Megvii Technology has received approval for its IPO in Shanghai. As the company for artificial intelligence and facial recognition software presents in its prospectus, up to 253 million Class B shares are to be used as the underlying for the so-called “Chinese Depositary Receipt” (CDR).

A CDR is a certificate issued by a custodian bank and represents a bundling of equity traded on a Chinese stock exchange. The IPO is expected to raise at least 6 billion yuan (USD 922 million) to fundresearch and developmentof Robotics  and the  visual Internet of Things.