Goldman, American Firms Evaluating Roles in Chinese Tech Firms Blacklisted by US

NEW YORK/HONG KONG--Goldman Sachs Group Inc. said on Oct. 8 it was reviewing its involvement in Megvii Technology Ltd.'s planned initial public offering after the U.S. government placed the Chinese artificial intelligence firm on a human rights blacklist. The Trump administration said on Monday that Megvii and seven other Chinese companies were targeted because they were implicated in Beijing's repression of Muslim minority populations in the Xinjiang Uyghur Autonomous Region in the far west of the country. In an emailed statement in response to a request for comment on the Alibaba-backed Megvii IPO, Goldman said it was "evaluating in light of the recent developments." Sources had previously told Reuters the listing was scheduled for Hong Kong in the fourth quarter and might raise as much as $1 billion. Other U.S. companies involved with the blacklisted Chinese firms, whether as investors or as underwriters, are also likely to re-evaluate their relationships, risk consultants and Silicon Valley lawyers said.