CHINESE driverless technology startup Guangzhou WeRide Technology Co. has filed confidentially for an initial public offering (IPO) in the United States and is looking to raise as much as US$500 million, according to people familiar with the situation.

The Guangzhou-based startup is working with advisers on a potential listing that could take place as early as in the first half of this year, the people said.

Chinese companies have only just resumed pursuing U.S. IPOs in recent months, after Didi Global Inc.’s 2021 listing prompted regulatory actions in China on companies with sensitive data selling shares abroad.

To address the issue, WeRide will outsource data collection to an entity that won’t be part of the planned U.S. listing, the people said.

Deliberations are ongoing and details of the IPO including size and timing could change, the people said. A representative for WeRide yesterday didn’t respond to a request for comment.

WeRide was valued at about US$4.4 billion in a March 2022 fundraising round.

Founded in 2017, WeRide develops autonomous driving technology and is testing the technology in over 25 cities around the world, its website shows.

WeRide produces vehicles including robotaxis, mini buses, vans and street sweepers in addition to its autonomous driving software and hardware solutions.

Its headquarters is in Guangzhou and it has operations in cities including Beijing, Shanghai and Shenzhen, as well as in San Francisco.

Backed by the Renault-Nissan-Mitsubishi Alliance and Guangzhou Automobile Group, WeRide also counts engineering company Bosch and private equity firm Carlyle Group as existing investors. (SD-Agencies)