Megvii, one of China’s largest facial recognition startups, is gearing up for an initial public offering in Shanghai. The company is working with CITIC Securities to prepare for its planned listing, according to an announcement posted by the China Securities Regulatory Commission on Tuesday. In 2019, China established the STAR board to attract high-growth, unprofitable Chinese tech startups after losing them to the U.S. for years. That suggests the Beijing-based AI unicorn has not ruled out listing outside mainland China. Currently seeking guidance in the pre-application stage, Megvii’s planned listing still needs approval from Chinese regulators.