AI firm 4Paradigm eyes $1.4 billion in share placement

Chinese artificial intelligence company Beijing Fourth Paradigm Technology (6682) has announced a placement of up to 27.92 million shares at HK$50.20 apiece to raise over HK$1.4 billion.

This rate represents a discount of 11.62 percent compared to yesterday's closing price of HK$56.80.

4Paradigm plans to issue the placing shares to no less than six places.

The company expects that the net proceeds from the placing will be HK$1.39 billion, which will be used for the research and development of core products as well as business expansion.

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