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Megvii plans IPO in Shanghai

Megvii, one of China’s leading facial recognition software makers, plans to go public in Shanghai. The Shanghai Stock Exchange announced that Megvii intends to raise more than ¥6 billion (equivalent to $924 million) in fresh capital through a listing on the STAR board technology exchange. This is to be used to finance the construction of a new research center in Beijing. Megvii itself announced that it also plans to invest the money raised in the research and development of artificial intelligence (AI) products as well as in the areas of the Internet of Things, logistics robotics, and sensors.

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