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Megvii Technology Ltd. is poised to become the first major Chinese artificial intelligence startup to go public after it filed for a Chinese Depositary Receipt offering on Shanghai’s
Star board on Friday.
The startup, backed by Alibaba Group Holding Ltd., plans to issue up to 253 million Class B shares as the underlying stock for the CDR offering, according to its prospectus. The offering may raise at least 6 billion yuan ($922 million) after fees, which will be used to fund research and development in robotics and visual Internet of Things as well as to replenish capital, the filing shows. Citic Securities Co. is the sponsor of the listing.