Tencent-Backed AI Drug Discovery Startup Xtalpi Rises In Hong Kong Debut [Forbes]
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Source: Forbes
Left to right: Xtalpi cofounders Ma Jian, Wen Shuhao and Lai Lipeng attend the company's IPO ceremony in Hong Kong on June 13, 2024. Shares of , a Shenzhen-based AI drug discovery startup, rose in its highly anticipated Hong Kong stock market debut Thursday, boosting its market capitalization to $2.5 billion. The company, formally known as QuantumPharm, finished its first day of trading at HK$5.8, up 9.8% from its HK$5.28-a-share price set for its initial public offering. Its stock surged as much as 24.6% in intraday trading. Xtalpi, which uses artificial intelligence and quantum computing to discover new drugs, raised HK$989.3 million ($126.7 million) in its listing. In its prospectus, Xtalpi said it will use the IPO proceeds for research and development, and to develop its AI and quantum computing technologies, as well as to fund overseas expansion in the U.S., Europe, East Asia (especially Hong Kong), Southeast Asia and the Middle East. Xtalpi was the first to go public un
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