Sidley represented XtalPi Holdings Limited (HKEX:2228) (XtalPi) in connection with its third placing of 285.92 million new shares under general mandate, raising a total of HK$2.65 billion (US$340.52 million). Thus far, XtalPi has raised more than US$754 million in 2025 — one of the largest fundraisings conducted by a technology company listed in Hong Kong this year.
The placing agents are CLSA Limited and Guotai Junan Securities (Hong Kong) Limited as joint overall coordinators, and Jefferies Hong Kong Limited, Deutsche Bank AG, Hong Kong Branch, and CMB International Capital Limited as joint bookrunners.
In June 2024, Sidley advised XtalPi in the first successful Chapter 18C listing for Specialist Technology Companies under the Hong Kong Listing Rules. It also became the first artificial intelligence (AI)–powered drug and new material discovery company listed in Hong Kong. Sidley also advised XtalPi in the first two placings — in January and February 2025, respectively.
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 pharmaceuticals and biotechnology, petroleum and renewable energy, and advanced materials.
The Sidley team was led by partners Meng Ding and Claudia Yu. Other team members include Liming Xu, Selina Wong and Ashley Chow.
Sidley is the only firm to have been ranked Band 1 in life sciences by Chambers Greater China Region/Asia Pacific for 16 consecutive years. Its capital markets practice has also been named “Securities Firm of the Year” at Law.com International’s Asia Legal Awards 2024 and deemed “highly recommended” by the FT Innovative Lawyers APAC Awards 2025 in the category “Innovative Lawyers in Unlocking Capital.”
