In the News: WeRide Prepares for US IPO; State Secrets Law Update; and China Amends Regulations for QFII

Wall Street in the Financial District of Lower Manhattan in New York City. Credit: Tada Images/Adobe Stock

WeRide and Other Chinese Self-Driving Companies Expanding Into the US

Chinese self-driving startup company WeRide confidentially filed for an initial public offering in the U.S. on February 23 last year, as the company is looking to expand domestically and internationally. WeRide's IPO will be another significant listing after Zeekr Intelligent Technology's IPO in May that raised $440 million.

Various media had predicted that WeRide would raise up to $500 million through the listing. However, Law.com International reported that the number has been reduced to $100 million based on its filing with the U.S. Securities and Exchange Commission. WeRide has yet to disclose the number and proposed price range for the American depositary shares. But while WeRide is now in the process of pre-deal investor education, the proceeds raised are expected to reach $200 – $300 million according to market responses. It is expected to be listed on NASDAQ in August.

In its prospectus, WeRide said it faced "various legal and operational risks and uncertainties associated with being based in or having our operations primarily in mainland China and the complex and evolving PRC laws and regulations" according to the South China Morning Post (SCMP).