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Report: Alibaba-backed Megvii mulls Hong Kong IPO

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Report: Alibaba-backed Megvii mulls Hong Kong IPO

Alibaba Group Holding Ltd.-backed Megvii Technology Ltd. plans to file for an IPO in Hong Kong that could net between $500 million to $1 billion, Bloomberg reported Jan. 11, citing people familiar with the matter.

The artificial intelligence startup, which owns facial recognition developer Face++, provides face-scanning systems to companies such as Lenovo Group Ltd. and Alibaba's payments affiliate Ant Financial, formerly known as Alipay.

Sources told the news outlet that Megvii is still in early-stage discussions and that there is no final decision yet as plans could still change.

Megvii rival and fellow Alibaba-backed AI startup SenseTime Group Ltd. is also said to be in talks to raise about $2 billion, according to the report. A SenseTime spokesperson reportedly told the news wire in a text message that the company is considering options to raise funds "but have not committed to a final plan."