TuSimple Shares Soar As It Looks To Divest China Operations

• Autonomous trucking startup TuSimple Holdings Inc (NASDAQ:TSP) looked to divest its China business for up to $1 billion, Reuters reports.
• TuSimple approached several Chinese investors, including private equity firm Boyu Capital, searching for potential buyers.
• TuSimple aimed to focus on the U.S. market.
• Also Read: TuSimple Paves The Way For Its Truck Technology Commercialization
• The startup recently agreed to restrict the China unit's access to data due to U.S. security concerns.
• TuSimple suffered $732.7 million in losses in 2021 and had not "recognized a material amount of revenue" to date.
• Price Action: TSP shares traded higher by 25.4% at $11.93 on the last check Wednesday.