China AI startup Megvii files for Hong Kong IPO: report

August 26, 2019 13:01
Megvii, known for its facial recognition platform, is said to be proceeding with plans for a Hong Kong listing despite the ongoing social unrest in the city. Photo: Bloomberg

Megvii Technology, a Beijing-based artificial intelligence (AI) startup, has filed for an initial public offering (IPO) of at least US$500 million in Hong Kong, Reuters reports, citing sources.

The company, which is backed by Alibaba, is moving ahead with its planned float even as some other firms have postponed or slowed down their Hong Kong listing plans due to the social unrest there, the report said. 

One source told Reuters that Megvii, which is widely known for its facial recognition platform Face++, could raise as much as US$1 billion in the planned IPO.

The deal is expected to take place in the fourth quarter of this year.

Reuters reported last week that Alibaba Group, China’s biggest e-commerce firm, has delayed its up to US$15 billion Hong Kong listing due to the ongoing extradition bill-related protests in the city.

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