Chinese AI startup Beijing Fourth Paradigm Technology has completed procedural work for a Hong Kong IPO, according to a filing on the website of the China Securities Regulatory Commission (CSRC), becoming only one of a handful of firms to be approved by the securities regulator since new rules became effective this year.
The new rules, put in place after a regulatory crackdown on offshore listings, became effective on March 31. Fourth Paradigm and one other company got the CSRC greenlight on July 3, adding to two other firms this year.
Fourth Paradigm, also known as 4Paradigm, filed its fourth IPO application to the Hong Kong Stock Exchange in April.
Founded in September 2014, Fourth Paradigm’s products have been widely used in finance, retail, manufacturing, healthcare, energy and power, telecommunications, healthcare and other sectors, its website said. The company was added to the US “Entity List” this year, meaning US suppliers are barred from shipping technology to it unless they can get a license from the Commerce Department.