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WeRide is delaying plans to go public, according to CNBC. The self-driving technology company had hoped to hit the Nasdaq by this week but now says that it needs more time in order to complete the necessary IPO documentation.
The firm, which is seeking to IPO with a $5 billion valuation and expects to raise approximately $93 million, is pursuing an IPO.
WeRide has announced its IPO plans as Beijing appears have lifted restrictions for Chinese companies looking to do foreign IPOs. Foreign direct investment in Chinese startups has declined since its peak in 2022. Companies are now looking for new ways to obtain foreign funding.
Beijing’s approval of WeRide’s agreement will expire this coming week. If the startup misses that deadline, it may have to go back to Chinese regulators.
TechCrunch reached out to WeRide to get more information.