The spotlight is on three Chinese firms with Beijing’s Fourth Paradigm taking the lead.
Here are the key points to know:
Beijing Fourth Paradigm is setting the stage high, aiming to secure $144M from the sale of 18.4 million shares, priced between HK$55.60 and HK$61.16 per share.
Already off to a promising start, Fourth Paradigm has secured $96.8M in stock from three cornerstone investors, with New China Capital Management at the helm. This accounts for an impressive 70.6% of the IPO.
However, Fourth Paradigm's recent addition to the U.S. "Entity List" means they need a permit from the Commerce Department for tech shipments from U.S. suppliers.
Established in 2014, Fourth Paradigm has been involved in various sectors, including finance, retail, manufacturing, healthcare, and more, using their AI expertise.
Two other players are also in the race: Neusoft Xikang, the cloud hospital platform, is putting forward 133.8 million shares, hoping to bag between $81M and $101M. While ZX Inc, the mobile game operator, is offering 18.97 million shares at a range of HK$11 to HK$14 each, targeting a collection of $27M to $34M.