BRIEF: Fourth Paradigm nearly doubles stock float, pressuring shares
6682.HK
AI technology and services provider Beijing Fourth Paradigm Technology Co. Ltd. (6682.HK) announced it received stock exchange approval on Sept. 5 to convert nearly 132 million of its domestic shares into publicly traded H-shares. It added the conversion involved company stock held by 36 shareholders.
The conversion boosted Fourth Paradigm’s tradable H-shares to about 270 million, nearly doubling its float. Fourth Paradigm’s stock has fallen sharply recently, and is now down 68% from this year’s peak of HK$115. The addition of more shares to its float could put further pressure on its stock.
By Lau Chi Hang
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