Wen Far Learning (WRD.US) applies for listing in the US with hopes of becoming the largest Chinese concept stock IPO since Didi.

Chinese autonomous driving technology startup WeRide (WRD.US) has filed for an IPO with the U.S. Securities and Exchange Commission (SEC), potentially becoming the largest IPO by a Chinese company in the United States since Didi's listing in 2021. WeRide has not disclosed the number of American Depositary Shares (ADS) it plans to issue or the proposed price range in a filing submitted on Friday. It was reported last year that WeRide had secretly filed for an IPO, aiming to raise up to $500 million. The filing shows that WeRide had revenue of $55 million last year, with a loss of $268 million. Founded in 2017, WeRide develops autonomous driving technology and is currently conducting commercial tests or deployments in 30 cities in 7 countries. In terms of products, WeRide has entered the commercial operation stage of autonomous driving, with five major product matrices including autonomous driving taxis (Robotaxi), autonomous driving minibuses (Mini Robobus), autonomous freight vans (Robovan), autonomous street sweepers (Robo Street Sweeper), and advanced driving solutions, offering services such as ride-hailing, on-demand public transportation, local freight logistics, intelligent cleaning services, and advanced driving solutions. According to the filing, WeRide's current investor, Renault-Nissan-Mitsubishi Alliance, has agreed to purchase shares in the company's IPO through a private placement. The IPO is being led by Morgan Stanley, J.P. Morgan, and CICC. The company is applying to list on Nasdaq in the form of ADS with the stock code "WRD."