Alibaba-Backed AI Startup Sales Triple Enroute to IPO [Yahoo! Finance News]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Yahoo! Finance News
) -- Megvii nology Ltd. for the first time revealed the stunning growth fueled by a nation’s obsession with security.The Alibaba Group Holding Ltd.-backed startup tripled revenue to 949 million yuan $133 million) in the first half. It generated more than 73% of those sales from AI services for major clients like government agencies, hospitals and real estate developers, the company said in a filing to the Hong Kong Stock Exchange.Seven-year-old Megvii is said to be angling to raise as much as $1 billion in its initial public offering, becoming the first of China’s fast-rising AI stars to debut and beating Sensetime Group Ltd. to the punch. Its share sale however will run up against a host of uncertainties from violent pro-democracy protests that’ve gripped Hong Kong to the Trump administration’s increasingly aggressive campaign to contain China’s tech champions.Megvii is moving forward even as other companies pump the brakes on their Hong Kong listing ambitions, wary of the turmoil. I
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BABA
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- 8/15/24 - Beat
BABA
Sec Filings
- 9/9/24 - Form 6-K
- 9/6/24 - Form 6-K
- 9/5/24 - Form 6-K
- BABA's page on the SEC website