Sidley represented XtalPi Holdings Limited (HKEX: 2228) (“XtalPi”) in connection with its HK$2.088 billion (US$268.4 million) placing of 342 million new shares under general mandate, making it one of the largest share placements this year in Hong Kong. The placing agents (in no particular order) are CLSA Limited and Guotai Junan Securities (Hong Kong) Limited as joint overall coordinators, CMB International Capital Limited and China Galaxy International Securities (Hong Kong) Co., Limited as joint bookrunners, and Kingkey Securities Group Limited as co-manager.
In June 2024, Sidley advised XtalPi in becoming the first artificial intelligence (“AI”)-powered drug and new material discovery company listed in Hong Kong, and also the first Specialist Technology Company listed under Chapter 18C of the Hong Kong Listing Rules. Sidley also advised XtalPi in its HK$1.13 billion (US$145 million) placement of new shares in January 2025. Thus far, XtalPi has raised more than US$530 million within the last 10 months – one of the largest fund raisings conducted by technology companies listed in Hong Kong.
Founded in 2015 by three quantum physicists trained at the Massachusetts Institute of Technology, XtalPi combines quantum physics, AI, cloud computing, and automated robotics to provide R&D solutions and products for a wide array of industries, including pharmaceutical and biotechnology, petroleum and renewable energy, and advanced materials.
The Sidley team is led by partners Claudia Yu and Meng Ding. Other team members include counsel Liming Xu, and senior managing associate Selina Wong.
Sidley’s equity capital markets practice has been ranked by Chambers Greater China Region/Asia Pacific for over a decade. It has won the distinguished “Securities Firm of the Year” award at the Law.com International’s Asia Legal Awards 2024.
It is also the only firm to have been ranked Band 1 in life sciences by Chambers Greater China Region/Asia Pacific for 16 consecutive years. It also launched a new AI Monitor, a centralized resource of AI-related content, including Sidley thought leadership, the latest laws and regulations pertaining to AI, firm-hosted events, and access to Sidley’s AI lawyers.
