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Aya Lin · · 1 min readIn brief: Alibaba-backed AI firm Megvii files for $500m Hong Kong IPO, sources say
- Beijing-based AI startup Megvii Technology has filed in Hong Kong to conduct an initial public offering targeting proceeds of at least US$500 million, two people said, Reuters reported.
- The filing comes as companies postpone or slow down listing plans in the city amid recession and anti-government protests.
- Megvii, widely known for facial recognition platform Face++, may raise as much as US$1 billion in the IPO, with the share sale likely to happen in Q4 2019, said one of the people.
- The company is pressing ahead with its IPO plans because it has little business in Hong Kong and expects the unrest to ease later this year, said a third person.
Editing by Charmaine de Lazo
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