Highlights

Good Articles to Share

Author: Tan KW   |   Latest post: Wed, 16 Jan 2019, 03:10 PM

 

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

Author:   |    Publish date:


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, people familiar with the matter said. 
 
Megvii is weighing an IPO to raise between US$500mil and US$1bil 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. 
 
The Beijing-based firm, backed by Alibaba Group Holding Ltd, joins rival artificial intelligence outfits raising funds to help fulfil the country’s ambition of leading the field by 2030. Megvii is competing with the world’s largest AI startup SenseTime Group Ltd – also backed by Alibaba – as the two provide facial recognition technology to financial, retail, mobile and government clients. SenseTime itself is said to be in discussions to raise about US$2bil. 
 
“We are considering many options to raise funds but have not committed to a final plan,” Xie Yinan, a spokesman for the company, said in a text message. 
 
Seven-year-old Megvii provides face-scanning systems to companies including Lenovo Group Ltd and Ant Financial, the payments company that underpins Alibaba’s e-commerce platforms. Its facial recognition technology has provided verification services to more than 400 million people, the company said in a statement. Beyond commerce, facial recognition technology the company is building Internet of Things software to empower sensors and robots. 
 
The government is also a client. Megvii’s AI technology has been used by more than 260 cities and helped police arrest more than 10,000 people. 
 
The startup’s investors include Boyu Capital, Ant Financial – formally known as Zhejiang Ant Small & Micro Financial Services Group – and SK Group. Other backers include Foxconn Technology Group, Qiming Venture Partners and Sinovation Ventures. It was said to be raising a US$500mil round in December at a valuation of up to US$4bil, people familiar said at the time. 
 
The company has about 2,000 employees and counts iPhone-maker Foxconn, logistics giant Cainiao and smartphone makers Oppo and Vivo among its roster of clients, it said in a statement. – Bloomberg 
Share this

  Be the first to like this.
 


 

322  272  498  1124 

ActiveGainersLosers
Top 10 Active Counters
 NameLastChange 
 FGV 0.95+0.02 
 SAPNRG 0.29-0.005 
 VS 0.86+0.015 
 A50CHIN-C32 0.31+0.01 
 MYEG 1.07+0.02 
 ARMADA 0.155-0.01 
 FITTERS 0.41+0.005 
 DSONIC 0.52+0.03 
 HSI-H6A 0.22-0.005 
 TATGIAP 0.12-0.015 

TOP ARTICLES

1. 火中取栗拼油气(中) 赚钱只争5年/冷眼 【冷眼专栏】漫漫投资路
2. 火中取栗拼油气(上) 高风险高回报/冷眼 【冷眼专栏】漫漫投资路
3. The winning edge in the stock market *****
4. Carimin - Technical Sell PublicInvest Research
5. How Warren Buffett decides to invest/reject a business in under 15 minutes - WikiHow the bursa journey that worked for me. 2000-2019
6. How Can Malaysia Become a Developed Nation? Koon Yew Yin Koon Yew Yin's Blog
7. 威城中短期业务低迷 星洲日報/投資致富‧企業故事
8. Huawei’s founder breaks years of silence amid US attacks Good Articles to Share
Partners & Brokers