Recently, the CSRC's official website released a filing notice regarding the overseas issuance and listing of QuantumPharmInc. (Quantum Pharma).
The article mentions that the filing materials for the overseas issuance and listing of Quantum Pharma Plc, submitted through its domestic operating entity, XtalPi Holdings Limited (hereinafter referred to as "XtalPi"), have been received. Quantum Pharma Plc plans to issue no more than 411,378,000 overseas-listed ordinary shares and list on the Hong Kong Stock Exchange.
It is reported that XtalPi Holdings Limited submitted its prospectus to the Hong Kong Stock Exchange on November 30, 2023. This makes it the second company to file for an initial public offering under Chapter 18C of the Listing Rules for Specialized Technology Companies since the rules officially took effect. The main intermediary teams involved in XtalPi's listing include: CITIC Securities as its sole sponsor; PricewaterhouseCoopers (PwC) as its auditor; Fangda Partners and Sidley Austin LLP as its legal counsel in China, and in Hong Kong and the United States, respectively; JunHe Law Offices and Herbert Smith Freehills as legal counsel for the underwriters in China, and in Hong Kong and the United States, respectively; and Frost & Sullivan as its industry consultant.
In 2015, XtalPi was co-founded by three physicists, Dr. Wen, Dr. Ma, and Dr. Lai, who were trained at the Massachusetts Institute of Technology. It has since evolved into a world-leading innovative R&D platform empowered by artificial intelligence based on quantum physics and driven by robotics. By integrating first-principles calculations rooted in quantum physics, advanced artificial intelligence, high-performance cloud computing, and scalable and standardized robotic automation, XtalPi provides drug discovery and materials science R&D solutions and services to global corporate groups and innovative companies in industries such as pharmaceuticals and materials science.
Previously, XtalPi underwent six rounds of financing, raising over 5 billion yuan. The investor lineup is impressive, including well-known institutions such as Tencent, Sequoia Capital China, SoftBank Vision Fund, and Google, as well as China Life Equity Investment, SIG Asia Ventures, ZhenFund, FiveYan Capital, Neumann Capital, Artisan Partners, PICC Capital, CICC Capital, CMB International Capital, Mirae Asset Global Investments, CITIC Securities Investment, CITIC Capital, Haosong Capital, Shunwei Capital, FountainCap, Parkway Fund, Yiyi Capital, Frees Fund, and Renren Company.
In terms of financial data, XtalPi's revenues in 2020, 2021, and 2022 were RMB 35.64 million, RMB 62.80 million, and RMB 133 million, respectively; the corresponding operating losses were RMB 126 million, RMB 299 million, and RMB 525 million. In the first half of 2023, XtalPi's revenue was RMB 79.97 million, with an operating loss of RMB 435 million.
According to Frost & Sullivan, XtalPi's customer base covers 16 of the top 20 biotechnology and pharmaceutical companies globally (ranked by revenue in 2022). XtalPi's revenue comes from drug discovery solutions and intelligent automation solutions.
As of the latest practicable date, XtalPi has more than 700 scientists and technical experts, over 120 authorized patents, approximately 27 ongoing drug discovery projects, and four research and development centers with laboratory space exceeding 10,000 square meters.
Before the IPO, the Company’s co-founders, namely Dr. Wen, Dr. Ma and Dr. Lai, are entitled to jointly control the exercise of 60.68% of the voting rights at the general meeting by virtue of their aggregate beneficial ownership of 13.45% of the total number of issued shares.