Chinese driverless technology startup Guangzhou WeRide Technology Co. has filed confidentially for an initial public offering in the U.S. and is looking to raise as much as $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 the first half of this year, the people said, asking not to be identified discussing a private matter.
Chinese companies have only just resumed pursuing U.S. IPOs in recent months, after Didi Global Inc.'s 2021 listing prompted a crackdown by Beijing 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 didn't respond to a request for comment.