglutide α (formerly known as Supaglutide, brand name: Yinuoqing), was approved for marketing by China’s National Medical Products Administration in January 2025, becoming the first domestically developed humanized long-acting GLP-1 receptor agonist product in China, benefiting more diabetic patients. The company is also developing Yisupaglutide α for weight loss and metabolic dysfunction-associated steatohepatitis (MASH) indications to meet the huge unmet treatment needs in these disease areas. ## **2\. IPO Information** Company Name & Code: Yinuo Medicine-B (06613.HK) IPO Price: 18.68KD Minimum Investment: 3774HKD (1 lot = 200 shares) IPO Period: August 7 to August 12, closing on Tuesday (tomorrow) Allotment Announcement: August 14 Listing Date: August 15 Shares Issued: 3,655.64 million shares, **with 10% for public offering** Market Cap: 8.533 billion HKD **Greenshoe: Yes** Cornerstone Investors: 5 cornerstone investors subscribed to 11.5%, a relatively low proportion **Sponsors: CITIC, CICC.** CITIC is the sole sponsor—quality guaranteed! ## **3\. Fundamentals** From its founding until 2024, the company had no sales revenue. However, in the first five months of 2025, it generated revenue of 38.14 million yuan, mainly from the commercialization of its core product, Yinuoqing, which boasts a gross margin of 89%. Yinuo Medicine reported losses of 296 million yuan, 733 million yuan, and 175 million yuan in 2022, 2023, and 2024, respectively, accumulating a total loss of 1.204 billion yuan over three years. As a typical innovative pharmaceutical company, Yinuo Medicine’s largest source of losses is R&D expenses, which amounted to 492 million yuan, 103 million yuan, and 77 million yuan in 2023, 2024, and the first five months of 2025, respectively. **However, all these R&D expenses are about to pay off! But the competition is fierce...** Overseas, $Eli Lilly(LLY.US) and $Novo Nordisk AS(NVO.US) dominate the market share, while domestic players like $HENGRUI PHARMA(01276.HK), $SIMCERE PHARMA(02096.HK), and Zhengda Tianqing are also developing multiple GLP-1 targets and combination therapies. The competition will only get tougher... ## **4\. Subscription Strategy** 1\. The company’s fundamentals are decent, as it has already begun commercialization—a critical step for an innovative pharmaceutical company. Yinuo Medicine has taken that step. 2\. There’s a greenshoe and cornerstone investors, but the subscription ratio is only 11.5%, which is quite low, and the lineup is mediocre... 3\. CITIC is the sponsor—trustworthy. 4\. Yinuo Medicine is the first IPO under the new Hong Kong stock subscription rules, adopting a fixed-ratio model where the public offering is capped at 10% regardless of margin financing multiples. The total allotment for Groups A and B is around 9,000 lots. With 200,000–250,000 applicants, the odds of winning even one lot might be less than 0.5%. It’s possible that all Group A will be allocated by lottery, including Group B heads—this is insanely competitive... 5\. Since it’s already this competitive, one more person won’t hurt. Brother Er Gou will go all-in with margin financing on one account and use cash subscriptions for the other two. No point risking losing both the subscription and the fees—that’suck... **Subscription Rating: 7/10** **(**9–10: all-in with margin financing; 7–8: some margin financing; 6: small bets; 5: skip it) _**This is just Brother Er Gou’s personal strategy and does not constitute any investment advice....**_ _**Follow Brother Er Gou for a smooth journey in Hong Kong IPO subscriptions~~**_ ![image](https://pub.pbkrs.com/uploads/2025/8cefd3f59f34096e3a9f29eb1d5f6222?x-oss-process=style/lg) _**Disclaimer:**_ _1\. This article represents only one perspective and should not be taken as investment advice. The stock market is unpredictable—proceed with caution._ _2\. Before making any investment decisions or trades, assess your financial situation carefully or consult professional investment institutions._ _3\. If you found this article interesting, likes, comments, and shares are greatly appreciated._ ### 相關股票 - [INNOGEN-B (02591.HK)](https://longbridge.com/zh-HK/quote/02591.HK.md) - [HENGRUI PHARMA (01276.HK)](https://longbridge.com/zh-HK/quote/01276.HK.md) - [Hengrui Pharma (600276.CN)](https://longbridge.com/zh-HK/quote/600276.CN.md) - [SIMCERE PHARMA (02096.HK)](https://longbridge.com/zh-HK/quote/02096.HK.md) - [AB&B BIO-TECH-B (02627.HK)](https://longbridge.com/zh-HK/quote/02627.HK.md) - [Eli Lilly (LLY.US)](https://longbridge.com/zh-HK/quote/LLY.US.md) - [Novo Nordisk AS (NVO.US)](https://longbridge.com/zh-HK/quote/NVO.US.md) ## 評論 (4) - **润物细无声哟 · 2025-08-14T08:56:26.000Z**: The dog has been slacking off lately 😃 - **TSLS · 2025-08-12T02:17:59.000Z**: Brother Dog, the updates are too slow, eagerly waiting every day. - **王二狗子** (2025-08-12T07:57:02.000Z): Okay, next step is to speed up. Thanks for the support. - **SD超人 · 2025-08-11T14:38:03.000Z**: Would like to hear your analysis on Tesla. It has started to rebound, can I go all in now?