The Alibaba and Foxconn-backed image-recognition and artificial intelligence technology provider is expected to raise about $500m in the offering.

China-based image-recognition software provider Megvii has received approval for a $500m initial public offering that would allow e-commerce group Alibaba and contract manufacturer Foxconn to exit, Reuters reported yesterday. The offering has been approved by the Hong Kong Stock Exchange, according to two sources with direct knowledge of the matter. It filed for the IPO…

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