Three Chinese firms opened their retail books yesterday in Hong Kong with artificial intelligence software firm Beijing Fourth Paradigm aiming to raise up to HK$1.13 billion for its initial public offering.
The AI startup is selling 18.4 million shares in a price range of HK$55.6 to HK$61.16 each, according to its regulatory filings. The minimum investment is HK$6,178.
Three cornerstone investors, headed by New China Capital Management, have subscribed for about US$96.8 million(HK$755 million) worth of stock, which equates to 70.6 percent of the IPO, the filings show.
About 60 percent of the proceeds from the IPO will be allocated over the next three years to enhance its fundamental research, strengthen its technological capabilities, and develop solutions.
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 license from the US 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.
The other two share sales are from Chinese cloud hospital platform Neusoft Xikang and mobile games operator ZX.
Neusoft Xikang is targeting HK$790 million and offering 133.8 million shares with a minimum investment of HK$2,985.
And ZX is eyeing HK$270 million through the sale of 18.98 million shares, with a minimum investment of HK$2,828.
The three firms are to list on September 28.
In other news, venture capital firm Tian Tu Capital and agricultural products provider Shiyue Daotian passed their listing hearings on Sunday.
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