Goldman Reviews Megvii’s HK IPO After U.S. Places Chinese Tech Firms on Blacklist By Investing.com

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Goldman Reviews Megvii’s HK IPO After U.S. Places Chinese Tech Firms on Blacklist

Stock Markets Oct 08, 2019 11:33PM ET

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Goldman Reviews Megvii’s HK IPO After U.S. Places Chinese Tech Firms on Blacklist

Investing.com - Goldman Sachs Group said it was reviewing its relationship with Megvii Technology, which planned to launch an IPO in Hong Kong later this year, after the U.S. placed multiple Chinese technology firms on a human rights blacklist this week.

Megvii and seven other Chinese companies were targeted by Washington as they were "implicated in human rights violations and abuses in the implementation of China's campaign of repression, mass arbitrary detention, and high-technology surveillance against Uighurs, Kazakhs, and other members of Muslim minority groups,” according to the U.S. government.

Megvii is backed by Alibaba and was reportedly scheduled to list in Hong Kong in the fourth quarter this year, raising as much as $1 billion.

Goldman said it was “evaluating in light of the recent developments.” It is a joint sponsor of the Megvii IPO, alongside Citigroup Inc and JPMorgan Chase & Co.

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