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China tech

Alibaba-backed China AI company Megvii counts losses ahead of IPO

Startup seeks almost $1bn on Shanghai's STAR Market after ending Hong Kong plan

Beijing-based Megvii said it will use proceeds from its offering to invest further in research and development, production of AI-driven products and potential overseas expansion.   © Reuters

HONG KONG -- Losses for Chinese artificial intelligence startup Megvii are far outpacing revenues as the company prepares for an initial public offering of nearly $1 billion on Shanghai's STAR Market while under sanction by the U.S. government.

Megvii, which a year ago abandoned plans to list on the Hong Kong Stock Exchange, is poised to become the first Chinese AI company to go public if mainland regulators approve its IPO. It counts Alibaba Group Holding and Ant Group among its largest shareholders.

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