Chinese AI firm Megvii's $500m HK IPO hits regulatory hurdle

Chinese AI firm Megvii's $500m HK IPO hits regulatory hurdle

FILE PHOTO: The logo of Face++ facial recognition software is seen at the Security China 2018 exhibition on public safety and security in Beijing, China, October 24, 2018. REUTERS/Thomas Peter

Chinese AI firm Megvii Technology’s plans for a $500 million listing in Hong Kong have been dealt a setback, with regulators in the city asking the company – which has been blacklisted by the U.S. government – for more information, three sources said.

Beijing-based Megvii did not win approval for its initial public offering (IPO) at a hearing with the Hong Kong Stock Exchange’s Listing Committee on Thursday, the people with knowledge of the matter told Reuters.

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