Three Chinese firms, led by artificial intelligence (AI) software company Beijing Fourth Paradigm, are aiming to raise up to US$280 million in Hong Kong initial public offerings launched on Monday.
Beijing Fourth Paradigm, an AI start-up, is aiming to raise up to US$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 US$96.8 million worth of stock, which equates to 70.6 per cent of the IPO, the filings showed.
Fourth Paradigm was added to the US “Entity List” this year, which means US suppliers are barred from shipping US technology to it unless they can procure a difficult-to-obtain licence from the Commerce Department.
China’s desperate stock investors await a stimulus ‘bazooka’
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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 US$81 million to US$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.
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ZX, the mobile games operator, is selling 18.97 million shares in a range between HK$11 to HK$14 each to raise between US$27 million and US$34 million, according to its prospectus.
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The news is published by EMEA Tribune & SCMP
