Pony.ai has put its project on hold IPO on the New York Stock Exchange according to information from Reuters . Without the green light from the Chinese authorities, the Toyota-backed autonomous driving startup has decided not to take the risk of ending up like Didi Chuxing. The latter suffered from the anger of Beijing after it went public on Wall Street in late June. Pony.ai fears Beijing Since the Didi Chuxing affair, Pony.ai is the first large company to at least temporarily abandoned its plans to go public in the United States. Other smaller startups such as LinkDoc Technology or Hello have already given up this type of operation. China has decided to strongly prevent its companies in general, and in the United States in particular, from going public. British antitrust law opposes the takeover of Giphy. through Facebook Pony.ai, which is testing its autonomous vehicles in California or Beijing and Guangzhou, fears the consequences of initiating this process. Among other things by merging with a special purpose vehicle (SPAC). PSPCs have become a popular medium for self-driving technology companies to go public. It is a structure with no operational reality that raises funds to buy a company within a specified period of time and thus enable it to go public. However, discussions have commenced regarding an IPO of Pony.ai via a merger with VectolQ Acquisition II. The transaction was to be funded through a private placement of approximately $ 1.2 billion with investors. October should be the month the rollout should be completed. An IPO lasting several months In November, Pony.ai said its valuation hit $ 5.3 billion after raising $ 1 billion. In June, The company has hired Lawrence Steyn, Vice President of Investment Banking JPMorgan Chase as CFO to prepare for the IPO. In the same month, James Peng, CEO of Pony.ai, said Reuters that the company intended to take this action to fund the marketing of driverless transport services. When asked to comment on the news agency’s revelations, the Pony.ai spokesman said there was no schedule for an IPO in the United States. The latter declined to comment on discussions aimed at achieving this goal. Neither the Chinese authorities nor VectolQ Acquisition II answered questions from Reuters. According to the agency, Pony.ai is still hoping for approval from Beijing. A decision is therefore still pending. It could organize a new $ 12 billion fundraising process during a round table.
CNY - Chinese Yuan Renminbi