QuantumPharm Inc. (“XtalPi”, HKEX stock code: 02228) was successfully listed on the Main Board of the Stock Exchange of Hong Kong Limited (“HKEX”) and launched a globally offering on June 13, 2024. Fangda advised XtalPi as its PRC legal counsel, providing one-stop legal services for the listing of XtalPi.

This is the first listing completed in accordance with Chapter 18C of the Hong Kong Listing Rules in connection with specialist technology companies.

XtalPi is an innovative platform focusing on research and development and combining the technologies involving quantum physics, AI, cloud computing and large-scale robotics. The offer price of the listed shares is HK$5.28 per offer share, and the net proceeds amount is around HK$896 million.

XtalPi has received investment from eight cornerstone investors. The sole sponsor is CITIC Securities (Hong Kong) Limited. The joint global coordinators of this project include CLSA Limited, China International Capital Corporation Hong Kong Securities Limited, Jefferies Hong Kong Limited, Deutsche Bank AG, Hong Kong Branch and CMB International Capital Limited.

Fangda provided multi-office, multi-practice advice to enable XtalPi to achieve the strategically important listing on the Hong Kong Stock Exchange. The Fangda team for this listing of XtalPi was led by Corporate team partners Jeffrey DING, Diana LI and LU Chen, with support from Intellectual Property team partners Claudia YUN and ZOU Wen, and Compliance team partner Gil ZHANG. Other key team members include XU Bingyan, SONG Shanshan, Candice XIE, Grace DAI and JI Jinger (Corporate Team); LUO Ziai, ZHANG Qiyan, ZHU Zhizheng and ZHU Mengting (Intellectual Property Team); and LI Huihui and ZHENG Kaixian (Compliance Team).