Deals
China AI Startup Megvii Pushes Ahead With IPO Despite U.S. Blacklisting
- Megvii is said to consider early November listing hearing
- Alibaba-backed Megvii said to still aim for Hong Kong IPO
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Chinese artificial intelligence startup Megvii Technology Ltd. is pressing ahead with plans for an initial public offering in Hong Kong and targeting a listing hearing in early November, despite getting blacklisted by the Trump administration, according to people familiar with the matter.
While Megvii has lost access to American components -- including chips from Nvidia Corp. that are key to its business -- it hasn’t changed its goal of going public, said the people, asking not to be named because the matter is private. The company is appealing the U.S. decision to include it on the Commerce Department’s “Entity List,” which prohibits American companies from providing crucial supplies like semiconductors, one person said.