AI Unicorn 4Paradigm Plans to List in Hong Kong

4
(Source: 4Paradigm)

The international department of the China Securities Regulatory Commission on July 29 disclosed approval materials for an overseas IPO submitted for review by 4Paradigm, a Beijing-based artificial intelligence technology company. If the materials are accepted, 4Paradigm will submit a prospectus to HKEx soon.

As early as August 2020, Dai Wenyuan, founder and CEO of the firm, said that “4Paradigm is actively looking for listing opportunities in the STAR Market. There is no particularly clear timetable for listing, but it has been put on the agenda.”

4Paradigm carried out pre-IPO round financing in October, 2020. At that time, some media outlets reported that the company had planned to file for an IPO at the end of 2020 or the first quarter of 2021. The company’s desired locale for listing had not yet been finalized, with the US and Hong Kong both under consideration.

Established in 2014, 4Paradigm is an artificial intelligence platform and technical service provider. The company mainly helps customers to upgrade intelligently through AI, accelerates the transformation process of traditional industries and improves the operational efficiency of enterprises.

Up to now, 4Paradigm has more than 8,000 customers, including the Industrial and Commercial Bank of China, China Merchants Bank, PetroChina, Parkson China, Yonghui Superstores, Ruijin Hospital and more, with about 12,000 projects launched.

Finance represents an important business segment for the company, and 4Paradigm is cooperating with more than 80% of state-owned and joint-stock commercial banks in China. During the epidemic period, the company also participated in epidemic prevention and control, screening and tracking.

TianYanCha, an enterprise information, business data and management personnel query system, shows that up to now, 4Paradigm has completed 11 rounds of financing. Sequoia China, Sinovation Ventures, Yuexiu Industrial Fund, Lenovo Capital & Incubator Group, Primavera Capital have all been involved.

4Paradigm is also the first enterprise to be invested in by five major state-owned banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank and Bank of Communications. As early as April 2020, in the C+ round of financing, the valuation of 4Paradigm was as high as $2 billion.

SEE ALSO: Chinese AI Unicorn 4Paradigm Raises $230M at Nearly $2B Post-Money Valuation

According to the company’s official website, three of the four founders have worked at Baidu and two have worked at Huawei.