Driverless Truck Startup TuSimple Plans China Business Spinoff

China-backed self-driving truck startup TuSimple Holdings Inc. plans to spin off its China operations to address regulatory concerns, multiple sources close to the matter told Caixin.

The China business will be split off from the Nasdaq-traded company to operate independently in China, with a valuation of $1 billion, a company source said. The operating team in China will remain unchanged, the person said. The company’s shares rose 9% to $12.70 Thursday on Nasdaq.