MiraclePlus Denies Zhisuan Investment After U.S. Sanctions

MiraclePlus denied investing in Shanghai Zhisuan Technology after the U.S. sanctioned the Chinese artificial-intelligence startup and four related entities, disputing a funding arrangement described in trial testimony. An Oct. 20 statement from MiraclePlus said the firm had not invested in Zhisuan and was communicating with relevant parties in an effort to have the sanctions lifted. MiraclePlus is also known as Qiji Chuangtan Beijing Investment Management Co. Ltd. Trial testimony tied former Google engineer Linwei Ding’s participation in the MiraclePlus program to a financing arrangement involving 5 million yuan (about $700,000) in private funding from the firm’s venture arm for a 7% interest in Zhisuan. No transfer date is given, and whether the funds were transferred or the stake issued remains unestablished.

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