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The Chinese AI unicorn Megvii (旷视) has filed a 557-page IPO prospectus (www1.hkexnews.hk/app/appindex.h…) on the HK exchange (in their words: "opening ourselves up to the world" [p. 3]). They are expected to raise $500m - $1b. Here's some key takeaways from my morning power-skim:
Let's start with the parties involved: 4 exec directors - the three cofounders Yin Qi, Tang Wenbin, and Yang Mu + Wang Haitong (who only joined a year ago/previously at Goldman); the 3 IPO sponsors are the usual suspects: Goldman Sachs, J.P. Morgan, Citi
The intro letter from 30-year old CEO Yin Qi (印奇) positions Megvii as an "AI company" started in 2011 amid AI's "cold winter" & dedicated to playing the "infinite game" of AI innovation. Letter also notes Megvii is releasing its core principles of AI practice in this prospectus
