Chinese AI unicorn Megvii plans Hong Kong IPO to raise $11.6b

Beijing-based face-recognition startup Megvii Technology Limited is reportedly headed for an IPO in Hong Kong. The firm plans to submit its prospectus to the Hong Kong Stock Exchange sometime between

Beijing-based face-recognition startup Megvii Technology Limited is reportedly headed for an IPO in Hong Kong. The firm plans to submit its prospectus to the Hong Kong Stock Exchange sometime between April and May, Hong Kong Economic Journal reported, citing people familiar with the matter.

Megvii aims to raise up to HK$7.8 billion (US$11.6 billion) in the initial public offering under a dual-class share structure, said the report.

But so far the firm, known as the developer of face recognition system Face++, declined to comment when contacted by Chinese media outlets.

The company raised US$460 million in its series C round in October 2017 from investors including Alibaba’s fintech affiliate Ant Financial.

However, the company, which highlights its fundraising history on its website, has not disclosed results of a $500 million fundraising move Reuters reported December, which might bring the company’s valuation above $3.5 billion.