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September 17, 2020

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Yitu plans domestic IPO

Yitu Technology, a Shanghai-based artificial intelligence firm, has applied for an initial public offering in the domestic market.

It has already signed a counseling agreement with Guotai Junan Securities and has filed it with the Shanghai Securities Regulatory Bureau.

Yitu is among China’s four “AI Dragons,” with CloudWalk, Megvii and SenseTime, each of which is valued at more than US$1 billion.

It’s the second firm to apply for listing, after CloudWalk’s application in August.

Both AI firms declined to reveal on which market they will float shares. However, they are expected to be listed on the Shanghai STAR Market.

Yitu raised US$30 million in a recent round of financing in March, according to business data service provider Qixinbao.


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