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China's Megvii seeks approval for Hong Kong IPO despite U.S. blacklist: sources


Added 11-19-19 10:03:02am EST - “Chinese artificial intelligence firm Megvii Technology Ltd plans to seek listing...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “China's Megvii seeks approval for Hong Kong IPO despite U.S. blacklist: sources”. Below is an excerpt from the article.

HONG KONG (Reuters) - Chinese artificial intelligence firm Megvii Technology Ltd plans to seek listing approval on Thursday for a Hong Kong IPO of at least $500 million, people with knowledge of the matter said, despite being blacklisted by the U.S. government.

However, Beijing-based Megvii, which is backed by e-commerce giant Alibaba Group (BABA.N) and is widely known for its facial recognition platform Face++, has yet to decide whether to carry out a roadshow once approval is granted, one of the people said.

Sources had previously told Reuters the listing was scheduled for Hong Kong in the fourth quarter and might raise as much as $1 billion.

The latest move comes weeks after the U.S. government placed Megvii and seven other Chinese companies on a trade blacklist over their alleged involvement in human rights violations related to Beijing’s repression of Muslim minority populations in the Xinjiang Uighur Autonomous Region.

Goldman Sachs (GS.N), which is a joint sponsor of the Megvii IPO alongside Citigroup and JPMorgan, said of its involvement last month that it was “evaluating in light of the recent developments”.

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