Caixin Global – Latest China News & Headlines

Home >


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.

Trending in China: Baidu Blocking Caixin’s Criticism of Search Engines Goes Viral
Trending in China: Should Restaurants Be Free to Pick and Choose Their Customers? The Strange Case of ‘Reverse Sexism’
Codemao Raises $198 Million to Teach China’s Youth Computer Programming
Tesla Challenger Xpeng Plans to Install Lidar on Electric Vehicles in 2021
Chinese Online Educator Fraud Suspect GSX Reports Losses
Investors Eat Up Dada as Grocery Delivery Specialist Posts Strong Growth
WeWork’s China Rival Completes U.S. Backdoor Listing
Trending in China: Embarrassingly Poor Quality Control of iPhone 12 Plagues Consumers
Trending in China: Are Last-Mile Logistics Companies Lording Over Their Customers?
Chinese Tech-Enabled Truckload Platform Zeyi Nets $91m in Series C Round
Trending in China: Does Click-Farming Water Down the Value of Product Reviews?
Tencent Music Goes Live in Partnership with U.S. Virtual Gig Master Wave
China Cosmetics Firm Yatsen Pops After $617 Million IPO
Chinese Biotech Startup D3 Bio Raises $200 Million in Series A Round
Beyond Meat Sinks Teeth Further Into China with Plant-Based Pork Launch
Bond Default Dominoes as Tunghsu Fails to Pay Due Interest
Trending in China: Explosive Growth of Wireless Headphones, but Are They Even Popular?
Video Streamer Bilibili Posts Strong User Growth as Losses Widen
Electric-SUV Maker Nio to Add Sedans as Tesla Rivalry Heats Up
E-Commerce Upstart Pinduoduo Plans to Raise New Funds Through Sales of Convertible Bonds and ADSs to Boost Growth
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 (

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

Share this article
Open WeChat and scan the QR code