Megvii, the Chinese facial recognition company backed by Alibaba, is reassessing plans to go to market this year, according to bankers and investors, as the backlash against the sector and broader Sino-US tensions intensify.
Megvii was valued at $4bn at its last funding round and hired bankers with a view to launching an initial public offering — at one point targeting as much as $1bn — this year.
Since then, however, the ratcheting up of China and US tensions, which has broadened beyond trade to include the tech sector, has soured sentiment.
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