On September 28, 2023, Beijing Fourth Paradigm Technology Co., Ltd. (stock code: 06682, “4Paradigm” or the “Company”) was successfully listed on the Main Board of the Stock Exchange of Hong Kong Limited (the “HKEx”). 4Paradigm issued a total of 18,396,000 H shares in the IPO, with an over-allotment of up to 2,759,400 H shares at the issue price of HK$55.60 per share, raising gross proceeds of approximately US$150 million (if the over-allotment option is exercised in full). 4Paradigm is the first company to complete the filing with the CSRC and successfully issue H shares in accordance with the Trial Measures for the Administration of Overseas Securities Offering and Listing by Domestic Enterprises (the “New Rules on Overseas Listing”) after the same came into effect on March 31, 2023.
Founded in 2014, 4Paradigm is a leader in enterprise AI. The Company offers platform-centric AI solutions that can be rapidly deployed by enterprises on a large scale to uncover hidden patterns in data and comprehensively enhance their decision-making capabilities. 4Paradigm was the largest player by revenue in the platform-centric decision-making AI market in China in 2022, having a market share of 22.6%, according to the CIC Report. In March 2023, 4Paradigm launched SageGPT, an enterprise-grade generative AI product specially designed for business scenarios. SageGPT features multimodal interaction and enterprise-ready AI tools.
JunHe’s team participated in the formulation of the employee equity incentive plan. It participated in the Company’s shareholding reform and filed an application with and replied to inquiries from the CSRC under the old rules. JunHe’s team replied to inquiries from the HKEx, made filings and filed an inquiry response under the New Rules on Overseas Listing, drafted the agreement on the termination and the restoration of special rights, and negotiated with investors. They also assisted the Company with its in-depth communication with investors as well as the domestic and foreign securities regulators. As the legal counsel to the Company in its Series A, A+, B, B+, C, D, D+ and D+2 financing, JunHe’s team helped the Company complete the successful listing with their rich IPO experience and professional legal services and will continue to provide it with ongoing services.
The JunHe team responsible for the pre-IPO financing was led by partner JIANG, Wenjun (Kelvin), and the JunHe team responsible for the IPO was led by partners JIANG, Wenjun (Kelvin) and SHI, Tiejun. Partner JIANG, Wenjun (Kelvin) was also responsible for the specific work at each phase of the project, with support from partners BU, Zhen, WAN, Shang and ZHU, Chong. Partner LI, Zhi was responsible for the internal review of the IPO. JunHe partners DONG, Xiao (Marissa) and YUAN, Qiong (Lena) provided great support with respect to the Company’s data compliance and cybersecurity issues during the IPO application.