Three Chinese companies, led by the AI software firm Beijing Fourth Paradigm, have initiated Hong Kong’s initial public offerings (IPOs) on Monday, with the objective of collectively raising up to $280 million.
Fourth Paradigm, a startup specializing in artificial intelligence, has set a fundraising target of up to $144 million by offering 18.4 million shares, priced within a range of HK$55.60 to HK$61.16 per share, as indicated in their regulatory documents.
According to the filings, three investors, led by New China Capital Management, have committed to purchasing approximately $96.8 million worth of shares, constituting 70.6% of the total IPO.
Fourth Paradigm was placed on the U.S. “Entity List,” preventing American suppliers from exporting U.S. technology to them without a challenging-to-obtain license from the Commerce Department.
Founded in September 2014, Fourth Paradigm’s products have found applications in various sectors, including finance, retail, manufacturing, healthcare, energy, telecommunications, and more, as indicated on its website.
(Source: Scott Murdoch | Reuters)
