A Study to Evaluate the Efficacy, Safety, and Tolerability of ASC30 Tablets in Participants With Type 2 Diabetes Mellitus

Inclusion Criteria: * Have Type 2 Diabetes (T2D) * Have HbA1c ≥7.0% to ≤10.5% as determined by the central laboratory at screening. * Stable body weight (less than 5% self-reported change within the previous 3 months). * Have a BMI ≥23.0 kilogram/square meter (kg/m²) at screening. Exclusion Criteria: * Have any prior diagnosis of type 1 diabetes mellitus (T1DM), or rare forms of diabetes mellitus * Have had more than 1 episode of severe hypoglycemia * Have poorly controlled hypertension * Have acute or chronic hepatitis and pancreatitis * Have evidence of a significant active and uncontrolled medical condition