By P.R. Venkat
The Chinese artificial intelligence company Beijing Fourth Paradigm Technology set its Hong Kong initial public offering price at the lower end of its range.
The company fixed the price at 55.60 Hong Kong dollars ($7.11) per share, at the lower end of its initial price guidance of HK$55.60 to HK$61.16.
Shares of the company will start trading on the Hong Kong Exchange from Sept. 28., the company said Wednesday.
Fourth Paradigm, which offers AI software for businesses, is on a U.S. export blacklist on allegations that the company is trying to acquire U.S. technology to support, “China’s military modernization.”
The company said Wednesday proceeds will be used for business expansion, including research and development.
Write to P.R. Venkat at [email protected]
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