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

The artificial intelligence technology and service provider Paradigm Smart is set to relist on the A-share market.

On March 25, the official website of the China Securities Regulatory Commission (CSRC) announced that Paradigm Smart Technology Group Co., Ltd. (referred to as “Paradigm Smart”) has officially submitted an IPO counseling record to the Beijing Securities Regulatory Bureau, with Huatai United Securities as the counseling broker.

The website states that Paradigm Smart’s mission is “AI for Everyone,” aiming to leverage AI technology, products, and services to ensure the benefits of the AI era reach every organization and individual. Paradigm Smart adheres to diversified business development and currently has both enterprise services and consumer electronics sectors. Fourth Paradigm targets enterprise services, addressing efficiency, cost, and value issues faced during enterprises’ intelligent transformation through its AI platform, enhancing the core competitiveness of businesses. Phancy focuses on the consumer electronics market, providing AI software and hardware solutions that allow every traditional device to become an AI smart terminal.

It is noteworthy that Paradigm Smart was originally named “Beijing Fourth Paradigm Intelligent Technology Co., Ltd.” (referred to as “Fourth Paradigm”), established in 2014, and is a provider of artificial intelligence technology and services, focusing on decision-making AI products. The company’s core enterprise-level AI platform “Sage” provides 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 the consumer electronics (Phancy) business segment based on its existing enterprise services. In January 2026, the company’s Chinese name was officially changed to “Paradigm Smart Technology Group Co., Ltd.”

It is understood that Paradigm Smart’s main products and services include the Fourth Paradigm Sage AI platform (4Paradigm Sage), SHIFT intelligent solutions (4Paradigm SHIFT), and Shishuo AIGS services (4Paradigm AIGS). The company also launched the large model inference integration solution SageOne Lite and collaborated with partners such as Huawei Ascend in areas like domestic computing power adaptation and integrated software-hardware solutions. The company’s enterprise-level agents have been implemented in enterprises across more than 14 industries, including finance, aviation, automotive, healthcare, energy, retail, ports, water conservancy, and education.

Paradigm Smart was listed on the Hong Kong Stock Exchange (06682.HK) on September 28, 2023. On March 26, Paradigm Smart announced that the company plans to issue ordinary shares in Renminbi for the first time in China and list on the Shenzhen Stock Exchange (“proposed A-share issuance”), and has received notification from the Beijing Securities Regulatory Bureau on March 25, 2026, approving the company’s filing for pre-listing counseling related to the proposed A-share issuance. The company has appointed Huatai United as the pre-listing counseling institution for the proposed A-share issuance and has signed a counseling agreement with them.

In terms of performance, in the first half of 2025, Paradigm Smart achieved operating revenue of 2.626 billion yuan (RMB, the same below), with a net profit of -67 million yuan, and the net loss further narrowed. In the first three quarters of 2025, Paradigm Smart achieved operating revenue of 4.402 billion yuan, a year-on-year increase of 36.8%, with a gross profit of 1.621 billion yuan, a year-on-year increase of 20.1%, and achieved quarterly profitability for the first time.

Regarding the equity structure, the counseling documents show that Dai Wenyuan directly holds 20.43% of Paradigm Smart’s shares and indirectly controls 10.71%, 1.65%, and 1.46% of the voting rights of the company through controlling Paradigm Tianjin, Paradigm Yinyuan, and Nanjing Paradigm, respectively, totaling 34.25% of the voting rights of Paradigm Smart, making him the controlling shareholder and actual controller of Paradigm Smart.