<article>Google-backed Chinese artificial intelligence company Mobvoi Information Technology Co. Ltd. filed Tuesday for an initial public offering on the Hong Kong Stock Exchange.</article>

Google-backed Chinese artificial intelligence company Mobvoi Information Technology Co. Ltd. filed Tuesday for an initial public offering on the Hong Kong Stock Exchange.
The Beijing-based startup, valued at $756 million in its last round of fundraising three years ago, didn’t disclose the size of the IPO. Bloomberg reported that the company aims to raise $200 million to $300 million, citing people familiar with the matter.
Mobvoi was founded in 2012 by former Google machine learning scientist Li Zhifei, who announced in February his ambition to create a Chinese version of ChatGPT, Microsoft-owned OpenAI Inc.’s ubiquitous chatbot. The company last month debuted its own AI large language model called Xulie Houzi, which loosely translates as “Sequencing Monkey.”
The name was inspired by French mathematician Émile Borel’s Infinite Monkey Theorem that an unlimited number of monkeys, given typewriters and sufficient time, could eventually produce a particular text, such as Hamlet or even the complete works of Shakespeare, Li said.
Xulie Houzi is about 26 months behind ChatGPT, Li said, and it will be a customized product for businesses in specific areas.
At a press conference April 20, Mobvoi also introduced four creation assistant products, including AI-powered writing, drawing and dubbing tools, and a product to assist with avatar-led videos and livestreaming.
Mobvoi’s main business now is voice interaction products. The company formed a joint venture with Volkswagen in 2017 to develop an in-vehicle voice control navigation system.
The company generated 500 million yuan ($70 million) of revenue and had a loss 68.5 million yuan in 2022. It spent 119 million yuan, or nearly a quarter of its revenue, on research and development last year.
Mobvoi’s investors include Google, Sequoia Capital and ZhenFund. Between 2013 and 2019, it raised $230 million in seven rounds of fundraising. Founder Li holds a 32.74% stake. Google has 13.26%.
China International Capital Corp. and China Merchants Bank International are the co-sponsors of the IPO.
Mobvoi said the proceeds will be used for generic large model development, marketing, and to pursue potential strategic alliances, investments and acquisitions.
This article was first published in <a href="https://www.caixinglobal.com/2023-06-01/chinese-chatgpt-rival-mobvoi-files-for-hong-kong-ipo-102060786.html">Caixin Global</a>.

Google-backed Chinese artificial intelligence company Mobvoi Information Technology Co. Ltd. filed Tuesday for an IPO in Hong Kong.

Chinese ChatGPT rival Mobvoi files for Hong Kong IPO

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