Jun 05, 2024 03:27 AM
BUSINESS
AI Drug Researcher QuantumPharm Seeks $145 Million in Hong Kong IPO
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QuantumPharm, also known as XtalPi, became the first pre-commercial specialist technology company to debut in Hong Kong under the city’s new share sales regime
QuantumPharm Inc., an artificial intelligence (AI) drug researcher backed by Tencent Holdings Ltd., kicks off its initial public offering in Hong Kong Tuesday to raise as much as HK$1.13 billion ($145 million).
Shenzhen-based QuantumPharm, also known as XtalPi, became the first pre-commercial specialist technology company to debut in Hong Kong under the city’s new share sales regime designed to attract high-tech listings.
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- QuantumPharm Inc., an AI drug researcher, is raising up to HK$1.13 billion ($145 million) through an initial public offering in Hong Kong.
- The company, valued at over HK$17.1 billion ($2.2 billion) post-IPO, is the first pre-commercial tech company to list under Hong Kong’s new Chapter 18C rule.
- QuantumPharm plans to use IPO proceeds for R&D, hiring talent, and global commercialization, with cornerstone investors subscribing to 32.6% of the offering.
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Who’s Who
- Tencent Holdings Ltd.
- Tencent Holdings Ltd. is a major shareholder in QuantumPharm Inc., holding a 13.66% stake before the IPO. Tencent is a significant backer of this Shenzhen-based AI drug researcher, which combines quantum physics, AI, cloud computing, and robotic automation for R&D in pharmaceuticals and materials science.
- QuantumPharm Inc.
- QuantumPharm Inc., also known as XtalPi, is an AI-driven drug research company backed by Tencent Holdings Ltd., and debuted in Hong Kong to raise up to HK$1.13 billion ($145 million). Founded in 2015 by MIT physicists, it combines quantum physics, AI, cloud computing, and robotic automation for R&D solutions. With major shareholders like Tencent and Google’s Alphabet Inc., QuantumPharm’s IPO will fund R&D enhancement, talent acquisition, and global commercialization.
- XtalPi
- XtalPi, also known as QuantumPharm Inc., is a Shenzhen-based AI drug researcher founded in 2015 by MIT postdoctoral physicists. It combines quantum physics, AI, cloud computing, and robotics to provide R&D solutions for pharmaceutical and materials science companies. Backed by Tencent and valued at $2.2 billion after its Hong Kong IPO, the company raised HK$1.13 billion. Its 2023 revenue was $24 million, primarily from China, and it reported a net loss of 522 million yuan.
- Sequoia China
- Sequoia China, now known as HongShan, is a venture capital firm and a shareholder in QuantumPharm. It is one of the major investors supporting the company alongside Tencent, SoftBank Group Corp., and Alphabet Inc.
- 5Y Capital
- 5Y Capital is one of the shareholders in QuantumPharm. QuantumPharm, an AI drug researcher, has raised a total of $732 million in funding and is preparing for an IPO in Hong Kong. 5Y Capital is included alongside major shareholders like Tencent, HongShan (formerly Sequoia China), China Life Chengda Equity Investment Center, SoftBank Group Corp., and Google’s parent Alphabet Inc.
- China Life Chengda Equity Investment Center
- China Life Chengda Equity Investment Center is mentioned as one of the shareholders of QuantumPharm Inc. It is involved in the investment backing for the company, participating in one of QuantumPharm's eight funding rounds. Further details about China Life Chengda Equity Investment Center are not provided in the article.
- SoftBank Group Corp.
- SoftBank Group Corp. is listed as one of the shareholders of QuantumPharm Inc., a Shenzhen-based AI drug researcher. The company is involved alongside other major stakeholders such as Tencent and Alphabet Inc. in QuantumPharm, which has raised a total of $732 million in funding prior to its IPO.
- Alphabet Inc.
- Alphabet Inc., Google's parent company, is one of the shareholders in QuantumPharm Inc. This indicates its interest and investment in QuantumPharm, which is an AI-driven drug research company.
- IntelliMed Healthcare Solutions
- The article only mentions IntelliMed Healthcare Solutions as one of the eight cornerstone investors for QuantumPharm's IPO, agreeing to subscribe HK$ 338 million shares, representing 32.6% of the offering. No additional details about IntelliMed Healthcare Solutions are provided in the article.
- Ginkgo Capital Global Fund SPC
- The article mentions Ginkgo Capital Global Fund SPC as one of the eight cornerstone investors that have agreed to subscribe shares worth HK$338 million, representing 32.6% of QuantumPharm Inc.'s offering. However, it does not provide any additional specific information about Ginkgo Capital Global Fund SPC itself. For more details, further research would be required.
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What Happened When
- 2015：
- QuantumPharm was founded by three postdoctoral physicists at the Massachusetts Institute of Technology.
- 2022：
- QuantumPharm's net loss was 437 million yuan.
- 2023：
- QuantumPharm reported 174 million yuan ($24 million) in revenue.
- 2023：
- QuantumPharm's adjusted net loss was 522 million yuan.
- 2023：
- Tencent was a major shareholder with 13.66% stake before the IPO.
- By 2023：
- QuantumPharm completed eight funding rounds, raising a total of $732 million with latest valuation at $1.97 billion.
- March 2023：
- Hong Kong bourse introduced the Chapter 18C listing rule to attract high-tech startups.
- After 2023：
- QuantumPharm became the first pre-commercial company to debut in Hong Kong under Chapter 18C.
- 2024-06-04：
- QuantumPharm kicked off its initial public offering in Hong Kong to raise as much as HK$1.13 billion ($145 million).
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