Chinese autonomous-driving firm WeRide seeks up to US$440 million in US IPO, placement
A group of investors agreed to buy US$320.5 million worth of ordinary shares via private placements, the filing shows. Alliance Ventures, the venture capital fund of the Renault Nissan Mitsubishi Alliance and an existing WeRide backer, is set to purchase US$97 million worth of shares, according to the filing.
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China’s self-driving RoboTaxi hits the road
China’s self-driving RoboTaxi hits the road
Alliance Ventures took part in WeRide funding rounds in 2018 and 2021. Other investors buying stock in the private placements include JSC International Investment Fund and Get Ride.
Separately, automotive parts maker Robert Bosch agreed to buy as much as US$100 million worth of ADS at the IPO price, the filing shows. The number of ADS available for sale to the public will be reduced to the extent that Bosch purchases any ADS.
Since then, Chinese IPOs in the US have been few and far between. Overseas investors’ appetite for Chinese stocks has not returned, with the S&P China Select ADR Index, which tracks American depositary receipts trading in the US subject to size and liquidity requirements, still 66 per cent off its February 2021 high, according to Bloomberg calculations. The index has shed about 9 per cent in 2024.
The IPO would also come as the US is preparing to widen its confrontation with China over autonomous and internet-connected vehicles. Biden administration officials plan to propose limits on US sales of Chinese vehicle software as soon as this month, Bloomberg News reported on Tuesday. The move would include curbs on the use and testing of Chinese technology for autonomous vehicles, people familiar with the matter have said.
