Chinese artificial intelligence (AI) company Megvii’s plans for a $500 million Hong Kong initial public offering (IPO) are back on track after its application was cleared by the city’s stock exchange, reported Reuters.
Megvii – which was blacklisted by the US administration in October – was asked to provide more information in November when the company faced the Hong Kong Stock Exchange listing committee to seek the go-ahead for the transaction.
Megvii, which is known for its facial recognition platform Face++, is aiming to be the first Chinese AI firm to go public.
The plan comes after the Trump administration in October placed Megvii on a banned trade list with seven other Chinese firms for their alleged involvement in human rights violations in the Xinjiang Uighur Autonomous Region.