Megvii was founded in 2011 by Chief Executive Yin Qi and two friends from Tsinghua University. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. content. The company postponed its submission of the latest financials as the new coronavirus slowed down the work of its auditor Deloitte, sources told Reuters. node.dataset.value : node.getAttribute('data-value'); if (selectedValue) { for (var j = 0; j < node.options.length; j++) { if(node.options[j].value === selectedValue) { node.options[j].selected = 'selected';break;}}}}}, julie.zhu1.thomsonreuters.com@reuters.net, Blacklisted Chinese firm Megvii cleared for $500 million Hong Kong IPO, Do Not Sell My Personal Information (CA Residents Only). It reportedly cleared the application at the start of 2020. Follow. "Getting numbers in order is easy — that shouldn't take very long," a banker, who is not mandated on the transaction, had said. The Chinese company is considering a listing on Shanghai Star Market, according to an April 22 South China Morning Post report. Megvii's IPO application last lapsed Feb. 25, six months after it was filed in August 2019, according to an update on the Hong Kong stock exchange's website. Megvii lets Hong Kong IPO application lapse again, US Operators Bolster Downward Trajectory for US Cable Capex Forecast, StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go, Street Talk – Episode 69: Banks left with pockets full of cash and few places to go, CUSIP Requests Surge in September Led by Higher Corporate and Municipal Totals. Stimulus update: What to expect if the White House doesn’t meet Pelosi’s 48-hour deadline, Meet the national leaders who stand to lose from a Biden victory, World’s vaccine testing ground deems Chinese COVID candidate ‘the safest, most promising’, The polls are wrong. The planned IPO was already facing a hurdle due to the U.S. blacklisting, which bars Megvii from buying U.S. parts and components without U.S. government approval and was expected to … Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell My Info | Ad Choices  We apologize for any inconvenience this may cause. Jon. U.S. companies are prohibited from trading with those on the entity list without permission from The White House. Chinese facial recognition software company, Beijing Kuangshi Technology Co. Ltd., known as Megvii, has let its Hong Kong listing application lapse again, missing the three-month window to renew it. Due to the status, the company's application proof documents cannot be accessed because they have been categorized as "inactive." The U.S. presidential race is a near dead heat, this A.I. The company had hoped to raise between $500 million and $1 billion in its IPO, sources previously told Reuters. FORTUNE may receive compensation for some links to products and services on this website. HONG KONG, Feb 21 (Reuters) - Chinese artificial intelligence company Megvii Technology, which is on a U.S. blacklist, plans to refile for a Hong Kong initial public offering after its current application lapses on Tuesday. Megvii's application will lapse next week six months after it was filed partly because of the impact of the coronavirus epidemic which has disrupted business activity in China. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. © 2020, Nasdaq, Inc. All Rights Reserved. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Megvii postponed its IPO in 2019 after its August application drew questions from the Hong Kong Stock Exchange's listing committee. 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"The delays we have seen have everything to do with the [U.S.] 'entity list.'" nodes[i].dataset.subscription : nodes[i].getAttribute('data-subscription'); if(status ==='true') {nodes[i].checked = true;}}};var nodes = document.querySelectorAll('#form1783 select[data-value]'); if (nodes) { for (var i = 0; i < nodes.length; i++) { var node = nodes[i]; var selectedValue = node.dataset ? )+[a-z]{2,})$/i, failureMessage: "A valid email address is required"});var dom2 = document.querySelector('#form1783 #field2');var field2 = new LiveValidation(dom2, {validMessage: "", onlyOnBlur: false, wait: 300});field2.add(Validate.Presence, {failureMessage:"This field is required"});var dom11 = document.querySelector('#form1783 #field11');var field11 = new LiveValidation(dom11, {validMessage: "", onlyOnBlur: false, wait: 300});field11.add(Validate.Custom, {against: function(value) {return !value.match(/(telnet|ftp|https?):\/\/(?:[a-z0-9][a-z0-9-]{0,61}[a-z0-9]\.|[a-z0-9]\. © 2020 Fortune Media IP Limited. Megvii, known for its facial recognition platform Face++, has long wanted to be the first Chinese AI firm to go public. Market Intelligence Powered and implemented by Interactive Data Managed Solutions. Fill out the form so we can connect you to the right person. Megvii filed its IPO documents in August and may need the cash. 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