Chinese AI Firm Gunning for ChatGPT Hopes to Raise Up to $44.3 Million in Hong Kong IPO

What’s new: Chinese artificial intelligence (AI) company Mobvoi Inc. is aiming to raise as much as HK$346.7 million ($44.29 million) in a Hong Kong IPO, the company said Tuesday.

The Beijing-based firm is issuing around 84.6 million shares priced at a maximum of HK$4.10 per share, according to a filing disclosed by the Hong Kong Stock Exchange.

Trading of its shares will begin on April 24.

The background: Mobvoi was founded in 2012 by former Google machine learning scientist Li Zhifei, who announced in February 2023 his ambition to create a Chinese version of ChatGPT, OpenAI Inc.’s popular chatbot.