View profile

Megvii prepares for STAR Market IPO; WeRide raises $310

January 15 · Issue #352 · View online
Asia AI News
Good morning,
Here’s your Friday edition of Asia AI News! As mentioned earlier in the week, I will now be sending a newsletter twice weekly on Tuesdays and Fridays.
Arguably, the most interesting news of the week is MEGVII’s renewed plans to list an Initial public offering, but this time on Shanghai’s Nasdaq-like STAR Market. The news was revealed in a notice posted this week by the China Securities Regulatory Commission.
You will remember that the leading Chinese AI startup spent most of 2019 delaying its IPO, until finally getting approval from HKEX in January 2020. However, being added to the US ‘Entity List’ last year, the economic fallout from the US-China trade war and the impact of the coronavirus all took there toll and the unicorn’s growth had slowed significantly.
The IPO continued to be differed during early 2020. Then, in April last year, Bloomberg reported that HKEX has accused the AI unicorn of breaching the listing rules by failing to make adequate disclosures of US sanction risks. Nothing has been heard since.
Last year Reuters reported that MEGVII could raise between $500 million and $1 billion. However, more than 18 months after being blacklisted by the US and following the past year of Covid-19, it’s going to be interesting to see what the target is set for the IPO this time around.
Scroll down for this news and more, including lots of Huawei news and why China loves Elon Musk!
Stay safe and have a great weekend!

Megvii IPO Update
Chinese facial recognition unicorn Megvii prepares China IPO Chinese facial recognition unicorn Megvii prepares China IPO
Startup News
Chinese driverless car start-up WeRide raises $310 million in funding as competition heats up
China's financial hub wants to be global AI powerhouse
MakinaRocks, Hyundai Robotics sign MOU to 'advance AI-based industrial robot arm anomaly detection'
Singaporean robot barista to serve coffee at Japan's train stations
Ping An Uses Artificial Intelligence to Drive New ESG Investment Strategies
Smart Cities
China’s Huawei Develops Smart Roads That Talk to Driverless Cars - Bloomberg
China's Huawei backtracks after filing for patent to identify Uyghur faces China's Huawei backtracks after filing for patent to identify Uyghur faces
China demands Huawei exec's return after bullets were sent to her Vancouver home, says security chief
Elon Musk loves China, and China loves him back-for now
Read Tuesday’s Asia AI News
Follow Asia AI News on Twitter
About Carrington Malin
Did you enjoy this issue?
In order to unsubscribe, click here.
If you were forwarded this newsletter and you like it, you can subscribe here.
Powered by Revue