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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.

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