Goldman Sachs a joint sponsor of Megvii’s initial public offering (IPO) along with JP Morgan Chase and Citigroup is expressing its concerns over ‘recent developments’ associated with this Chinese AI company best know for its facial recognition algorithms.
Megvii is seeking a valuation of $1bn but the US has ‘blacklisted’ the company alleging it is implicated in the repression of Muslim minorities. Apparently the US has blacklisted 20 Chinese government entities and eight firms, citing they were implicated in surveillance, repression and mass arbitrary detention.
Megvii formerly known as Face++ and backed by Alibaba will be the first Chinese AI firm to go public in Hong Kong if the listing goes ahead.
Residents in Hong Kong who have been part of the recent protests have been using simple techniques to thwart recognition technologies, namely a form of face mask. It’s interesting to note the masks were deemed to be unlawful when Carrie Lam used emergency powers going back to 1922 to enact an anti-mask law.
Is it possible that Megvii intending to float in Hong Kong has already used its AI facial recognition algos there?