Chinese artificial intelligence firm Megvii Technology Ltd plans to seek listing...
HONG KONG - 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.
Sources had previously told Reuters the listing was scheduled for Hong Kong in the fourth quarter and might raise as much as $1 billion. Megvii last month said it “strongly objects” to being added to the blacklist and there were “no grounds” for the designation. In a statement, it said around 1% of revenues were derived from Xinjiang in 2018 and none in the six months ended June 30.
Hong Kong, which topped the global charts in 2018 for funds raised through IPOs, has been roiled by nearly six months of political crisis. But IPO activity in the city has picked up since September, marked by Budweiser Brewing Company APAC Ltd , which raised about $5 billion in Hong Kong’s biggest IPO so far this year.
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