Shanghai-based AI firm seeks 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,” along 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, following CloudWalk’s application in August.

Both AI firms declined to reveal on which market they will float shares.

However, the AI firms are expected to be listed on the Shanghai STAR Market, which offers innovation firms loose and flexible entry thresholds in a move to boost innovation and economic upgrading in China. 

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

Its core management team includes Zhu Long, a veteran AI scientist, and Lin Chenxi, who used to work for Microsoft and Alibaba.