SYDNEY: Three Chinese companies, led by AI software company Beijing Fourth Paradigm, are aiming to raise up to USD 280 million in Hong Kong IPOs launched on Monday.
Beijing Four Paradigm, an AI startup, aims to raise up to USD 144 million by selling 18.4 million shares in a price range of HK USD 55.60 to HK USD 61.16 per share, according to its regulatory filings.
Three cornerstone investors, headed by New China Capital Management, have subscribed for shares worth about USD 96.8 million, which equates to 70.6% of the IPO, filings showed.
This year, Fourth Paradigm was added to the US Entity List, meaning US suppliers are prohibited from shipping US technology to it unless they can procure a difficult-to-obtain license from the Commerce Department.
Fourth Paradigm was founded in September 2014, and its products have been used in finance, retail, manufacturing, healthcare, energy, telecommunications, healthcare, and other sectors, according to its website.
Separately, Chinese cloud hospital platform Neusoft Xikang aims to raise between USD 81 million and USD 101 million by selling 133.8 million shares, regulatory filings showed.
The stock is being sold in a price range of HK USD 4.76 to HK USD 5.91 each.
Mobile game operator ZX Inc. is selling 18.97 million shares in a range between HK USD 11 and HK USD 14 per share to raise between USD 27 million and USD 34 million, according to its prospectus.
Also Read: Binance to airdrop USD 500,000 in BNB tokens to Libya flood victims