MEGVII Rethinking its IPO Plan This Year
MEGVII is reconsidering its plan to go public this year because of the gloomy market and US-China Trade Tension.
MEGVII, China's AI unicorn specializing in facial recognition, is reconsidering its plan to go public this year, according to bankers and investors, because of the 'dismay' regarding AI stocks and the US-China trade tensions, as FT released. MEGVII denied comments.
The company focuses on facial recognition, with its distinguished detective and cognitive service brand face++. This technology highly advances smart security and smart city areas. On May 23, MEGVII announced, as a reply to the rumor of some surveillance companies being listed in US entity list, that no official notice received,
Earlier this year, MEGVII closed series D financing of USD 750 million, pushing its valuation to slightly over USD 4 billion. At the time, the company planned for an IPO in Hongkong later this year, targeting additional funding of USD 1 billion. So far, it has raised several rounds of funding of about USD 1.4 billion.