含羞草社区

Fangda acted as the PRC legal counsel to XtalPi Holdings Limited (HKEX: 2228) (“XtalPi”) in its recent placement of new shares. The placement involved the issuance of approximately 286 million new shares, raising net proceeds of around HKD 2.65 billion (approximately USD 341 million). The global coordinators for the placement were CLSA Limited and Guotai Junan Securities (Hong Kong) Limited, with Jefferies Hong Kong Limited, Deutsche Bank AG, Hong Kong Branch, and CMB International Capital Limited serving as joint bookrunners.

XtalPi is the first specialist technology company to complete a listing under Chapter 18C of the Hong Kong Listing Rules since the new regime came into effect. Fangda advised XtalPi on its IPO, providing comprehensive one-stop legal services, and subsequently assisted the company with two share placements in January and February 2025.

With this latest transaction, XtalPi’s total fundraising in 2025 has exceeded USD 754 million, making it one of the largest Hong Kong-listed technology companies in terms of financing scale. Fangda provided PRC legal advice and handled the filing procedures with the China Securities Regulatory Commission in this third placement. The transaction was led by partners , and . Team members included Shadow Ye, Grace Dai, Ji Jinger and Moly Chen.