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In November, Megvii faced the Hong Kong stock exchange listing committee. 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 … However, the coronavirus was still affecting the Chinese economy. But there are a few reasons why Megvii stock hasn’t hit the market. Megvii objected to being blacklisted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ong Kong Committee Wants Updated Finances. Megvii lost 3.4 billion yuan in 2018, partly due to changes in the value of preferred shares, according to its prospectus. The company was seeking approval to move forward in the IPO process. It values the company at $4 billion, making Megvii a technology unicorn. Sign up for our free e-letter! There is uncertainty whether the company can replace those items with ones of the same quality and price. But there are a few reasons why Megvii stock hasn’t hit the market. Megvii hopes to be the first Chinese AI company to go public. If you’re looking for the best investment opportunities, Investment U is the place to be. 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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. This process is automatic. Zhen Zhou Toh, an analyst specializing in Asia-Pacific IPOs, said: “Even if it [the U.S. blacklisting] does not slow down Megvii’s growth fundamentally, it will have put doubt in investors’ minds as to how easily Megvii can be impacted by macro regulatory factors.”. Investors include Bank of China Group Investment, Macquarie Group and Alibaba Group Holdings. Find the latest IFLYTEK CO LTD (002230.SZ) stock quote, history, news and other vital information to help you with your stock trading and investing. Some companies included are Alibaba Group Holdings (NYSE: BABA) and Ant Financial Services. 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Megvii’s technology is used by governments and businesses. That’s six months after filing the listing application. Please enable Cookies and reload the page. It designs image recognition and deep-learning software. On August 25, the Megvii IPO was filed with the Hong Kong Exchange. The company postponed its submission of the latest financials as the new coronavirus slowed down the work of its auditor Deloitte, sources told Reuters. And it hopes to raise between $500 million and $1 billion. But investors shouldn’t worry. Megvii received approval from the Hong Kong exchange. MEGVII has raised $1.36 b in total funding. [])). 17 Wealth-Building Strategies to Implement Today, Array Technologies IPO: Stock Successfully Trades on Nasdaq Market, Roblox IPO: Gaming Company Confidentially Filed with SEC, iHuman IPO: Chinese Edutainment Company Debuts on NYSE, Clover Health IPO: Chamath Palihapitiya’s Third SPAC IPO, Snowflake IPO: Data Warehousing Company Confidentially Files. Yin Qi founded Megvii in 2011 with friends Tang Wenbin and Yang Mu. However, despite the losses, Megvii raised $750 million in private funding. Megvii hasn’t made a profit. The Company produces dynamic face recognition softwares, in vivo detection softw ares, portrait library retrieval softwares, and other products. View MEGVII stock / share price, financials, funding rounds, investors and more at Craft. The firm holds a nearly 2 percent stake in Megvii through two holding companies, according to a prospectus filed by Megvii as part of its application for a listing on the Hong Kong stock … One of Megvii’s better known platforms is Face++ for facial recognition. TikTok IPO: Will ByteDance Go Public in 2020? But if that deadline passes or Megvii doesn’t apply for extension, it must start the IPO process over again. And investors are worried about how it will affect the Megvii IPO. It’s believed Megvii was involved in human rights violations. The company might have helped repress Muslim minorities. Megvii planned to give an updated prospectus after the Chinese Lunar New Year. However, the committee instead asked for more information. In the summer of 2019, a Megvii IPO was filed with the Hong Kong Exchange. Megvii will provide the committee with updated financials. As a result, Megvii’s IPO application expired in February. Biometrics stocks news including financial information and historical EOD stock quote data of the biometrics companies and digital identity firms covered by Biometric Update.

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