The fourth paradigm of domestic AI start-ups has been approved by the Securities Regulatory Commission for IPO in Hong Kong, and is expected to hold a listing hearing in the near future.

CTOnews.com, July 5, according to an announcement on the official website of the China Securities Regulatory Commission, Beijing fourth Paradigm Technology Co., Ltd., a domestic AI start-up, has completed the procedural work of IPO on the Hong Kong Stock Exchange and obtained the approval of the China Securities Regulatory Commission, and is expected to conduct a listing hearing in the near future.

The fourth paradigm (4Paradigm) submitted its fourth IPO application to the Hong Kong Stock Exchange in April this year and was approved by the China Securities Regulatory Commission on July 3. Investors in the fourth paradigm include Goldman Sachs, Innovation works, Tencent and other companies and institutions, with China International Capital Corporation, Jianyin International, China Merchants Securities and China Merchants International as co-sponsors of the IPO, according to CSRC documents.

The fourth paradigm was founded in September 2014, and its main product is a complete set of end-to-end AI solutions, the Prophet platform, which can help enterprises achieve rapid, large-scale deployment. At present, the products of the fourth paradigm have been widely used in finance, retail, manufacturing, health care, energy, telecommunications and other fields.

CTOnews.com previously reported that the fourth paradigm's prospectus disclosed data showing that from 2020 to 2022, the fourth paradigm's revenue was 942 million yuan, 2.018 billion yuan and 3.083 billion yuan, respectively (all in RMB, the same below), but the company is still losing money. The adjusted net loss of the fourth paradigm from 2020 to 2022 is 390 million yuan, 559 million yuan and 504 million yuan respectively.