FILE PHOTO: The Goldman Sachs company logo is seen in the company’s space on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., April 17, 2018. REUTERS/Brendan McDermid
NEW YORK (Reuters) – Goldman Sachs Group Inc said on Tuesday it is reviewing its involvement in Megvii Technology Ltd’s planned initial public offering (IPO) in light of U.S. action against the Chinese artificial intelligence firm.
“We are evaluating in light of the recent developments,” the bank said in an emailed statement in response to a request for comment after the Trump Administration moved to ban U.S. companies from selling technology to 28 Chinese entities, including Megvii.
Citigroup, Goldman Sachs and JPMorgan are joint sponsors of the IPO. Megvii Technology Ltd, backed by Alibaba, filed in Hong Kong to conduct an IPO targeting proceeds of at least $500 million, Reuters reported in August.
Reporting by Joshua Franklin; Editing by Sandra Maler