Chinese AI firm Fourth Paradigm leads Hong Kong IPO surge to raise $280 million

Three Chinese firms, led by AI software company Beijing Fourth Paradigm, are aiming to raise up to $280 million in Hong Kong initial public offerings launched on Monday.

Beijing Fourth Paradigm, an AI startup, is aiming to raise up to $144 million by selling 18.4 million shares in a price range of HK$55.60 to HK$61.16 each, according to its regulatory filings.

Three cornerstone investors, headed by New China Capital Management, have subscribed for about $96.8 million worth of stock, which equates to 70.6% of the IPO, the filings showed.