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

FILE PHOTO: The logo of Face++ facial recognition software is seen at the Security China 2018 exhibition on public safety and security in Beijing, China, October 24, 2018. REUTERS/Thomas Peter/File Photo

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.