WeRide was weighing IPO venues including the U.S. and Hong Kong, Bloomberg News reported last year. The company was valued at about $4.4 billion in a March 2022 fundraising round.

China’s private companies in areas including semiconductors, AI and autonomous driving are poised to benefit from President Xi Jinping’s public backing of the private sector. Facing what Xi described as suppression by the U.S. and other western countries, he urged companies to strengthen innovation and play a bigger role in establishing China’s technology independence.

Founded in 2017, WeRide develops autonomous driving technology and is testing the technology in more than 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.

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.