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Home»Business»Chinese AI firm Fourth Paradigm leads Hong Kong IPO surge to raise $280 million
Business

Chinese AI firm Fourth Paradigm leads Hong Kong IPO surge to raise $280 million

September 18, 2023No Comments2 Mins Read
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Fourth Paradigm (also known as 4Paradigm) sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai

Fourth Paradigm (also known as 4Paradigm) sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. REUTERS/Aly Song/File Photo Acquire Licensing Rights

SYDNEY, Sept 18 (Reuters) – Three Chinese firms, led by AI software company Beijing Fourth Paradigm, are aiming to raise up to $280 million in Hong Kong initial public offerings launched on Monday.

Beijing Fourth Paradigm, an AI startup, is aiming to raise up to $144 million by selling 18.4 million shares in a price range of HK$55.60 to HK$61.16 each, according to its regulatory filings.

Three cornerstone investors, headed by New China Capital Management, have subscribed for about $96.8 million worth of stock, which equates to 70.6% of the IPO, the filings showed.

Fourth Paradigm was added to the U.S. “Entity List” this year, which means U.S. suppliers are barred from shipping U.S. technology to it unless they can procure a difficult-to-obtain licence from the Commerce Department.

Founded in September 2014, Fourth Paradigm’s products have been used in finance, retail, manufacturing, healthcare, energy and power, telecommunications, healthcare and other sectors, according to its website.

Separately, Chinese cloud hospital platform Neusoft Xikang is aiming to raise $81 million to $101 million by selling 133.8 million shares, regulatory filings showed.

The stock is being sold in a price range of HK$4.76 to HK$5.91 each.

ZX Inc, the mobile games operator, is selling 18.97 million shares in a range between HK$11 to HK$14 each to raise between $27 million and $34 million, according to its prospectus.

Reporting by Scott Murdoch in Sydney; Editing by Stephen Coates

See also  Buy now, pay later firm Klarna reduces losses by 67%, revenue up 21%

: .

Acquire Licensing Rights, opens new tab

Scott Murdoch has been a journalist for more than two decades working for Thomson Reuters and News Corp in Australia. He has specialised in financial journalism for most of his career and covers equity and debt capital markets across Asia and Australian M&A. He is based in Sydney.

Chinese Firm Fourth Hong IPO Kong leads million Paradigm raise surge
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