Artificial Intelligence (AI)
3 AI Companies in China Release IPOs in the Jurisdiction of Hong Kong
Cumulatively, the platforms have a strategy to collect a minimum amount of nearly $280 million with the help of the respective IPOs.
Well-known companies in mainland China have released their initial public offerings on Hong Kong’s stock exchange. Cumulatively, the platforms have a strategy to collect a minimum amount of nearly $280 million with the help of the respective IPOs. The leading firm Fourth Paradigm accomplished the required processes for the IPO in July this year.
3 China-Based AI Platforms Offer Initial Public Offerings in Hong Kong
In addition to this, it received the formal go-ahead signal from the China Securities Regulatory Commission (CSRC). In this way, it can organize offerings following 3 former failures. The approval emerges following the regulatory agency’s implementation of exclusive rules that permit offshore listings. At present, the company is above the 2 other companies from China to seek funding via conventional IPOs.
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This IPO shows that 3 cornerstone investors, under the lead of New China Capital Management, have expressed resilient interest. They subscribed for a stock worth nearly $96.8M, accounting for approximately 70.6% of the cumulative offering. As per a Monday filing, Fourth Paradigm intends to obtain almost $144M by releasing 18.4M shares.
The IPOs Target Securing $280 Million with These IPOs
Each of the shares will have a price ranging between HK$55.60 and HK$61.16. Fourth Paradigm, which started its operations back in 2014’s September, boasts diverse product offerings in several industries. They take into account telecommunications, energy, healthcare, retail manufacturing, and finance. Apart from Fourth Paradigm, another Chinese platform called Neusoft Xikang is aiming at an IPO.
In this respect, it wants to collect approximately $81M and $101M by trading 133.8M shares. The price of the respective shares is ranged between HK$4.76 and HK$5.91 each. Analogously, ZX Inc. is the 3rd company in the case of IPO. It is an operator of mobile games and offers 18.97M shares. The price of these shares ranges from HK$11 and HK$14 each. Cumulatively, the companies intend to secure $280M with these offerings.
