Alibaba (NYSE:BABA), (CHIK) – Alibaba-Backed Chinese AI Startup Megvii Sets For Shanghai IPO: Bloomberg

Alibaba (NYSE:BABA), (CHIK) – Alibaba-Backed Chinese AI Startup Megvii Sets For Shanghai IPO: Bloomberg

Alibaba Group Holding Ltd (NYSE: BABA)-backed Megvii Technology Ltd is set to become the first major Chinese artificial intelligence (AI) start-up to go public after filing for a Chinese Depositary Receipt (CDR) offering on the Shanghai’s Star board on Friday, Bloomberg reports.

The start-up plans to issue up to 253 million Class B shares to raise at least $925 million (6 billion yuan) after fees, which would be utilized to fund R&D in robotics, visual IoT, and infuse capital. CITIC Securities Co Ltd (OTC: CIIHF) (OTC: CIIHY) is the listing sponsor.
Megvii…

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