Reuters
Beijing Fourth Paradigm to price Hong Kong IPO at low end of range -source
Chinese artificial intelligence startup Beijing Fourth Paradigm is set to price its shares at HK$55.6 each, the low end of the price range, to raise HK$1.023 billion ($131 million), a source with direct knowledge of the matter said. Fourth Paradigm, which declined to comment, was added to the U.S. “Entity List” this year, which means U.S. suppliers are barred from shipping U.S. technology to it unless they can procure a hard-to-obtain licence from the Commerce Department. Fourth Paradigm is selling 18.4 million shares in the IPO and had flagged a price range to investors of HK$55.60 to HK$61.16 each, according to its regulatory filings.