The context: In the latest draft prospectus, 4Paradigm modified its customer base by including industries in finance, retail, manufacturing, energy and power, telecommunications and healthcare. 4Paradigm also updated its filing with co-sponsors including Goldman Sachs and the state-backed investment fund CICC.
- The company’s clients include 55 firms in the Fortune 500. Overall corporate users of 4Paradigm’s services increased 82% year-on-year, totalling to 186.
- The tech firm has won numerous awards. IDC, an international market analysis corporation, ranked 4Paradigm with the largest AI market revenue share in the machine learning category for 2021 – its fourth consecutive year.
The takeaway: Beijing’s latest regulatory crackdowns put a damper on tech-related IPOs. Yet things appear to be looking up: Last week, at least six Chinese companies filed listings in New York. 4Paradigm’s reattempt at listing in Hong Kong might suggest that the months-long regulatory freeze is ending – only time will tell.