China’s self-driving startup WeRide postpones U.S. IPO as deadline nears

Self-driving technology company WeRide has postponed its U.S. initial public offering, citing the need for additional time to finalize necessary documentation.

“We are currently experiencing delays in updating our transaction documents. WeRide is diligently working to complete the required paperwork to proceed with the transaction,” the company said in a statement on Thursday.

WeRide had planned to offer 6.5 million American depositary shares (ADS) priced between $15.50 and $18.50, aiming to raise up to $440 million in its U.S. listing, which was scheduled for this week.

The company, which specializes in self-driving technology for robotaxis, minibuses, and freight sanitation vehicles, was last valued at approximately $5.11 billion and has raised $1.39 billion, according to PitchBook data.

Beijing’s approval for the deal is set to expire this week, and it remains uncertain whether WeRide will need to reapply for approval if it misses this deadline.

Founded in Silicon Valley in 2017 and incorporated in the Cayman Islands, WeRide launched its robotaxi service in Guangzhou, China, in 2019. It filed for a Nasdaq IPO in July.

The U.S. market for Chinese IPOs has been relatively quiet in recent years, and WeRide’s potential listing was being closely watched as a possible indicator of increased activity. If completed, it would be one of the largest U.S. listings by a Chinese company since Didi’s IPO in 2021.