Due to the need for more time to update the files, Wenjuan Knowlege (WRD.US) postponed its US IPO.

According to reports, Wenyuanzhixin (WRD.US), a Chinese autonomous driving technology company, postponed its initial public offering (IPO) on the Nasdaq to gain more time to submit documents to regulators. Wenyuanzhixin responded that the time needed to update the transaction documents was longer than expected, and it was working on filing all the documents needed for the transaction.

Wenyuanzhixin submitted an IPO application earlier this month, with a valuation of up to $5 billion. The company plans to issue 6.5 million shares at a price range of $15.50 to $18.50, raising $109.7 million.

It is reported that Wenyuanzhixin has completed 10 rounds of financing so far, with investors including He Xiaopeng, Guangzhou Automobile Group, Nvidia, Bosch, IDG Capital, Qiming Venture Capital, Zhiyuan Capital, and public financing amount cumulatively exceeds $1.09 billion, and completed the last round of D+ financing in 2022, valued at $5.1 billion.

Moreover, according to the regulations of China's regulatory authorities, Wenyuanzhixin needs to complete the listing within one year after the registration of the US IPO, which is before August 25 this year.