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

Three Chinese firms, including AI software company Beijing Fourth Paradigm, are planning to raise up to $280 million in Hong Kong initial public offerings (IPOs). Beijing Fourth Paradigm aims to raise up to $144 million by selling 18.4 million shares, with three cornerstone investors subscribing for about $96.8 million worth of stock, equating to 70.6% of the IPO. The company was added to the U.S. "Entity List" this year, barring U.S. suppliers from shipping technology to it without a difficult-to-obtain licence.

In separate IPOs, Chinese cloud hospital platform Neusoft Xikang is aiming to raise between $81 million and $101 million, and mobile games operator ZX Inc plans to raise between $27 million and $34 million. The news comes despite Fourth Paradigm being added to the U.S. "Entity List", which restricts U.S. suppliers from shipping technology to the company without a specific licence.

Key takeaways

Three Chinese firms, including AI software company Beijing Fourth Paradigm, are planning to raise up to $280 million in Hong Kong initial public offerings.
Beijing Fourth Paradigm aims to raise up to $144 million by selling 18.4 million shares at a price range of HK$55.60 to HK$61.16 each.
Three cornerstone investors, led by New China Capital Management, have subscribed for about $96.8 million worth of stock, which is 70.6% of the IPO.
Chinese cloud hospital platform Neusoft Xikang and mobile games operator ZX Inc are also aiming to raise $81 million to $101 million and $27 million to $34 million respectively through their IPOs.

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

Key takeaways

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