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SHANGHAI/HONG KONG (Reuters) - A growing number of Chinese tech start-ups are cancelling plans to list on Nasdaq-style markets at home with some eyeing Hong Kong share sales instead, as regulators tighten scrutiny of IPO applicants after the halting of Ant Group's $37 billion float.
SenseTime and Megvii, the most valuable Chinese AI unicorns worth US$7.5bil and US$4bil respectively, were added to the US Entity List in October last year. In 2019, surveillance was the biggest single end-use for AI in China, accounting for 53.8% of all AI-powered applications.
Hurun Report: China produces 182 new billionaires, triple the new faces in the US, while Shanghai overtakes Hong Kong for the first time
Shanghai overtakes Hong Kong for the first time in the number of billionaires with 83 to 76, according to the latest Hurun Global Rich List 2020. The world’s 2,816 billionaires enhances their combined wealth by 16% to a record US$11.2tril.
Segway-Ninebot Group, a Beijing-based electric scooter maker, on Aug 16 unveiled a scooter that can return itself to charging stations without a driver, a potential boon for the burgeoning scooter-sharing industry.