Chinese AI Unicorn CloudWalk's IPO Approved

7月21日

BEIJING, July 20 (TMTPOST)— The Listing Committee of the Shanghai Stock Exchange STAR Market approved proposed listing of CloudWalk Technology, a Chinese facial recognition technology developer, through its regulatory review, the exchange disclosed on Tuesday. CloudWalk thus became the first to go public in “China’s Four AI Dragons”.

Another three leading AI unicorns have not shown improvement on their offering effort yet. Megvii announced in May that it decided to drop the initial public offering (IPO) plan in Hong Kong. SenseTime last month denied a report about its possible filling for the Hong Kong IPO in August. Earlier this month, YITU Technology terminated its listing procedure on STAR Market.

In the filling last December, CloudWalk said it planned to raise about RMB3.75 billion (US$573.5 million) through IPO. It earned RMB755 million in the year 2020, 56% increasing from the annual revenue for 2018, but it remained losses three years in a row with the total losses of RMB2.579 billion.

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