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Chinese artificial intelligence company megvii technology Ltd. plans to seek approval for an initial public offering in Hong Kong on Thursday, raising at least $500 million, sources close to the situation said.
However, a source said that Beijing based Kuang Shi technology had not yet decided whether to launch the roadshow after the IPO was approved. Kuang Shi technology is famous for face + +, a face recognition platform, which is supported by Alibaba, an e-commerce giant.
Kuang's technology plan is likely to raise as much as $1 billion when it goes public in Hong Kong in the fourth quarter, a source told Reuters.
A few weeks ago, the U.S. government blacklisted kuangtsu technology and seven other Chinese companies, citing human rights issues in Xinjiang.

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