HONG KONG : Beijing Fourth Paradigm Technology, an AI startup, has completed procedural work for a Hong Kong initial public offering, becoming only one of a handful of companies to get the nod from China's securities regulator since new rules became effective this year.
The greenlight comes at time when regulatory scrutiny of proposals for share offerings has intensified in the wake of new listing rules, lengthening the waiting time for approvals, sources have said. 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.