JunHe acted as the PRC legal counsel to the placement agent in the new share placement by XtalPi Holdings Limited (HKEX: 2228). A total of 342 million new shares were issued, with net proceeds of approximately HK$ 2.088 billion (USD 268 million). This is twice the amount of funds raised in its IPO, making it one of the largest new share placements in Hong Kong in the past year.
With the rapid development of large domestic AI models this year, market sentiment has been boosted in the AI industry, and AI+Healthcare and AI+New Materials have promising prospects. The JunHe team advised on XtalPi Holdings’ new share placement throughout the entire process, assisted the placement agent in conducting legal due diligence, and closely cooperated with the other intermediaries to prepare and issue the complete set of legal documents for the filing of the overseas share issuance by an overseas-listed enterprise with the China Securities Regulatory Commission.
Partners TAO, Xudong, LIN, Jiayu (Paul), ZHANG, Jianwei and ZHANG, Zhijin (Jean) led the JunHe team, and partner YI, Yisong provided support for the internal control matters.
XtalPi Holdings is the first company to list on the Hong Kong Stock Exchange under the new Chapter 18C rules for specialist technology companies. JunHe acted as the PRC legal counsel to the sole sponsor and underwriter in the initial public offering and listing of XtalPi Holdings and also acted as the PRC legal counsel to the placement agent in its first new share placement by the company (in January 2025) following its IPO.