Chinese facial recognition unicorn Megvii prepares China IPO – TechCrunch

Summary (IA Generated)

companys-depth-sensing-cameras/”>Megvii, one of China’s largest facial recognition startups, is gearing up for an initial public offering in Shanghai.

The move came more than a year after companys-depth-sensing-cameras/”>Megvii, known for its computer vision platform Face++, filed to go public in Hong Kong in August 2019.

In 2019, China established the STAR board to attract high-growth, unprofitable Chinese tech startups after losing them to the U.

Megvii and its rivals SenseTime, Yitu, and CloudWalk are collectively recognized as the “Four AI Dragons” of China for their market dominance and fundings from highflying investors.

Last year, Megvii, Yitu and SenseTime were added to the U.

According to the notice posted by China’s securities authority, Megvii plans to issue Chinese depositary receipts (CDRs), which are similar to American depositary receipts and allow domestic investors to hold overseas shares.

This week, Hong Kong-listed Lenovo, one of the world’s top PC makers, has also announced plans to sell shares through CDRs on the Shanghai tech board.

Currently seeking guidance in the pre-application stage, Megvii’s planned listing still needs approval from Chinese regulators.