WeRide is delaying plans to go public, in response to CNBC. The self-driving tech firm aimed to hit the Nasdaq this week, however now says it wants extra time to finish the mandatory IPO paperwork.
The agency, which develops autonomous automobile know-how for robotaxis, mini-buses and road sweepers, is in search of an IPO at a $5 billion valuation, and expects to lift round $93 million in proceeds.
WeRide’s IPO plans come as Beijing seems to have lifted restrictions on Chinese language corporations in search of international IPOs. International direct funding into Chinese language startups has dwindled since highs in 2022, so corporations are in search of a brand new path to acquiring international funding.
Beijing’s approval for WeRide’s deal will expire this week, nevertheless, so the startup may need to current to Chinese language regulators once more if it misses its deadline.
TechCrunch has reached out to WeRide for extra data.
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