Chinese self-driving car technology startup Pony.ai reportedly has scrapped plans to go public in the U.S. as the Chinese government continues to crack down and regulate various sectors of the country’s economy.

Reuters reported today that Pony.ai had planned to go public through a special-purpose acquisition company in the U.S. in a $12 billion deal, but those plans have been put on hold after the company failed to gain assurances from Beijing that it would not become a target of a crackdown against Chinese technology companies.
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