Chinese AI startup Megvii still plans an IPO despite US blacklist
Weeks after being put on the US's Entity List, Megvii employees have told the South China Morning Post that the company still plans to file for an initial public offering (IPO) this year.
The company, which has planned to file for an IPO in Hong Kong, previously said that being placed on the US's blacklist could upset its IPO plans. Megvii is barred from purchasing US-made technology like Nvidia's or AMD's GPUs and x86 servers, which are vital to its business.
Goldman Sachs has said it's reevaluating its sponsorship of Megvii's IPO. Citigroup and JPMorgan Chase are sponsors as well.