Artificial intelligence

Megvii pushes for an IPO despite a cooldown in China's PE market

Although private equity investment in Chinese AI startups shrank in the second quarter of the year, it hasn't deterred this unicorn's plans to list.

Even though the stock market has cooled this summer, Chinese artificial intelligence company Megvii is close to its debut on the Hong Kong Stock Exchange.

“Megvii’s IPO is still going ahead as planned,” one banker close to the deal told FinanceAsia. The company has already started to write its IPO prospectus.

There were earlier reports that it had planned to delay its IPO plans on concerns about the US-China trade war and the bad performance of recent IPOs. The company completed an eye-catching $750 million fundraising in May this year.

The eight-year-old company is one of the few in China...

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