Fangda Partners acted as PRC legal counsel to XtalPi Holdings Limited (HKEX: 2228) (“XtalPi”) in its issuance of zero-coupon convertible bonds due in 2027, which was successfully completed on January 28, 2026. The proceeds raised from the convertible bond issuance will be used to (1) enhance the company’s domestic and international R&D capabilities as well as its ability to deliver integrated, one-stop solutions, (2) strengthen its domestic and overseas commercialization capabilities, (3) expand its business development and marketing teams, (4) expand domestic and international delivery and R&D capacity through the construction of new facilities, (5) increase working capital, and (6) meet general corporate needs.

XtalPi is the first specialist technology company to complete a listing under Chapter 18C of the Hong Kong Listing Rules since the new regime came into effect. Following our role in advising XtalPi on three equity placement transactions last year, Fangda was pleased to continue supporting the company by acting as PRC legal counsel on this convertible bond issuance.  Fangda reviewed transaction documents related to the bond issuance, provided PRC legal advice and handled the filing procedures with the China Securities Regulatory Commission. The Fangda team was led by partners Jeffrey Ding, Diana Li and Lu Chen. Team members included Shadow Ye, Grace Dai, Ji Jinger and Moly Chen.