On November 30, XtalPi submitted its prospectus to the Hong Kong Stock Exchange for an initial public offering.
The prospectus shows that XtalPi, a world-leading innovative R&D platform empowered by artificial intelligence based on quantum physics and driven by robotics, 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 agrotechnology, energy, new chemicals, and cosmetics) with drug and materials science R&D solutions and services.
The company's businesses mainly include drug discovery solutions (providing solutions across different modules throughout the entire drug discovery and research process) and intelligent automation solutions (mainly including solid-state R&D services and automated chemical synthesis services).
It is reported that XtalPi has undergone six rounds of financing, with a total financing amount exceeding 5 billion yuan. The investor lineup is impressive, including well-known institutions such as Tencent, Sequoia Capital China, SoftBank Vision Fund, and Google. Additionally, other investors include China Life Equity Investment, SIG Asia Ventures, ZhenFund, FiveSource Capital, Neumann Capital, Artisan Partners, PIC Capital, CICC Capital, CMB International Capital, Mirae Asset Global Investments, CITIC Securities Investment, CITIC Capital, Haosong Capital, Shunwei Capital, FountainVest Partners, Parkway Fund, Yabai Capital, Frees Fund, and Renren Inc.
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.
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, Dr. Wen, Dr. Ma, and Dr. Lai, collectively held 13.45% of the total issued shares and had the right to jointly control 60.68% of the voting rights at shareholder meetings.