Megvii to file for Hong Kong IPO despite protests and facial recognition controversy
Biometrics unicorn and Face++ maker Megvii is about to file for its initial public offering on the Hong Kong Stock Exchange that could raise up to $1 billion as soon as Friday, despite the protests which continue to disrupt the city and their frequent association in media reports with facial recognition, Bloomberg reports.
Unnamed sources told Bloomberg that the company is going ahead with its filing, which would begin the IPO process, but Megvii’s first day of trading could still be months away.
The Straits Times notes that several other Chinese companies have reconsidered IPO plans for Hong Kong, as unrest makes other venues more attractive in comparison.
Megvii raised $750 million in funding in May, and was reported to be preparing for a Hong Kong listing, but was reported to be considering delaying the IPO as recently as June, when the company was cleared of involvement in a surveillance app used for systematic repression in Xinjiang Province.
The company also recently announced a partnership with ams AG to work on plug-and-play 3D face recognition solutions for any smart device.