According to a prospectus seen by Reuters on October 23, China autonomous driving startup WeRide has applied for an initial public offering (IPO) on Nasdaq, raising up to US$119.
4 million, and plans to raise US$320.
5 million through private placement.
Photo source: Wenyuan Zhixing, as part of this offering, Wenyuan Zhixing will issue 6.
5 million American Depositary Shares (ADS) shares at a price of US$15.
5 to US$18.
5 per share.
, In August this year, Wenyuan Zhixing said that as part of its IPO, the company was seeking a valuation of up to US$5.
02 billion.
Wenyuan Zhixing was established in Silicon Valley in 2017 and later registered in the Cayman Islands.
In 2019, the company launched a driverless taxi service in Guangzhou, China.
Last year, China’s securities regulators approved Wenyuan Zhixing’s application to list in the United States.
Investors have been closely watching Wenyuan Zhixing’s potential listing for signs of China companies recovering in the U.S. IPO market.
In 2022, online ride-hailing giant Didi Global was forced to delist in the United States due to opposition from China regulators.
In the following years, the number of IPOs by China companies in the United States has dropped significantly.
Following the listing of Didi in the United States in 2021, Wenyuan Zhixing’s IPO will reach one of the largest listings of China companies in the United States.
This will also be the second large China company seeking to list in the United States this year.
In May this year, China electric vehicle manufacturer Gekrypton was listed on the New York Stock Exchange.
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