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Goldman Sachs Reassessing Sponsorship of Megvii IPO After U.S. Export Ban: Report

By Tang Ziyi / Oct 09, 2019 01:03 PM / Business & Tech

Photo: VCG

Photo: VCG

U.S. multinational Goldman Sachs Group is reevaluating its role in Chinese artificial intelligence (AI) company Megvii Technology’s initial public offering (IPO) plan after the U.S. administration placed it on an export blacklist, Reuters reported Wednesday.

The U.S. Commerce Department said Monday that 28 Chinese entities, including Megvii and seven other Chinese technology companies, would be added to the so-called Entity List, a move that effectively bans them from doing business with American suppliers. The department alleges that the companies are involved in human rights abuses in northwestern China’s Xinjiang Uygur Autonomous Region, a claim that China denies.

Beijing-based Megvii owns Face++, a developer that provides facial recognition technology to government, business, and retail clients. In August, Megvii filed a Hong Kong IPO plan in the hope of raising up to $1 billion in funding.

Goldman is the plan’s joint sponsor, but told Reuters in an emailed statement that the company is now “evaluating (the IPO) in light of the recent developments.”

Contact reporter Tang Ziyi (ziyitang@caixin.com)

Related: Chinese Companies Protest Inclusion in U.S. Export Blacklist

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