The firm, which has headquarters in Silicon Valley and Guangzhou, China, makes tech that can turn cars into self-driving vehicles. Pony AI is having its initial public offering today. The firm, which is based in Silicon Valley but also has a headquarters in Guangzhou,

Shares in Pony AI ADR closed down $1 today after the Chinese autonomous vehicle startup raised approximately $413 million in an initial public offering that debuted on the Nasdaq earlier today.

Chinese companies had been avoiding stateside IPOs due to geopolitical tensions, but now they have fresh reason to consider U.S. markets.