IPO challenges
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Founders in the Crosshairs: DeepBlue Tech Employees Petition to Restrict AI Unicorn Executives
Shenlan Technology, once a $2.23B AI unicorn, faces mounting crises as over 100 ex-employees pursue legal action against founder Chen Haibo, securing court-imposed travel bans over unpaid wages. The company dissolved its Shenzhen workforce in 2024 despite a 2023 payment agreement, citing conflicting financial claims about IPO preparations. Courts rejected Chen’s appeal, holding him accountable as legal representative amid accusations of evading operational duties. Shenlan countersued ex-staff for alleged non-compete breaches, while its nine-figure Pre-IPO funding and alleged inflated revenue claims (¥100M actual vs. promoted billions) deepen credibility concerns. Prolonged IPO delays and unresolved labor disputes expose governance risks, reflecting systemic issues in China’s hypercompetitive AI sector.
