Megvii has already received more than a billion dollars in investment. Now, the company, a top China facial recognition provider, has filed for an IPO this week on the Hong Kong Stock Exchange.
This 500+ page IPO document reveals significant details into the size, growth, and usage of AI inside of China.
In this post, we look at the firm's financials, growth, City IoT focus, and the possible competitive threat to Hikvision & Dahua, including:
Megvii's largest competitor SenseTime is reportedly going to do $750 million revenue in 2019, per Reuters:
expects its 2019 revenue to increase by more than 200% year-on-year to around $750 million, two sources familiar with the matter said.
The two combined are therefore going to do $1+ billion in revenue this year, which might literally be 5x the amount that every non-China facial recognition / video surveillance AI provider combined will do this year.
Update: Bloomberg reports a stunning drop in growth, "according to unaudited numbers for investors" they saw that:
grew revenue a mere 2.7% in 2019’s second half after more than tripling sales in the first six months of the year...
Megvii fell short of its target for 2.9 billion yuan ($409 million) in sales by almost 28%, a person familiar with the matter said, asking not to be identified discussing internal targets.
Bloomberg added that, unironically, that coronavirus fever cameras are one new revenue stream for the company.
Megvii is gearing up for a new IPO after failing to follow through with the process when it released its first prospectus back in August 2019. It is currently unclear when Megvii will list.
In September 2020, Megvii signed a listing counseling agreement with CITIC Securities and plans to list on the STAR Board through China Depository Receipts (CDR), according to a document from the Beijing Securities Regulatory Bureau posted on January 12, 2020. CDRs are used to trade non-China-based companies within China. Megvii is officially registered in the Cayman Islands.
This announcement was not updated with any more recent financial info. IPVM will update accordingly as we track Megvii's IPO.
I am so envious of CCP VC$$$ injection. Perhaps the western world should reset metronome logic of wealth trajectories.
Agree
Disagree
Informative
Unhelpful
Funny
Create New Topic
Login to read this IPVM report.
Why do I need to log in?
IPVM conducts reporting, tutorials and software funded by subscriber's payments enabling us to offer the most independent, accurate and in-depth information.
Comments (5)
Gerald Becker
Great Post Charles! Provided great insight into the market in China.
Create New Topic
John Honovich
Megvii's largest competitor SenseTime is reportedly going to do $750 million revenue in 2019, per Reuters:
The two combined are therefore going to do $1+ billion in revenue this year, which might literally be 5x the amount that every non-China facial recognition / video surveillance AI provider combined will do this year.
Create New Topic
John Honovich
Update: Bloomberg reports a stunning drop in growth, "according to unaudited numbers for investors" they saw that:
Bloomberg added that, unironically, that coronavirus fever cameras are one new revenue stream for the company.
Create New Topic
Isabella Cheng
Megvii is gearing up for a new IPO after failing to follow through with the process when it released its first prospectus back in August 2019. It is currently unclear when Megvii will list.
In September 2020, Megvii signed a listing counseling agreement with CITIC Securities and plans to list on the STAR Board through China Depository Receipts (CDR), according to a document from the Beijing Securities Regulatory Bureau posted on January 12, 2020. CDRs are used to trade non-China-based companies within China. Megvii is officially registered in the Cayman Islands.
This announcement was not updated with any more recent financial info. IPVM will update accordingly as we track Megvii's IPO.
Create New Topic
Undisclosed #1
I am so envious of CCP VC$$$ injection. Perhaps the western world should reset metronome logic of wealth trajectories.
Create New Topic