Chinese ChatGPT Rival Mobvoi Selects Banks for $300 Million Hong Kong IPO
Chinese smart device maker and artificial intelligence company, Mobvoi, has chosen China International Capital Corp. and China Merchants Bank International to lead its Hong Kong initial public offering (IPO). Sources familiar with the matter have said that the IPO could raise approximately $200-$300 million. The proposed IPO could take place in 2023.
Mobvoi, founded in 2012 by ex-employees of Alphabet Inc.’s Google, is known for its AI software and products such as smart speakers and smartwatches. Mobvoi’s large language model, which debuted last month, is the company's answer to OpenAI’s ubiquitous chatbot. The company's AI technologies are employed in finance, telecommunications, and senior care services. Mobvoi has roughly 700 employees and offices in Beijing, Taipei, and Seattle.
The Chinese government has recently published guidelines that require a security review of generative AI services such as Mobvoi’s Xulie Houzi platform, as well as models from Baidu Inc. and SenseTime Group Inc. With the fast-growing AI market in China, AI companies are seeking more funding and support to further augment the sector's growth.
