Lei Jianping on April 24
XtalPi recently submitted a prospectus for listing on the Hong Kong Stock Exchange. XtalPi has passed the IPO filing with the China Securities Regulatory Commission, which means that it has got the key to the listing.
XtalPi's shareholders include Google, Tencent, Sequoia Capital China, SoftBank Vision Capital, PICC Fund, Morningside Capital and many other well-known investment companies or institutions.
As early as May 2021, XtalPi considered listing in the United States, but ultimately canceled its listing in the United States and instead sought to list in Hong Kong.
The loss in the half-year period was 620 million
Founded in 2015 at the Massachusetts Institute of Technology (MIT), XtalPi is an artificial intelligence (AI) and robot-driven innovation technology company that provides innovative technologies, services and products for the global biomedicine, chemical industry, new energy, new materials and other industries based on cutting-edge technologies and capabilities such as quantum physics, artificial intelligence, cloud computing, and large-scale experimental robot clusters.
According to the prospectus, XtalPi's revenue in 2020, 2021 and 2022 will be 35.64 million yuan, 62.8 million yuan and 133 million yuan respectively, and the operating loss will be 126 million yuan, 299 million yuan and 525 million yuan respectively.
XtalPi's revenue for the first half of 2023 was 79.97 million yuan, compared to 42.92 million yuan in the same period last year, and the operating loss was 435 million yuan, compared with an operating loss of 246 million yuan in the same period last year, and a loss of 621 million yuan for the period, compared with a loss of 344 million yuan in the same period last year.
XtalPi's adjusted loss for the first half of 2023 was $357 million, compared to an adjusted loss of $224 million in the same period last year.
As of June 30, 2023, XtalPi had cash and cash equivalents of RMB1,042 million, compared to RMB1,728 million in the same period last year.
Tencent and Sequoia are shareholders valued at $2 billion
XtalPi has received multiple financings since its establishment.
Among them, XtalPi received US$15 million in Series B financing in January 2018 from investors including Google, Tencent, and Sequoia Capital China, with a pre-investment valuation of US$50 million and a post-investment valuation of US$64.3 million.
XtalPi raised US$44.55 million in financing in October 2018 from investors including China Life Health Fund, SIG (Haina Asia) and Yayi Capital, with a pre-investment valuation of US$206 million and a post-investment valuation of US$244 million.
XtalPi raised US$288 million in financing in October 2020 from investors including SoftBank Vision Capital, PICC Fund, Morningside Capital, CICC Capital, CMB International, Mirae Asset, CITIC Capital, Oceanpine Capital, Chengcheng Capital, Fangyuan Capital, etc., with a pre-investment valuation of US$650 million and a post-investment valuation of US$939 million.
In July 2021, XtalPi raised US$380 million at a pre-investment valuation of US$1.588 billion and a post-investment valuation of US$1.968 billion. XtalPi's investors in this round include Wuyuan Capital, Hopu, OrbiMed OrbiMed Capital, Sequoia, Tencent, etc.
Among them, Wuyuan Capital invested 60 million US dollars, Hopu invested 45 million US dollars, OrbiMed Orbed invested 40 million US dollars, Sequoia invested 40 million US dollars, Tencent invested 30 million US dollars, IMO invested 28 million US dollars, Hexuan Capital invested 27 million US dollars, and China Biopharmaceutical invested 12 million US dollars.
Wen Shuhao, Ma Jian, and Lai Lipeng control 61% of the voting rights
The executive directors of XtalPi are Dr. Wen Shuhao, Dr. Ma Jian, Dr. Lai Lipeng and Dr. Jiang Yide, the non-executive directors are Dr. Gu Cuiping, and the independent non-executive directors are Luo Zhuojian, Ms. Chan Wing Ki and Dr. Fan Fengtao.
Prior to the IPO, XtalPi's co-founders, namely Dr. Jeremy Wen, Dr. Ma Jian and Dr. Lai Lipeng, collectively held an interest of 13.45% of the total issued shares and were entitled to jointly control the exercise of 60.68% of the voting rights at XtalPi's shareholders' meeting.
Among them, Dr. Wen Shuhao holds 6.9% of the shares, Dr. Ma Jian holds 3.82% of the shares, and Dr. Lai Lipeng holds 2.73% of the shares;
In addition, Tencent holds 13.66% of the shares, Sequoia holds 13.66% of the shares, Wuyuan Capital holds 7.95% of the shares, China Life Chengda holds 7.32% of the shares, and PICC Health Pension Fund holds 3.72% of the shares.
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