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AI Firm Yitu Said to Mull Hong Kong IPO After Shanghai Plan Halt

  • Sequoia-backed company could seek a valuation of $4 billion
  • Decision came after regulator blocked plan for Shanghai IPO

Chinese artificial intelligence company Yitu Technology is considering an initial public offering in Hong Kong after a tightening regulatory scrutiny stalled an earlier attempt to list in Shanghai, people familiar with the matter said.

The AI firm could seek a valuation of about $4 billion in the Hong Kong share sale, according to the people, asking not to be named discussing private matters. Yitu, whose application for a STAR board IPO was withdrawn last month when regulators failed to give their approval after a lengthy review process, could file for a listing as soon as later this year, one of the people said.