Megvii will seek approval for Hong Kong IPO of at least $500m

A demo of Megvii's facial recognition cameras and software. (VCG)

The Chinese AI company Megvii will seek listing approval on Thursday, November 21 for its long-planned Hong Kong IPO, Reuters reports. The listing will be worth at least $500 million.

Goldman Sachs, Citigroup and JPMorgan have long been sponsors of the IPO, which was called into question earlier in 2019 after Megvii was added to the US's entity list, blocking it from buying American-made technology.

Megvii and the three banks declined to comment.

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