US sanctions

Megvii IPO: Surge in ESG investing could dent chances of success

Amid concerns over US sanctions, Alibaba-backed Megvii’s potential Hong Kong listing will become a litmus test for investors buying into next-generation technology stocks

With the Hong Kong Exchange reportedly greenlighting a revised prospectus for Megvii Technology, the Chinese facial recognition company currently blacklisted by the US, a pending IPO not only tests investor appetite at frothy valuations but whether institutional investors would participate for companies that are currently under an ethical spotlight.

Megvii’s plans to raise $500 million are now reportedly back on track after the Beijing-headquartered artificial intelligence company originally failed to win approval for its IPO in November, according to a Reuters news report.

The Hong Kong Stock Exchange’s Listing Committee whose consent is essential for any IPO candidate kicked back its application after concerns over...

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