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On August 22, Bloomberg reported, citing people familiar with the matter, that WeRide had postponed its U.S. initial public offering (IPO), just days after China's regulatory approval expired.

WeRide is still preparing for its initial public offering, in part to finalize filings with U.S. securities regulators, people familiar with the matter said.

The self-driving technology company is seeking to raise up to $440 million through an IPO and a private placement after delaying its U.S. listing until this week to make room for new investors.

According to an announcement from the China Securities Regulatory Commission, China's approval for the deal will expire this weekend. IFR said this means WeRide will become the first company whose China Securities Regulatory Commission approval expires during the bookbuilding period, and it is unclear whether it needs to reapply for approval or can request an extension.

WeRide’s postponement of its U.S. IPO comes as the U.S. prepares to expand its technological competition with China. Founded in 2017, WeRide develops self-driving technology and has conducted self-driving tests and operations in 30 cities in seven countries, according to filings with the U.S. Securities and Exchange Commission. Its self-driving taxis are sourced from Nissan Motor.

If the deal goes through, it will be a rare large-scale listing by a Chinese company in the United States since 2021.