A U.S. Commerce Department move to blacklist four of China’s leading artificial intelligence start-ups has thrown billions of dollars of foreign investment into doubt
A U.S. move to blacklist four of China’s leading artificial intelligence start-ups has thrown a blockbuster Hong Kong listing into doubt and left billions of dollars of foreign investment caught in the cross fire.
The move shocked Megvii, which has already filed its IPO prospectus, and SenseTime, which is considering a public listing. “We are all taken aback,” said one of Megvii’s bankers. “No change to plans now but we will have to see what happens over coming days.
Both companies have foreign investors, with Macquarie and the Abu Dhabi Investment Authority taking part in Megvii’s last fund-raise and SoftBank, Fidelity, Qualcommm, Silver Lake and Temasek all backing SenseTime. Macquarie, Abu Dhabi Investment Authority, Softbank, Silver Lake and Fidelity all declined to comment.IFlytek, the voice AI company, said the decision would have little impact on its business. “We have planned for this situation,” said a spokesperson.
Security camera companies Hikvision and Dahua were also put on the list, and Dahua said it expressed its “strong protest to such a decision, which lacks factual basis.” The impact to Hikvision would probably be “modest” said Ruiyi Xu, a research associate for Bernstein, adding that Hikvision was among the best prepared of the eight companies to be added to the entity list.
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