Chinese AI start-up Megvii files for Hong Kong IPO

Chinese AI firm Megvii Technology Ltd, backed by Alibaba, has filed for an IPO in Hong Kong, targeting proceeds of at least $500 million. It is a facial recognition company, with the brand platform Face . Founded in 2011 by CEO Yin Qi, Megvii would become the first Chinese AI firm to go public in Hong Kong. This filing comes amid government plans for China to become an international leader in AI. The IPO proceeds will primarily be used for research and development, marketing and sales plus global expansion and strategic investments opportunities. Citigroup, Goldman Sachs, and JPMorgan are joint sponsors of the IPO.