WeRide, a self-driving startup from China, sees a 19% increase in share price during its Nasdaq debut
Chinese self-driving technology company WeRide experienced a 19 percent rise in its shares during its Nasdaq debut, subsequent to an IPO and private placement that generated $440.5 million. This listing highlights the increasing interest of U.S. investors in Chinese technology companies.
TroibNews 
WeRide, a self-driving company based in China, experienced a 19 percent surge in its shares during its Nasdaq debut on Friday, following an initial public offering and private placement that raised a total of $440.5 million.
This listing occurs against a backdrop of improving sentiment among U.S. investors towards Chinese companies, thanks to a resolution in December 2022 of a long-standing audit dispute between China and the U.S.
David Manno, a partner at the securities law firm Sichenzia Ross Ference Carmel, commented on this shift, stating that "companies in hot sectors are going to get attention wherever they're from," and noted that "there's so much enhanced disclosure that I don't think it's going to be an issue for Chinese companies going public."
The IPO of WeRide also indicates growing optimism in the broader U.S. IPO market, which has gained momentum after a two-year slowdown. Matt Kennedy, a senior strategist at IPO research firm Renaissance Capital, remarked that "the bottleneck in 2022-2023 has built up the pipeline."
Kennedy further elaborated, "I don't see this deal as having a big impact on the broader tech sector, but it is definitely a meaningful data point for other autonomous vehicle startups and China-based companies."
In its IPO, WeRide issued 7.74 million American depositary shares priced at $15.50 each. The company's valuation has now surpassed $4 billion, supplemented by an additional $320.5 million raised in a private placement.
WeRide is noted for its autonomous vehicles, including taxis, vans, buses, and street sweepers, and is currently conducting trials and commercial operations in 30 cities across seven countries. In August of this year, the company obtained authorization to conduct passenger trials with its autonomous vehicles in California.
Ian Smith for TROIB News
This listing occurs against a backdrop of improving sentiment among U.S. investors towards Chinese companies, thanks to a resolution in December 2022 of a long-standing audit dispute between China and the U.S.
David Manno, a partner at the securities law firm Sichenzia Ross Ference Carmel, commented on this shift, stating that "companies in hot sectors are going to get attention wherever they're from," and noted that "there's so much enhanced disclosure that I don't think it's going to be an issue for Chinese companies going public."
The IPO of WeRide also indicates growing optimism in the broader U.S. IPO market, which has gained momentum after a two-year slowdown. Matt Kennedy, a senior strategist at IPO research firm Renaissance Capital, remarked that "the bottleneck in 2022-2023 has built up the pipeline."
Kennedy further elaborated, "I don't see this deal as having a big impact on the broader tech sector, but it is definitely a meaningful data point for other autonomous vehicle startups and China-based companies."
In its IPO, WeRide issued 7.74 million American depositary shares priced at $15.50 each. The company's valuation has now surpassed $4 billion, supplemented by an additional $320.5 million raised in a private placement.
WeRide is noted for its autonomous vehicles, including taxis, vans, buses, and street sweepers, and is currently conducting trials and commercial operations in 30 cities across seven countries. In August of this year, the company obtained authorization to conduct passenger trials with its autonomous vehicles in California.
Ian Smith for TROIB News
