Paradigm Intelligence initiates listing counseling, plans to return to A-share listing

Paradigm Intelligent, an AI technology and services provider, launches its A-share listing process.

On March 25, the website of the CSRC showed that Paradigm Intelligent Technology Group Co., Ltd. (the company’s abbreviated name is “Paradigm Intelligent”) officially submitted an IPO counseling filing to the Beijing CSRC office. The sponsoring underwriting firm is Huatai United.

According to the website, Paradigm Intelligent’s mission is “AI for Everyone.” The company hopes to deliver the benefits of the AI era to every organization and individual through AI technology, products, and services. Paradigm Intelligent is committed to diversified business development and currently has an enterprise services segment and a consumer electronics segment. 4Paradigm, which targets the enterprise services market, uses its AI platform to address the efficiency, cost, and value challenges enterprises face in their intelligent transformation, and to enhance their core competitiveness. Phancy, targeting the consumer electronics market, uses AI software and hardware solutions so that every traditional device can become an intelligent AI terminal.

It is worth noting that Paradigm Intelligent’s original name was “Beijing Fourth Paradigm Intelligent Technology Co., Ltd.” (abbreviated as “Fourth Paradigm”). Founded in 2014, it is an AI technology and services provider specializing in decision-focused artificial intelligence products. The company builds its offering around an enterprise-level AI platform called “Sage,” providing AI solutions and services to multiple industries including finance, retail, manufacturing, energy, and healthcare. In March 2025, the company announced a strategic upgrade to “Paradigm Group,” adding a consumer electronics (Phancy) business segment on top of its existing enterprise services foundation. In January 2026, the company’s Chinese name was officially changed to “Paradigm Intelligent Technology Group Co., Ltd.”

As it is understood, Paradigm Intelligent’s main products and services include the Fourth Paradigm Sage AI platform (4Paradigm Sage), the SHIFT intelligent solutions (4Paradigm SHIFT), and the Shi Shuo AIGS service (4Paradigm AIGS). The company also launched an integrated large-model inference solution called SageOne Lite, and has collaborated with partners such as Huawei Ascend to work together on domestic computing power adaptation and integrated software-and-hardware solutions. The company’s enterprise-level agent has been deployed in enterprises across more than 14 industries such as finance, aviation, automobiles, healthcare, energy, retail, ports, water conservancy, and education.

Paradigm Intelligent was listed on the Hong Kong Stock Exchange on September 28, 2023 (06682.HK). On March 26, Paradigm Intelligent announced that it plans to conduct its first issuance of Renminbi ordinary shares in Mainland China and list on the SZSE (the “proposed A-share offering”), and has obtained, on March 25, 2026, the Beijing CSRC office’s approval by notification regarding the filing for counseling registration prior to the company’s proposed A-share offering and listing. The company has appointed Huatai United as the pre-listing counseling institution for matters related to its proposed A-share offering and has entered into a counseling agreement with it.

In terms of performance, in the first half of 2025, Paradigm Intelligent achieved operating revenue of RMB 2.626 billion (same below), with a net profit of -RMB 0.67 billion, and its net loss narrowed further. In the first three quarters of 2025, Paradigm Intelligent achieved operating revenue of RMB 4.402 billion, up 36.8% year over year; gross profit of RMB 1.621 billion, up 20.1% year over year; and it achieved profitability in a single quarter for the first time.

Regarding the equity structure, according to the counseling documents, Dai Wenyuan directly holds 20.43% of Paradigm Intelligent’s shares, and through controlling Paradigm Tianjin, Paradigm Inyuan, and Nanjing Paradigm, it indirectly controls the voting rights corresponding to 10.71%, 1.65%, and 1.46% of the company’s shares, respectively. In total, it controls voting rights corresponding to 34.25% of Paradigm Intelligent’s shares, making it Paradigm Intelligent’s controlling shareholder and actual controller.