WeRide's US IPO becomes biggest by a Chinese firm since DiDi
Self Driving car.
Driverless Technology startup WeRide has filed for the largest US IPO by a Chinese business since DiDi Global's disastrous listing in 2021. The firm said it will not reveal the number or price range until it starts promoting its share offer.
Last year, Bloomberg news reported that Cayman Islands-based WeRide had secretly filed for an IPO to raise $500 million. US listings by China-based firms dried up as Beijing cracked down on companies with sensitive data selling shares abroad after Didi's $4.44 billion IPO.
WeRide, in its Friday filing, warned of "various legal and operational risks and uncertainties associated with being based in or having our operations primarily in Mainland China."
The firm, in its filing with the US Securities and Exchange Commission (SEC), reported a $268 million loss on $55 million revenue for the last year.
WeRide, founded in 2017, is testing or deploying autonomous driving technologies in 30 cities in seven countries. The company manufactures robotaxis, small buses, vans, and street sweepers in addition to autonomous driving software and hardware.
Current investor Renault-Nissan-Mitsubishi alliance will buy IPO shares privately. China International Capital, JPMorgan Chase, and Morgan Stanley are spearheading the offering. The company's American depositary shares will be traded on the Nasdaq stock market under the ticker 'wrd.'
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