WeRide is delaying plans to go public, in keeping with CNBC. The self-driving tech firm aimed to hit the Nasdaq this week, however now says it wants extra time to finish the required IPO paperwork.
The agency, which develops autonomous automobile expertise for robotaxis, mini-buses and avenue sweepers, is in search of an IPO at a $5 billion valuation, and expects to boost round $93 million in proceeds.
WeRide’s IPO plans come as Beijing seems to have lifted restrictions on Chinese language firms in search of international IPOs. Overseas direct funding into Chinese language startups has dwindled since highs in 2022, so firms are in search of a brand new path to acquiring international funding.
Beijing’s approval for WeRide’s deal will expire this week, nonetheless, 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 info.
