Chinese AI Firm Braces up for $500 Million Hong Kong IPO

Chinese AI Firm Braces up for $500 Million Hong Kong IPO

Chinese artificial intelligence (AI) firm Megvii’s aims for a $500 million Hong Kong initial public offering (IPO) are again on track after town’s stock exchange passed its filing, two sources with direct knowledge of the matter stated.

Megvii – which was blacklisted by the U.S. in October – was asked to give more information in November when the corporate faced the Hong Kong Stock Exchange listing panel with seeking the green light for the transaction.

Megvii, which is understood for its facial recognition platform Face++, is aiming to be the first Chinese AI agency to go public.

The plan comes after the Trump administration in October positioned Megvii on a banned commerce record with seven different Chinese language companies for his or her alleged involvement in human rights violations associated with Beijing’s therapy of Muslim minority populations in the Xinjiang Uighur Autonomous Region.

Megvii is because of file updated listing data shortly with the Hong Kong exchange, in response to sources who declined to be named as a result of the information that has not been made public.

Citigroup, Goldman Sachs, and JPMorgan are engaged on the updated listing, and the three banks declined to remark.

Megvii and a Hong Kong Stock Exchange spokesperson further refused to comment.

Megvii filed its listing application on August 25, and under the Hong Kong Stock Exchange guidelines has six months to list from that date.

Nonetheless, it might apply for a three-month extension once that due date has passed, following stock exchange guidelines.

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