HONG KONG (Reuters) – The Chinese artificial intelligence provider Megvii Technology Ltd, which is backed by Alibaba, has filed an initial public offering of at least $ 500 million in Hong Kong for possible first recession in a decade.
Megvii, widely known for its face recognition platform Face ++, can raise up to $ 1 billion for the planned IPO, said one respondent who said the deal would be in the fourth quarter of the year.
The Beijing-based company continues its planned IPO, while a number of other companies have postponed or slowed their listing plans due to lack of financial and political stability in Hong Kong.
Reuters reported last week that China's largest e-commerce company Alibaba Group Holding Ltd, also a major shareholder of Megvii, has delayed its listing in Hong Kong by up to $ 1
The city has been on the brink of its first recession in a decade, with almost three months of violent anti-government protests causing a stir in the city and a Hang-Seng stock reference index of 7 months at the center. Lows fell -August.
Megvii declined to comment. The people refused to be identified because the information was not public.
Reporting by Julie Zhu; Edited by Christopher Cushing