
Chinese AI unicorn 4Paradigm makes third IPO attempt in Hong Kong, but cites chip supply risks amid US sanctions
- After two previous applications to list in Hong Kong lapsed for unknown reasons, the developer of specialised AI software hopes the third time’s the charm
- 4Paradigm faces risks of tightened semiconductor shipments and tense US-China relations that already frustrated IPOs from AI giants SenseTime and Megvii
The company is the latest Chinese AI company to pursue a public listing in the city amid growing tensions between Beijing and Washington, which has targeted firms developing the cutting-edge technology and limited access to advanced semiconductors, a critical component for powering AI computing.
As a result, 4Paradigm warned that “export controls and economic or trade restrictions” may impact its business, according to its latest prospectus filed with the Hong Kong stock exchange on Monday.
Previous applications to go public in August 2021 and last February lapsed for unknown reasons.
Beijing forges ahead with all-in chip effort, brushing aside setbacks
Like many of its AI peers, 4Paradigm remains in the red. Its net loss in the first half of the year totalled nearly 204 million yuan (US$29.4 million), 19 per cent less than what it lost in the same period last year. Revenue grew 34 per cent to nearly 1.1 billion yuan in the same period, according to its prospectus.
4Paradigm has so far been left unscathed.

