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Chinese AI startup Beijing Fourth Paradigm has received regulatory approval for its initial public offering (IPO) listing in Hong Kong, according to a July 3 filing on the China Securities Regulatory Commission (CSRC) website.
With this approval, Fourth Paradigm now joins a handful of startup companies to get the nod from China’s securities regulator since the new IPO rules became effective this year.
The approval for the share offerings has been granted amidst increased regulatory scrutiny and extended waiting times for approvals, Reuters reported, citing sources familiar with the matter,
The news comes as new listing rules have been implemented following a regulatory crackdown on offshore listings, which became effective on March 31. On July 3, the CSRC (China Securities Regulatory Commission) gave the green light to Fourth Paradigm, also known as 4Paradigm, as well as another company, bringing the total number of firms approved this year to four. However, these companies are yet to go public.
Fourth Paradigm submitted its fourth IPO application to the Hong Kong Stock Exchange in April. It is worth noting that the company was included in the U.S. “Entity List” this year. Consequently, U.S. suppliers are prohibited from exporting U.S. technology to Fourth Paradigm unless they obtain a challenging license from the Commerce Department.
Founded in 2014, Fourth Paradigm offers a range of products that are extensively used in various sectors such as finance, retail, manufacturing, healthcare, energy and power, telecommunications, and more, as mentioned on its website. Notably, the CSRC filing indicates that notable investors in Fourth Paradigm include Goldman Sachs, Sinovation, Haitong International Investment, and several state-backed funds.
In terms of IPO coordination, China International Capital Corp, CCB International, China Merchants Securities, and CMB International are listed as coordinators according to the stock exchange filing.
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- Source: https://techstartups.com/2023/07/05/chinese-ai-startup-fourth-paradigm-receives-approval-for-hong-kong-ipo/
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