Megvii, one of China’s top two facial recognition companies, posted a net loss of Rmb5.2bn ($728m) in the first six months of the year, according to a stock exchange filing that offers a first glimpse into the start-up as it readies a listing to raise as much as $1bn. The Alibaba-backed company is braving the public markets at a time when Hong Kong is being roiled by protests, further pummelling stocks listed in the territory that have already been sent reeling by US-China trade tensions and recessionary fears. Hong Kong’s benchmark Hang Seng index has shed 8.4 per cent this month.
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