On January 7, according to foreign media reports, according to two people familiar with the matter, artificial intelligence company Megvii Technology has received approval for its listing application and will raise US$500 million in Hong Kong, China. The listing timetable has not yet been finalized. But the source said that the listing of Megvii will wait until after the Spring Festival.
Megvii Technology, best known for its facial recognition platform Face++, plans to become China’s first listed artificial intelligence company. In November, the listing committee of the Hong Kong Stock Exchange asked Megvii to provide more information. According to unnamed sources, Megvii will soon submit the latest listing information to the Hong Kong Stock Exchange.
Citigroup, Goldman Sachs and JPMorgan Chase & Co. are working on updating their listing plans, and all three banks declined to comment. Spokesmen for Megvii and HKEX also declined to comment.
Megvii Technology submitted its listing application on August 25 last year. According to the regulations of the Hong Kong Stock Exchange, the company has 6 months from the date of application to prepare for listing.
However, according to the rules of the Hong Kong Stock Exchange, once the deadline is exceeded, companies that intend to list can still apply for a three-month extension.
Megvii raised $750 million in May last year at a valuation of just over $4 billion, attracting investments including Australian investment bank Macquarie Group and the Abu Dhabi Investment Authority By.
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