Chinese AI firm Megvii cleared for $500m Hong Kong IPO

Chinese AI firm Megvii cleared for $500m Hong Kong 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

Chinese artificial intelligence (AI) company Megvii’s plans for a $500 million Hong Kong initial public offering (IPO) are back on track after its application was cleared by the city’s stock exchange, two sources with direct knowledge of the matter said.

Megvii – which was blacklisted by the U.S. administration in October – was asked to provide more information in November when the company faced the Hong Kong Stock Exchange listing committee to seek the go-ahead for the transaction.

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