WeRide, China's self-driving startup, postpones its U.S. IPO as the deadline approaches.

• WeRide postponed its plan for an initial public offering in the U.S., stating the requirement for additional time to finalize paperwork.
• Recently, the U.S. market has been dry for Chinese IPOs, and many were observing WeRide's potential listing as a sign of a possible revival.
• The company WeRide was anticipated to issue 6.5 million ADS at a price range of $15.50 to $18.50.

WeRide, a self-driving technology company, postponed its plan for an initial public offering in the U.S. due to the need for additional time to finalize documents.

The company stated on Thursday that the completion of transaction documentation is taking longer than anticipated, and WeRide is currently working to expedite the process.

WeRide was expected to offer 6.5 million ADS in the range of $15.50 to $18.50 to raise up to $440 million in a U.S. listing that had been set for this week.

Pitchbook data indicates that the company, which specializes in self-driving technology for robotaxis, minibuses, and freight sanitation vehicles, was valued at approximately $5.11 billion and has raised $1.39 billion in funding.

The Beijing approval for the deal will expire this week, and it is uncertain whether the company would need to reapply for approval if it fails to meet the deadline.

In 2017, the firm was established in Silicon Valley and later incorporated in the Cayman Islands. The company launched a robotaxi service in Guangzhou, China, in 2019, and filed for an IPO on the Nasdaq in July.

Recently, the U.S. market has been dry for Chinese IPOs, and many were eagerly watching WeRide's potential listing for any indication of a turnaround. If successful, WeRide's IPO would be one of the largest U.S. listings by a Chinese company since Didi's IPO in 2021.