The Bohai, Haier and PCI-Suntek-backed facial recognition technology developer has been approved to float on Shanghai’s Star Market in a $574m offering.

Shanghai Stock Exchange’s Star Market accepted the initial public offering application submitted by CloudWalk Technology, a China-based facial recognition system developer backed by corporates Bohai, Haier and PCI-Suntek, on Tuesday.

The company plans to raise RMB3.75bn ($574m) and filed the application in December 2020. It intends to issue up to 112 million shares, and China Securities (CSC Financial) has been appointed lead underwriter for the offering.

Incubated by Chinese Academy of Sciences in 2015, CloudWalk has developed an artificial…

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Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.
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