Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Tencent’s PUBG Mobile Game Hits $3 Billion Milestone
Luckin Coffee Shareholders Vote to Remove Chairman, Bloomberg Reports
France Won’t Ban But Will Discourage Use of Huawei 5G Equipment, Official Says
Trending in China: ‘Lipstick King’ Li Jiaqi Settles in Shanghai, Prompting a Rethink of ‘Talent’
Tencent Plays in U.S. With California Game Studio Launch
Trending in China: Shenzhen Thinks Only Children Should Get Paid Leave to Look After Their Parents - Cue Heated Debate
German Drugmaker BI Launches Shanghai Center to Harness Chinese Expertise
Chinese Self-Driving Truck Firm Aims to Cover Most of U.S. by 2024
Trending in China: Chinese Netizens Tell Indian Prime Minister Modi To ‘Shut The Door On The Way Out’ As He Quits Weibo
Trending in China: If You Can’t Beat Them, Join Them – Why Tencent is Laughing At Itself
Meituan Eyes Robot-Enabled Deliveries with $14 Million Investment in PuduTech
India Ban Could Hit TikTok’s Parent Company to the Tune of $6 Billion
Sina Weibo to Issue $750 Million in Bonds
Embattled Leshi Forced to Sell Smart TV, Livestreaming Trademarks
Autowise.ai and Swiss Cleaning Carmaker Launch Driverless Street Sweeper
Trending in China: How an ‘Old Godmother’ Took on China’s Internet Giant and Won
China’s IT Spending Expected to Hit $297 Billion: IDC
TikTok Moves Data Protection of European Users from U.S. to U.K. and Ireland
Trending in China: Dazed and Confused – China’s Elderly in Online Pandemic World
Alibaba-Owned Taobao Live Sacks Former Operating Head for Corruption
AI Firm Megvii Reportedly Weighing Listing on Shanghai’s STAR Board

By Ding Yi / Apr 23, 2020 05:17 PM / Finance

Photo: VCG

Photo: VCG

Chinese artificial intelligence company Megvii Technology is considering an initial public offering (IPO) on Shanghai’s Nasdaq-like high-tech STAR board, the South China Morning Post reported Wednesday, citing unnamed sources.

The sources told the Post that Megvii began discussions around listing on the board after letting its previous Hong Kong IPO application lapse in February due to a sales hit caused by the coronavirus. Megvii applied for a $500 million IPO in Hong Kong in August and was added to the U.S. government’s so-called “entity list” in October, which forbids it from doing business with American suppliers.

However, neither Megvii nor its shareholders, including Alibaba, Lenovo and Foxconn, are in a rush to list the company, the report quoted one of the sources as saying.

When contacted by Caixin, a Megvii spokeswoman did not confirm the report, but said that the company is keeping funding options open including possible IPOs.

Established by the Shanghai Stock Exchange last June, the STAR board has become an important option for Chinese tech startups harboring listing plans, especially at a time when tech-focused venture capitalists are more cautious about investing in unprofitable but promising startups.

As of April 20, the 98 companies listed on board had raised 116.6 billion yuan ($16.5 billion) combined, the state-owned China News Service reported, citing statistics from Shanghai’s financial regulator.

Contact reporter Ding Yi (yiding@caixin.com)

Related: Who Needs Real Makeup? Megvii AI Gives Consumers Virtual Makeovers


Share this article
Open WeChat and scan the QR code