Sunday, March 26, 2023

Chinese AI start-up Megvii files for Hong Kong IPO

By ET Bureau - August 29, 2019 1 Mins Read

Chinese, AI, Hong Kong

Chinese AI firm Megvii Technology Ltd, backed by Alibaba, has filed for an IPO in Hong Kong, targeting proceeds of at least $500 million. It is a facial recognition company, with the brand platform Face++. Founded in 2011 by CEO Yin Qi, Megvii would become the first Chinese AI firm to go public in Hong Kong. This filing comes amid government plans for China to become an international leader in AI. The IPO proceeds will primarily be used for research and development, marketing and sales plus global expansion and strategic investments opportunities. Citigroup, Goldman Sachs, and JPMorgan are joint sponsors of the IPO.

Read more here


ET Bureau

The Enterprise talk Bureau has five well-trained writers and journalists, well versed in B2B enterprise technology industry, and constantly in touch with industry leaders for the latest trends, opinions, and other inputs- to bring you the best and latest in the domain.

Subscribe To Newsletter

*By clicking on the Submit button, you are agreeing with the Privacy Policy with Enterprise Talks.*