Shanghai Securities News (Reporter Yanfei Tang) — On November 30, the HKEX official website disclosed the listing application submitted by QuantumPharm Inc. (hereinafter referred to as "XtalPi") to the Hong Kong Stock Exchange. The company’s listing materials have been officially accepted, with CITIC Securities acting as the exclusive sponsor.
XtalPi's IPO in Hong Kong under the 18C rule marks it as the second technology company to file a prospectus under this rule so far — the 18C rule primarily targets specialized technology companies, with high requirements for technological attributes within the industry. It covers sectors such as next-generation information technology, advanced hardware and software, advanced materials, new energy and energy conservation, as well as new food and agricultural technologies. The first company to do so was Black Sesame Technologies.
Public information shows that XtalPi is a world-leading innovative R&D platform based on quantum physics, empowered by artificial intelligence, and driven by robotics. The company combines first-principles calculations based on quantum physics, advanced artificial intelligence, high-performance cloud computing, and scalable and standardized robotic automation to provide global enterprise groups and innovative companies in industries such as pharmaceuticals and materials science (including agricultural technology, energy, new chemicals, and cosmetics) with R&D solutions and services for drug discovery and materials science.
The prospectus shows that XtalPi has experienced continuous revenue growth in recent years. The company's income increased from RMB 35.6 million in 2020 to RMB 62.8 million in 2021, and further to RMB 133.4 million in 2022, representing a compound annual growth rate of 93.4%. In the first half of 2023, the company achieved revenue of RMB 80 million.
From 2020 to 2022, the operating losses of XtalPi were RMB 126 million, RMB 299 million, and RMB 525 million, respectively. In the first half of 2023, the operating loss of XtalPi was RMB 435 million.
The document shows that the company has established long-term and stable cooperative relationships with many world-leading biotechnology and pharmaceutical enterprise groups, such as Pfizer Inc., Johnson & Johnson, and Merck Group. Since its establishment, it has received investments and support from private equity and strategic investors, including Sequoia, Mirae Asset, Google, Tencent, and China Life.