FB pixel

China’s biometrics unicorns on the move as CloudWalk applies for $573M IPO

Megvii takes stake in country’s second credit agency
 

stock-market

Chinese face biometrics and artificial intelligence solutions provider CloudWalk is working towards initial public offering on the Shanghai stock exchange that is expected to raise 3.75 billion yuan (roughly US$573 million), DealStreetAsia reports.

The state-backed company has filed a prospectus with the Shanghai Securities Regulatory Bureau with plans to list to the Star market, which Yitu has likewise been reported to be planning an IPO on.

CloudWalk has reported revenue jumping from 65 million yuan ($10 million) in 2017 to 807 million yuan ($123.6 million) in 2019, before booking 221 million yuan ($33.8 million) in the first half of this year, according to Equal Ocean. The company’s net losses also ballooned over the same time frame, however, reaching a whopping 1.708 billion yuan ($261.6 million) last year, which Equal Ocean attributes to a change in their stock’s fair value from recognizing preferred stocks.

The company invests heavily in research and development, and had five R&D centers operating as of mid-2020.

Another of China’s AI unicorns, Megvii, withdrew its listing application from the Hong Kong Exchange earlier this year.

Megvii is also a partner in China’s second personal credit agency, along with JD.com and Xiaomi subsidiaries, and an investment arm of the Beijing Municipal government, after the Central Bank granted approval for the new body’s establishment.

Reuters reports that the new agency is called Pudao Credit Rating Co Ltd, and it will be registered with 1 billion yuan in Beijing.

The central bank has been attempting to coordinate more effective credit information between institutions to reduce excess borrowing and fraud, according to the report. Baihang Credit was the first agency launched to meet this need, in 2018.

Megvii will hold a 17.5 percent stake in Pudao Credit.

Article Topics

 |   |   |   |   |   |   |   | 

Latest Biometrics News

 

OFIQ report outlines evaluation techniques for algorithm accuracy and reliability

The Open Source Face Image Quality (OFIQ) project, led by the German Federal Office for Information Security, has published a…

 

Google Wallet plans for biometric authentication, broad ID document support revealed

Google Wallets are expanding from payments and biometric ID documents like mobile driver’s licenses and passports to “Everything else.” An…

 

Digital ID and SSI to cause radical shift in travel experience by 2035

Verifiable digital credentials and digital wallets took center stage at the recent Phocuswright Europe conference in Barcelona, with professionals from…

 

Testing for biometric identity verification still maturing

Biometrics testing is a rapidly maturing field, but there is more to effective identity verification than an accurate matching algorithm,…

 

Youverse upgrades liveness detection, achieves 100% success rate in iBeta test

Youverse has announced a fourfold improvement in its liveness detection capabilities. The company boasts that the update aims to upgrade…

 

‘Highly effective age assurance’ poorly defined in Ofcom consult, says AVPA

The Age Verification Provider’s Association (AVPA) has issued an extensive response to the UK regulator’s consultation on “Protecting children from…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events