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Alibaba-backed Chinese A.I. firm Megvii files for Hong Kong IPO

Alibaba-backed Chinese A.I. firm Megvii files for Hong Kong IPO

Chinese artificial intelligence (AI) firm Megvii has filed for a public listing in Hong Kong .

The company is backed by e-commerce giant Alibaba and state-owned enterprises such as Bank of China Group Investment, the bank’s private equity arm. Megvii sells AI products from facial recognition technology to algorithms designed for traffic management.

It has not released the pricing of its shares or the timeline of its initial public offering (IPO). But the firm has signaled confidence in the Hong Kong market despite the ongoing protests and a recent report that Alibaba has postponed its listing there .

Earlier this year, Megvii completed a $750 million funding round, reportedly putting its valuation north of $4 billion. Its closest rival, Sensetime, has a valuation at over $4.5 billion. Widening losses

Facial recognition is a key part of China’s drive to become a world leader in AI technology by 2030 , and both companies are benefitting from that as the technology has been deployed in cities across China. The Chinese government is one of its key customers. 

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