Paradigm Intelligence initiates A-share IPO, with its first single-quarter profit in Q3 last year.

Why Did AI Paradigm Intelligence Quickly Kick Off an A-Share IPO After Listing on the Hong Kong Stock Exchange?

On the eve of its proposed A-Share listing, it had just changed its name and logo to remove the “Fourth.”

By | Zhitong IPO ID: zhitongIPO

Author | Sun Yuan

On March 26, according to disclosures on the China Securities Regulatory Commission website, Paradigm Intelligence Technology Group Co., Ltd. (hereinafter referred to as “Paradigm Intelligence”) completed filing for tutor registration with the Beijing Securities Regulatory Bureau. It plans to make a first public offering of shares and list on the Shenzhen Stock Exchange. The sponsoring brokerage is Huatai United Securities.

Source: CSRC

Notably, just before its proposed A-Share listing, Paradigm Intelligence had only just completed the name change.

On March 17, its latest announcement stated that it had formally completed the registration procedures for the company’s Chinese name. Its Chinese name was changed from “Beijing Fourth Paradigm Intelligence Technology Co., Ltd.” to “Paradigm Intelligence Technology Group Co., Ltd.”

At the same time, the company also replaced its new logo, adopting a completely new design and removing the two characters “Fourth.”

Founded in 2014, Paradigm Intelligence is a leading company in the enterprise artificial intelligence sector. It provides platform-centered artificial intelligence solutions that enable companies to achieve rapid, large-scale transformation and deployment of AI, uncover hidden patterns in data, and comprehensively enhance companies’ business decision-making capabilities. It was listed on the Hong Kong Stock Exchange in September 2023.

At present, Paradigm Intelligence’s main business is the R&D and industrial deployment of decision-oriented AI and large model technologies. With the development理念 of “AI for Everyone,” it adopts the “Agent + world model” technical architecture. Related AI solutions have already achieved large-scale deployment across more than 20 industries, including finance, retail, healthcare, and energy.

In terms of its technology roadmap, the company’s core products include the Sage AIOS development platform, the SageOne computing power integrated machine, and models such as Shi Shuo (式说) large models.

In the first three quarters of 2025, the company’s total revenue was RMB 4.4B, up 36.8% year over year, far exceeding the growth rate in the same period last year. Its gross profit was RMB 1.62B, up 20.1% year over year, with a clear improvement versus the same period last year. The gross margin was 36.8%, remaining generally steady overall.

Of particular note is that in the third quarter, the company’s business grew at a high speed, while the cost and expense structure continued to be optimized. For the first time, it achieved profitability in a single quarter.

In the third quarter, Paradigm Intelligence’s R&D expenses were RMB 1.49B, up 8.4% year over year. The R&D expense rate was 33.8%, down 8.9 percentage points year over year, significantly improving the efficiency of R&D input and output.

In the same period, the number of flagship users was 103, up 5% year over year. The average revenue contribution from flagship users was RMB 25M, up 71.4% year over year.

For this A-share listing back to A-shares, the company’s board chairman, executive director, chief executive officer, and general manager Dai Wenrun directly holds 20.43% of Paradigm Intelligence’s shares, and also indirectly controls the company’s voting rights by controlling Paradigm Tianjin, Paradigm Yinyuan, and Nanjing Paradigm, corresponding to 10.71%, 1.65%, and 1.46% shares, respectively, for a total control of 34.25% of the company’s voting rights. This makes him the company’s controlling shareholder and de facto controller.

Dai Wenrun, 43 years old this year, graduated from Shanghai Jiao Tong University. He earned a PhD in Computer Science and Engineering from the Hong Kong University of Science and Technology. He once won the world championship in the ACM programming contest.

Before founding Paradigm Intelligence, he was the head of the Baidu Fengchao system. He also served as a Principal Researcher in Huawei Noah’s Ark Lab, where he led the Baidu Fengchao team to build China’s largest machine learning system and the world’s first commercial deep learning system—an core driver of Baidu’s performance consistently exceeding Wall Street expectations between 2009 and 2013.

Source: Baidu Stock Market Express

As of now, Paradigm Intelligence’s share price is HK$36.58 per share. Compared with HK$35.5 per share at today’s open, it has risen by 1.44%, and its market capitalization is HK$18.96B.

Previously, Paradigm Intelligence’s share price peaked at HK$115 per share in March 2024, and its market capitalization reached a maximum of nearly HK$59.6 billion.

(First image source: TuChong)