Crypto Short News

Chinese A.I. Firm Megvii Files For Hong Kong IPO Amidst US-China War

The company is confident to raise upto $1million

Chinese AI firm Megvii Technology Ltd has filed for Initial Public Offering(IPO) in Hong Kong. The company plans to raise between $500 million and $1 billion during this IPO. The IPO will make Megvii China’s first publicly-listed A.I. firm, beating competitors like SenseTime and CloudWalk. The date of IPO is not yet released.

Other companies have postponed their IPOs in Hong Kong due to the recent anti-government protests. Megvii plans to hold the IPO as it doesnot do business in HongKong. Megvii is backed by e-commerce giant Alibaba and state-owned enterprises such as Bank of China Group Investment.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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