Chinese autonomous driving startup WeRide said it was looking for a valuation of as much as US$5.02bn in its US IPO, Reuters reported.

The IPO came as the Biden administration was expected to propose banning Chinese software in autonomous vehicles in the US.

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WeRide, known for autonomous taxis, vans, and buses, was aiming to raise as much as $119.4m.

Certain investors have also agreed to purchase shares worth $320.5m in a concurrent private placement, subject to the IPO’s completion.

They include Alliance Ventures which is the venture capital fund of the Renault Nissan Mitsubishi Alliance and JSC International Investment Fund SPC, among others, Reuters added.

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