4Paradigm, a platform-centric decision-making artificial intelligence company, announced today that it will be listed on the Main Board of the Hong Kong Stock Exchange with the stock code 6682.HK. On the first day of listing, 4Paradigm opened up 13.49% and was quoted at HK$63.1 per share, corresponding to a total market value of HK$29.3 billion. According to reports, Fourth Paradigm will sell a total of 18,396,000 shares in this IPO. Among them, the Hong Kong public offering was oversubscribed by approximately 11.4 times; the international offering was oversubscribed by approximately 1.57 times.
Xinhua Capital Management Co., Ltd., Zhongguancun Science City Company and Montage Technology participated in this issuance as cornerstone investors, with a total subscription of nearly US$100 million.
The net amount of funds raised by 4Paradigm this time is approximately HK$836 million. The funds raised will be used in the next three years to strengthen the company's basic research, technical capabilities and solution development, expand the company's products, establish the company's brand and enter new industry areas, seek strategic investment and acquisition opportunities to implement the company's long-term growth strategy and other areas.
Dai Wenyuan, Chairman and CEO of 4Paradigm, said: "FourParadigm has long been committed to assisting enterprises in intelligent transformation and promoting the development of artificial intelligence, and has grown into a leading enterprise in decision-making AI platforms. Today's successful listing on the Hong Kong Stock Exchange is an important milestone for 4Paradigm. In the future, we will continue to consolidate our technical barriers, continuously improve our commercialization capabilities, and continue to help our customers succeed in their business."