Alibaba-backed AI Firm Megvii Eyes Hong Kong IPO

Image by Garik Barseghyan from Pixabay

According to a recent report by Channel NewsAsia, Chinese artificial intelligence provider Megvii Technology, has filed for an IPO of at least US$500 million in Hong Kong. 

Backed by Alibaba, Megvii is widely known for its facial recognition platform Face++, and may raise as much as US$1 billion in the planned initial public offering, as stated in the report. 

Meanwhile, another report by Reuters, reported last week that China’s biggest e-commerce firm, Alibaba Group Holding Ltd, had delayed its up to $15 billion Hong Kong listing.

Regardless, “Megvii has decided to press ahead with its IPO plans because it has little business in Hong Kong and expects the unrest to ease later this year.”

However, according to Reuters, Megvii has declined to comment. 

Written by

Cheryl Toh

Last updated on

August 27th 2019, 11:17 am

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