XtalPi Holdings Limited (XTALPI, 02228.HK) filed a resubmitted Monthly Return for the period ended 30 June 2026, detailing a modest expansion of its issued share base alongside sizeable outstanding equity-linked instruments. Key takeaways are as follows:
1. Issued Share Capital • Total issued ordinary shares rose by 97,918 to 4,303,469,679, a 0.0023 % month-on-month increase. • No treasury shares were held, and the company confirmed compliance with the 25 % public-float requirement.
2. Authorised Capital • Authorised share capital remained unchanged at 100 billion ordinary shares with a par value of USD 0.00001, equivalent to USD 1.00 million.
3. Equity Incentive Movements • Pre-IPO ESOP: 204,000 options were exercised and 75,000 cancelled, leaving 217.65 million options outstanding. • Post-IPO Share Option Scheme: 11.23 million options outstanding; the scheme still permits issuance of up to 180.45 million shares. • Post-IPO RSU Scheme: 97,918 new shares were issued during the month, with 12.17 million shares remaining available for future grants.
4. Convertible Bonds • Zero-coupon convertible bonds due 2027 total HKD 2.87 billion. At the conversion price of HKD 13.85, full conversion would add up to 206.93 million shares.
5. Aggregate Potential Dilution • Shares that could be issued from outstanding options, RSUs and convertible bonds amount to roughly 399.55 million, equivalent to 9.28 % of the company’s current issued share capital.
XtalPi’s incremental share issuance in June was minimal, but the sizeable pool of unexercised options, unvested RSUs and convertible bonds represents a meaningful source of prospective dilution should these instruments be fully exercised or converted.
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