WeRide files for biggest US IPO by Chinese firm since Didi
DRIVERLESS technology startup WeRide filed for what could be the biggest US initial public offering (IPO) by a Chinese company since ride-share company Didi Global’s disastrous 2021 listing.
WeRide said in a filing on Friday (Jul 26) that it may face “various legal and operational risks and uncertainties associated with being based in or having our operations primarily in mainland China”. The company would not disclose the number and proposed price range for its American depositary shares until it is ready to begin marketing them.
WeRide, which is incorporated in the Cayman Islands, had filed confidentially for an IPO with a plan to raise as much as US$500 million, Bloomberg News reported last year. After Didi’s US$4.4 billion IPO prompted a crackdown by Beijing on companies with sensitive data selling shares abroad, US listings by China-based companies had dried up.
In its filing with the the US Securities and Exchange Commission, WeRide said it had a loss of US$268 million on revenue of US$55 million last year.
Founded in 2017, WeRide develops autonomous driving technology, and is testing or deploying it commercially in 30 cities in seven countries, it said in the filing. WeRide produces vehicles including robotaxis, mini buses, vans and street sweepers, in addition to its autonomous driving software and hardware solutions.
Current investor Renault-Nissan-Mitsubishi Alliance has agreed to buy shares in the IPO in a private placement, according to the filing.
The offering is being led by Morgan Stanley, JPMorgan Chase and China International Capital Corp. The company plans for its American depositary shares to trade on the the Nasdaq Stock Market under the symbol WRD. BLOOMBERG
Share with us your feedback on BT's products and services
