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Alibaba-backed AI startup said to mull up to US$1bil IPO


Megvii’s AI technology has been used by more than 260 Chinese cities and helped police arrest more than 10,000 people. — Reuters

Megvii’s AI technology has been used by more than 260 Chinese cities and helped police arrest more than 10,000 people. — Reuters

Megvii, the owner of facial recognition developer Face++, is considering an initial public offering in Hong Kong that could net as much as US$1bil (RM4.09bil), people familiar with the matter said. 

Megvii is weighing an IPO to raise between US$500mil (RM2.04bil) and US$1bil (RM4.09bil) with Hong Kong as a destination, the people said, requesting not to be named because the matter is private. Deliberations are at an early stage and no final decision has been made as the details of the plans could still change, the people said. 

   

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