Fangda acted as PRC legal counsel for XtalPi Holdings Limited (“XtalPi”, HKEX: 2228) in its recent new shares placement, with the issuance of a total of 342 million new shares. The net proceeds from the placement were approximately HKD 2.088 billion (USD 268 million).

XtalPi is the first specialist technology listed company under Chapter 18C of the Hong Kong Listing Rules. Previously, Fangda acted as PRC counsel for XtalPi in its initial public offering on the Hong Kong Stock Exchange. Additionally, Fangda assisted XtalPi in completing its new shares placement of approximately HKD 1.13 billion (USD 145 million) in January 2025.

Over the past two months, market sentiment in the AI industry has reached unprecedented heights. The AI + biopharmaceuticals and AI + new materials sectors, where XtalPi mainly operates, have attracted widespread attention and support from investors. The Fangda team was once again comprehensively involved in the new shares placement for XtalPi, providing PRC legal advice and assisting in filing with the China Securities Regulatory Commission (CSRC). The team was led by partners Jeffrey Ding, Diana Li, and Chen Lu. Key team members included Shadow Ye, Grace Dai, and Jinger Ji.