Beijing Fourth Paradigm Technology, a Chinese artificial intelligence (AI) company, priced its Hong Kong IPO at the lower end of its guidance range.
The company priced its shares at 55.60 Hong Kong dollars ($7.11) a share, at the lower end of its initial range of 55.60 to 61.16 Hong Kong dollars.
The company said Wednesday that its shares will begin trading on the Hong Kong stock exchange on Sept. 28.
Fourth Paradigm, which provides AI software to businesses, has been put on an export blacklist by the US after it was accused of trying to acquire US technology to support "China's military modernisation".
The company said on Wednesday that the proceeds would be used to expand its business, including research and development.