Deal Analysis: XtalPi’s (QuantumPharm) $126.7m IPO on HKEX

FA recently asked experts on their experience working on the first listing under HKEX’s newly introduced Chapter 18C for tech firms in the new economy.
June 25, 2024

On June 13, stocks of Chinese company QuantumPharm, also known as XtalPi HKEX 2228, started trading on the main board of the Hong Kong Stock Exchange HKEX. Shares were priced at HK$5.28 apiece and opened at HK$5.39, with an intraday high of HK$6.58 according to a HKEX disclosure. The firm managed to raise total proceeds of HK$989.3 million $126.7 million through the debut.

XtalPi boasts itself as an artificial intelligence AI-powered drug and new material discovery company. Established in 2015 by three quantum physicists at the renowned Massachusetts Institute of Technology MIT, the firm combines quantum physics, AI,...

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