Hong Kong Welcomes Its First Robotaxi Stock as Pony.ai and WeRide Launch IPOs on the Same Day
The First Hong Kong-Listed Robotaxi Stock: Pony.ai & WeRide
Two of China’s autonomous driving leaders — Pony.ai and WeRide — are racing toward their Hong Kong IPOs, both scheduled for November 6, with a combined fundraising target of over HKD 10 billion.
From U.S. listings to Hong Kong debuts, expansion into multiple regions, and synchronized investor roadshows, their trajectories have remained remarkably aligned.
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IPO Details
Pony.ai Offering
- Shares issued: ~41.96 million
- 4.2 million for the Hong Kong public offering
- 37.76 million for international placement
- Plus 15% overallotment option
- Max price per share: HKD 180
- Target proceeds: ~HKD 7.19 billion (without overallotment)
- Cornerstone investors:
- Eastspring
- Ghisallo Master
- Hel Ved
- Athos Capital
- Ocean Arete
- Total cornerstone subscription: USD 120 million (~HKD 932 million)
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WeRide Offering
- Shares issued: ~88.25 million
- 4.4125 million for Hong Kong public sale
- 83.8375 million for international offering
- Plus 15% overallotment option
- Max price per share: HKD 35.0
- Target proceeds: ~HKD 2.93 billion (without overallotment)
- Special note: CEO Han Xu signed a voluntary 3-year lock-up agreement on shareholding
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Strategic Timeline
- Offer price finalization date: November 4
- Listing date: November 6 (Thursday)
- Bloomberg reports Uber plans to invest again, having backed both firms in their earlier U.S. IPOs.
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Fund Allocation Plans
Pony.ai
- 50% — Large-scale commercialization of L4 autonomous driving technology over next 5 years (biz dev, production, sales, marketing, support, industry partnerships)
- 40% — R&D for L4 technologies and solutions
- 10% — General corporate purposes
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WeRide
- 40% — Autonomous driving technology stack development
- 40% — Mass production and scaling of L4 fleets
- 10% — Marketing, regional offices
- 10% — General operations
Both companies focus primarily on R&D and L4 commercialization, signaling the industry’s shift toward a commercial tipping point.
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WeRide Pre-IPO Financials
- Revenue (RMB):
- 2022: 528 million
- 2023: 402 million
- 2024: 361 million
- 1H 2025: 200 million (+33.3% YoY)
- Revenue Composition (1H 2025):
- Robotaxi services: RMB 62.03M (31% of total)
- Other L4 vehicle services: RMB 61.90M (31%)
- Other tech services: ~38%
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Gross Profit & Margins
- Gross profit (RMB):
- 2022: 233M (44.1%)
- 2023: 184M (45.7%)
- 2024: 111M (30.7%)
- 1H 2025: 61M (30.6%)
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R&D Investment & Losses
- R&D spend (RMB):
- 2022: 759M (143.8% of revenue)
- 2023: 1.058B (285.5%)
- 2024: 1.091B (302%)
- 1H 2025: 645M (322.9%)
- Net losses (RMB):
- 2022: 1.299B
- 2023: 1.949B
- 2024: 2.517B
- 1H 2025: 791M
- Cash position (June 2025): RMB 4.088B
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Pony.ai Pre-IPO Financials
- Revenue (USD):
- 2022: 68.39M (~RMB 486M)
- 2023: 75.03M (~RMB 533M)
- 2024: 71.90M (~RMB 510M)
- 1H 2025: 35.43M (~RMB 252M) (+43.3% YoY)
- Revenue Composition (1H 2025):
- Ride-hailing: USD 3.256M (~RMB 23.11M)
- Truck services: USD 17.30M (~RMB 123M)
- Licensing/apps: USD 14.88M (~RMB 110M)
- Truck + licensing = 90.8% total revenue
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Gross Profit & Margins
- Gross profit (USD):
- 2022: 32.06M (46.9%)
- 2023: 16.88M (23.5%)
- 2024: 11.40M (15.2%)
- 1H 2025: 5.78M (16.3%)
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R&D Investment & Losses
- R&D spend (USD):
- 2022: 154M (224.6% of revenue)
- 2023: 123M (170.7%)
- 2024: 240M (320.1%)
- 1H 2025: 96.52M (272.4%, +64.35% YoY)
- Net losses (USD):
- 2022: 150M
- 2023: 120M
- 2024: 270M
- 1H 2025: 90.64M
- Cash position (June 2025): USD 319M (~RMB 2.24B)
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Operational Footprint
WeRide
- Present in 11 countries, 30+ cities
- Licenses in 7 countries
- Operating one of the world’s largest L4 fleets
- Fleet size: 1,500+ autonomous vehicles
- 700+ Robotaxis
- Performance:
- 2,200+ days of public operations
- 55M km driven autonomously
- Zero regulatory penalties for system failures
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Pony.ai
- Regulatory approvals in China’s four first-tier cities for public autonomous mobility
- Fleet size: 720+ Robotaxis, 170 autonomous trucks
- Mileage:
- 48.6M km autonomous driving
- 26.9M km in public ride-hailing
- Orders per Robotaxi (2025): >15 daily
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Market Outlook
- Frost & Sullivan projection:
- Global mobility market: US$4.5T (2025), US$4.7T (2030)
- Robotaxi commercialization: 2026, maturity in 2030
- China: US$200M (2025) → US$39B (2030) (~50% global share)
Industry leaders like Pony.ai and WeRide are stacking resources early to lead the Robotaxi commercialization wave.
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AI & Content Creation Opportunities
Platforms such as AiToEarn官网 are enabling content creators and analysts to:
- Use AI to generate and publish industry insights
- Syndicate content across Douyin, Kwai, WeChat, Bilibili, Rednote, Facebook, Instagram, LinkedIn, Threads, YouTube, Pinterest, X
- Access analytics and model rankings for monetization
- Leverage AI-powered workflows to track high-growth tech sectors like autonomous driving
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Bottom line: Despite short-term losses, Pony.ai and WeRide are positioning themselves for long-term market leadership in L4 autonomous driving — much like the creators and analysts using integrated AI platforms to capture and share insight in real time.
Would you like me to also create a side-by-side comparison table for Pony.ai vs WeRide financials and operations? That would make the numbers even easier to digest.
