© Reuters. 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
By Scott Murdoch
SYDNEY (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.
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