Beijing Based AI Startup 4Paradigm to file for IPO on Hong Kong Stock Exchange

Beijing Fourth Paradigm Technology, an artificial intelligence startup, has finished preliminary work for a Hong Kong initial public offering, becoming one of only a few companies to receive approval from China's securities regulator since new rules went into force this year.

According to a July 3 filing on the China Securities Regulatory Commission (CSRC) website, the company has successfully completed the offshore listing registration process.

The decision comes at a time when regulatory scrutiny of bids for share offerings has increased in the aftermath of new listing requirements, delaying the approval process, according to sources.

The new guidelines, which were implemented following a regulatory crackdown on offshore listings, went into effect on March 31. Fourth Paradigm and one other company were approved by the CSRC on July 3, joining two other companies this year. They have not yet gone public.

Fourth Paradigm, commonly known as 4Paradigm, filed its fourth initial public offering (IPO) application with the Hong Kong Stock Exchange in April.

The corporation was included to the US "Entity List" this year, which implies that US suppliers are prohibited from delivering US technology to it unless they receive a difficult-to-obtain licence from the Commerce Department.

Fourth Paradigm was founded in September 2014, and its technologies have been widely used in banking, retail, manufacturing, healthcare, energy and power, telecommunications, healthcare, and other areas, according to its website.