Fourth Paradigm secures a strategic investment of HKD 1.3 billion from Nullstack Capital, doubling down on emerging fields such as AI and stablecoin.

The Fourth Paradigm issued an announcement on July 17, 2025, regarding the subscription agreement between the company and the subscriber. According to this agreement, the subscriber has conditionally agreed to subscribe, and the company has conditionally agreed to issue a total of 25.9 million subscription shares at a subscription price of HK$50.50 per share, with a total consideration of approximately HK$1.308 billion. The number of subscription shares is equivalent to approximately 8.78% of the H shares issued as of the date of this announcement and approximately 5.25% of the total issued shares; and following the issuance and distribution of subscription shares, the number of H shares issued will be increased by approximately 8.07% and the total issued shares will be increased by approximately 4.98%. On the same day, the company entered into a distribution agreement with the distribution agent regarding the subscription matters. According to the distribution agreement, the distribution agent has agreed to assist in completing the transactions proposed under the subscription agreement. The subscriber is managed by Infinite Capital Management Limited. Infinite Capital has headquarters in Hong Kong and Abu Dhabi, and is licensed by the Securities and Futures Commission and the Abu Dhabi Global Market Financial Services Regulatory Authority. Infinite Capital is wholly owned by Infini Capital Global, a holding company based in the Cayman Islands, with the ultimate beneficial owner being Tony Chin, the founder and Chief Investment Officer of Infinite Capital. As of the date of this announcement, besides Tony Chin, no other investor holds more than 30% of the fund's equity.