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Alibaba-Backed AI Startup Said to Mull Up to $1 Billion IPO

  • Owner of Face++ is said to consider Hong Kong as a destination
  • AI startup is said to weigh raising at least $500 million
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Megvii, the owner of facial recognition developer Face++, is considering an initial public offering in Hong Kong that could net as much as $1 billion, people familiar with the matter said.

Megvii is weighing an IPO to raise between $500 million and $1 billion with Hong Kong as a destination, the people said, requesting not to be named because the matter is private. Deliberations are at an early stage and no final decision has been made as the details of the plans could still change, the people said.