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Miguel Cordon · · 1 min readAlibaba-backed Chinese AI firm Megvii to go public in Shanghai
“Megvii Technology is poised to become the first major Chinese artificial intelligence startup to go public after it filed for a Chinese Depositary Receipt offering on Shanghai’s Star board on Friday,” Bloomberg reported.
Details:
- The Alibaba-backed startup looks to issue up to 253 million class B shares for the offering, which could net it at least 6 billion yuan (US$922 million) after fees.
- Megvii said it will use the capital to fund research and development in robotics and visual IoT and to replenish capital.
Context:
- Megvii is an 8-year-old startup that focuses on areas such as facial recognition use in security and surveillance.
- According to its prospectus, the startup posted a loss of 1.03 billion yuan (US$158.3 million) during the first nine months of last year, excluding one-time items.
Currency converted from yuan to US dollar: US$1 = 6.51 yuan.
Editing by Collin Furtado and September Grace Mahino
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