In this photo illustration, Chinese robotaxi company WeRide’s logo appears on smartphone and computer screens.
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Self-driving technology company WeRide has postponed plans for a U.S. initial public offering, citing the need for more time to complete paperwork.
“Updating transaction documents is currently taking longer than expected and WeRide is working hard to complete the documents required to advance the transaction,” the company said in a statement on Thursday.
Wen Yuanxing expected Issued 6.5 million ADS (American Depositary Shares) at a price range of US$15.50 to US$18.50. The company plans to go public in the United States this week to raise up to $440 million.
According to Pitchbook data, the company develops self-driving technology for robotaxis, minibuses and freight sanitation trucks. It was last valued at approximately US$5.11 billion and has raised US$1.39 billion.
Approved by Beijing the deal The bill is due this week, and it’s unclear whether the company will need to reapply for approval if it misses the deadline.
The company was founded in Silicon Valley in 2017 and incorporated in the Cayman Islands before launching a robo-taxi service in Guangzhou, China, in 2019. July.
In recent years, the Chinese IPO market in the United States has been relatively cold, and many people are paying attention to WeRide’s potential listing, looking for signs of recovery. If completed, the IPO will be one of the largest IPOs by a Chinese company in the United States since the Didi IPO in 2021.
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