4Paradigm is the first startup backed by five state-owned banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank and Bank of Communications.
The international department of the China Securities Regulatory Commission disclosed approval materials for an overseas IPO submitted for review by 4Paradigm on July 29. If the materials are accepted, the Beijing-based AI firm will submit a prospectus to HKEX soon.
Dai Wenyuan, the founder and CEO of 4Paradigm, stated last year that he is actively exploring opportunities for listing on the STAR Board. There is currently no clear timetable for listing, but it has been put on the agenda. Dai Wenyuan said that it takes at least 6 months to prepare before the submission of the sci-tech innovation board.
According to Chinese data app Tianyancha, up to now, 4Paradigm has completed a total of 11 rounds of financing. Sequoia China, Sinovation Ventures, Yuexiu Industrial Fund, Lenovo Capital & Incubator Group, Primavera Capital have all been involved.
Up to now, 4Paradigm has more than 8000 customers, including the Industrial and Commercial Bank of China, China Merchants Bank, PetroChina, Parkson China, Yonghui Superstores, Ruijin Hospital and more, with about 12000 projects launched.
According to information on the company's official website, among the founders of the fourth paradigm, three have worked at Baidu and two have worked at Huawei.