China autonomous vehicle startup WeRide delays US IPO

WeRide is delaying plans to go public, according to CNBC. The self-driving tech company aimed to hit the Nasdaq this week, but now says it needs more time to complete the necessary IPO documents. 

The firm, which develops autonomous vehicle technology for robotaxis, mini-buses and street sweepers, is seeking an IPO at a $5 billion valuation, and expects to raise around $93 million in proceeds. 

WeRide’s IPO plans come as Beijing appears to have lifted restrictions on Chinese companies seeking foreign IPOs. Foreign direct investment into Chinese startups has dwindled since highs in 2022, so companies are seeking a new path to obtaining foreign funding. 

Beijing’s approval for WeRide’s deal will expire this week, however, so the startup might have to present to Chinese regulators again if it misses its deadline. 

TechCrunch has reached out to WeRide for more information.