Chinese state-backed AI unicorn CloudWalk files for $573m STAR Market IPO

A surveillance camera delivered by Chinese facial recognition major CloudWalk Technology

CloudWalk Technology, a Chinese state-backed AI unicorn that develops facial recognition solutions, has filed a prospectus with the Shanghai stock exchange, seeking to raise 3.75 billion yuan ($573.5 million) in an initial public offering (IPO) on its Nasdaq-style STAR Market.

The firm plans to sell no more than 112,43 million shares in the IPO offering, given that it does not exercise the over-allotment option, according to the prospectus filed on December 3.

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