China’s AI unicorn Fourth Paradigm, after three previous attempts, has successfully listed on the HKEX raising HKD1.02 billion (USD130 million).
The listing was facilitated with the assistance of Davis Polk, JunHe, Jacobson Burton Kelley, O’Melveny, and Commerce & Finance Law Office.
Davis Polk’s co-head of Asia (excluding Japan) He Li, partners Jason Xu and Li Ran served as Fourth Paradigm’s counsel for Hong Kong and US laws, while Jacobson Burton Kelley acted as the US export control counsel.
Partners Kelvin Jiang and Shi Tiejun at JunHe advised the issuer on PRC law, with support from Bu Zhen and Li Zhi. Partners Marissa Dong and Lena Yuan offered data compliance and cyber security advice, respectively.
O’Melveny, led by corporate partners Zhu Ke, Geng Ke and Sun Ye, acted as Hong Kong and US counsel to 22 underwriters, including sole sponsor CICC. The team received support from partners Billy Abbott, Kurt Berney, Luc Moritz, Greta Nightingale and Robert Plesnarski.
Commerce & Finance offered PRC law advice to CICC.
The cornerstone investors – including New China Asset Management, Beijing Zhongguancun Science City Science and Technology Growth Investment Partnership and Montage Technology Holdings – subscribed to HKD754 million worth of shares, representing 73.75% of the total offering.
Fourth Paradigm has filed prospectuses four times since 2021, and had also undertaken 11 rounds of financing, amounting to approximately RMB6.6 billion.