Fangda acted as PRC legal counsel of XtalPi Holdings Limited (“XtalPi”, HKEX: 2228) in its recent new shares placement with the issuance of a total of 264 million new shares. The net proceeds from the placement was approximately HKD 1,130 million (USD 145 million), making it one of the largest new share placements in Hong Kong over the past year.

The Fangda team was comprehensively involved in the placement for XtalPi and assisted the company relating to filing procedures with the China Securities Regulatory Commission (CSRC). The team was led by partners Jeffrey Ding, Diana Li, and Chen Lu. Key team members included Shadow Ye, Grace Dai, and Jinger Ji.

XtalPi is the first specialist technology listed company  under Chapter 18C of the Hong Kong Listing Rules. Fangda also acted as the PRC counsel of XtalPi for its initial public offering on the Hong Kong Stock Exchange.