China’s Pony AI, WeRide File for Hong Kong IPOs in Milestone for Driverless Tech Sector

Pony AI Inc and WeRide Inc., two of China’s leading autonomous driving companies, have filed prospectuses for initial public offerings (IPOs) in Hong Kong, marking a milestone for the nation’s driverless technology sector, as it seeks capital market validation amid intensifying global competition.

Pony AI Inc rose 4% and WeRide Inc. rose 3% in premarket trading.

Pony.ai, based in Guangzhou and incorporated in the Cayman Islands, plans to sell 41.96 million Class A shares under its global offering, including 4.2 million shares for Hong Kong retail investors.

The maximum offer price, set at HK$180 (US$23) per share, could potentially value the company at more than US$10 billion. Trading on the Hong Kong stock exchange is expected to begin on November 6, under the stock code 2026. Pony.ai’s American depositary shares are already listed on Nasdaq under the ticker PONY.

WeRide, another Level 4 autonomous driving pioneer, also headquartered in Guangzhou, capital of southern Guangdong province, aims to issue 88.25 million shares at up to HK$35 each, with 4.41 million offered to Hong Kong investors. Its trading will also begin on November 6 under stock code 0800.

It is listing under Chapter 18C, Hong Kong’s specialist technology regime designed to attract innovative, pre-profit tech companies.

The pricing of both IPOs is expected to be set on November 4.

Founded in 2016, Pony.ai operates one of China’s largest Level 4 robotaxi fleets with over 720 self-owned robotaxis and 170 robotrucks, and remains the only firm licensed to run public-facing driverless taxi services in all four Tier-1 Chinese cities – Beijing, Shanghai, Guangzhou and Shenzhen, according to prospectus. It claims that it was also the first company in China to receive regulatory approval for cross-provincial driverless truck platooning tests in late 2024.

WeRide, founded a year later, has expanded its operations to more than 30 cities across 11 countries – including the United Arab Emirates, Saudi Arabia, Singapore and France – and operates a fleet of more than 1,500 autonomous vehicles, according to its prospectus. The firm claims its robotaxi services are among the first in the world to reach commercial scale in both China and the Middle East.

The filings come after both firms secured regulatory approval from the China Securities Regulatory Commission earlier this month, clearing the way for them to list in Hong Kong.

Their moves also reflect a broader wave of Chinese electric vehicle (EV) and technology firms seeking to raise capital in the city following the success of high-profile listings such as battery giant Contemporary Amperex Technology’s US$5.3 billion IPO in May.

Seres Group, the EV-making partner of Huawei Technologies, filed for an IPO in Hong Kong on Monday, aiming to raise HK$13.18 billion (US$1.7 billion) amid a wave of long-term global capital flocking to Hong Kong listings.

Chery Automobile, China’s largest car exporter, and Hesai Group, the world’s largest maker of vehicle lidar sensors, completed Hong Kong listings early this year.