Beijing Fourth Paradigm Technology, an AI firm, is one of a few companies to receive approval from China’s securities regulator for a Hong Kong initial public offering since new laws took effect this year.
The China Securities Regulatory Commission (CSRC) website reported on July 3 that the company completed its offshore listing filing.
According to reports, new listing regulations have increased regulatory scrutiny of share-offering bids, delaying approval times.
After an offshore listing crackdown, the new restrictions took effect on March 31. Fourth Paradigm and another company received CSRC approval on July 3, joining two other firms this year. They’re still private.
4Paradigm submitted its fourth IPO application to the Hong Kong Stock Exchange in April.
The Commerce Department’s difficult-to-obtain authorization is required for U.S. suppliers to ship technology to the corporation, which was added to the “Entity List” this year.
Fourth Paradigm’s products are used in banking, retail, manufacturing, healthcare, energy and power, telecommunications, healthcare, and other industries.
The CSRC document listed Goldman Sachs (GS.N), Sinovation, Haitong International Investment, and state-backed funds as Fourth Paradigm investors.
The stock exchange filing lists China International Capital Corp, CCB International, China Merchants Securities, and CMB International as IPO coordinators.
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