Megvii, one of China’s top two facial recognition companies, posted a net loss of Rmb5.2bn ($728m) in the first six months of the year, according to a stock exchange filing that offers a first glimpse into the start-up as it readies a listing to raise as much as $1bn.
The Alibaba-backed company is braving the public markets at a time when Hong Kong is being roiled by protests, further pummelling stocks listed in the territory that have already been sent reeling by US-China trade tensions and recessionary fears. Hong Kong’s benchmark Hang Seng index has shed 8.4 per cent this month.
The initial public offering filing puts Megvii on course to list around November, although this timeframe is not guaranteed.
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