AI Chinese firms that were added into blacklist by the U.S. to Seek Approval on IPO

AI

Megvi Technology, an artificial intelligence firm based in Beijing will according to the reports will be seeking approval on Thursday for an initial public offering in Hong Kong, in spite of its presence on a United States government blacklist for its part in alleged rights violations.

As per the reports from Reuters on Tuesday, the firm is looking at proceeds of minimum 500 million dollars from the listing. That figure is nearly 50% of the 1 billion dollars as per the aim of Megvii in an August initial public offering plan filed in Hong Kong. The firm has not yet made any decision regarding if it has to forge ahead with the listing when given approval, Reuters told.

Megvii that is being backed Alibaba is the owner of Face ++, which is a facial recognition developer that gives provision of technology to business, government, as well as, retail clients. In the previous month, Megvii was added by the US to a trade blacklist, making a claim that firm had involvement in rights violations in Xinjiang, which is Muslim-majority region of China. These allegations have been denied by the government of China.

It was stated by Megvii at the time that it had strong objection with the decision of the United States and that there were not any grounds for adding it to the list. The co-sponsors with JPMorgan and Citigroup, Goldman Sachs stated that it was re-evaluating its terms with the deal “in light of the recent developments.”

On the matter, Megvii completely denied to pass any comment. JPMorgan and Goldman Sachs had not replied to the request of Caixin to pass any comment by the time of publication. Caixin was not able to get into contact with Citigroup for comment.

Shreyas Tanna

About Shreyas Tanna

The winner of Mr. Pune 2009 Pageant, Mr. Shreyas Tanna is currently the young, dashing, and dynamic CEO of a market research company called Research N Reports in Pune. Fondly known as RNR, the company specializes in market research as well as industry analysis, and is closely associated with its parent company Absolute Markets Insights (AMI). Mr. Shreyas Tanna began his corporate journey as the Head of Corporate sales & PR at RED Entertainment while pursuing his degree for MMS (Marketing) from the MGM College of Management, Mumbai. After accomplishing the tedious task of balancing his work and education, he further polished his skills in Corporate Sales, Public Relations, Channel Development, Global Client Engagement, Strategic Consulting, and Brand Development by working with HDFC Life and ResearchMoz Global Pvt. Ltd. His dedication towards his work has even won him accolades such as the National Level Performer 2013 – HDFC Life and Mr. ResearchMoz 2015. A disciplined individual with a loving heart, he is often seen taking crisp walks with an engrossed look and a gentle smile within the premises of his company to interact with the various departments. And he will be usually followed by an adorable trail of his beloved trio of Shih Tzu babies proudly known as Gucci, Drake, and Paris. The most enticing thing that you will notice about this content and proud pet parent is his infectious positivity and the firm belief in his eyes, a reflection of his favorite quote, “LIFE IS BEAUTIFUL!”

View all posts by Shreyas Tanna →