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Report: China's AI startup Megvii plans US$800M IPO in July

Beijing-based artificial intelligence startup Megvii Technology Ltd. is looking to raise between US$800 million and US$500 million in an initial public offering, the South China Morning Post reported, citing people familiar with the matter.

The company has not yet decided whether to go public in New York or Hong Kong. However, sources cited in the report view Hong Kong as the more likely option at this stage.

The preliminary offering date is reportedly set for July. Megvii, which developed the facial recognition software, Face++, is backed by Alibaba Group Holding Ltd. and Foxconn Technology Co. Ltd., among other investors.

A Megvii spokesperson declined SCMP's request for comment on the matter.