The Alibaba and Foxconn-backed facial-recognition technology developer has filed for an offering that is reportedly set to raise $500m to $1bn.

Megvii, a China-based image-recognition software provider backed by e-commerce group Alibaba, filed for an initial public offering yesterday that, according to Reuters, could raise up to $1bn. The company plans to float on the Hong Kong Stock Exchange and will raise at least $500m according to one unnamed source, and possibly up to $1bn according…

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