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WeRide Poised to Raise $308 Million in Hong Kong Listing
WeRide and Pony AI’s Parallel Offerings Underscore China’s Autonomous Ambitions
WeRide Inc. is set to raise HK$2.39 billion ($308 million) from its Hong Kong share sale, according to people familiar with the matter, as it joins a slate of U.S.-listed Chinese firms seeking a second listing in one of the world’s busiest markets.
The Guangzhou-based autonomous driving company is telling prospective investors it plans to price its listing at HK$27.10 a share, the people said, asking not to be identified because the information isn’t public. WeRide is selling about 88 million shares and had set a maximum price of HK$35 each, its prospectus shows.
The planned pricing represents a discount of almost 4% to WeRide’s Nov. 3 close on the Nasdaq of $10.90. One American depositary share is equal to three ordinary shares.
WeRide declined to comment on the pricing but said it remains focused on executing its business strategy and delivering value to stakeholders.
WeRide is due to list in Hong Kong on Nov. 6, the same day as New York-listed Chinese rival Pony AI Inc., whichÌýÌýHK$6.7 billion. Both companies went public last year in the U.S., whereÌýdelisting threatsÌýhave been brewing, boosting the appeal of Hong Kong as another venue.Ìý
China International Capital Corp. and Morgan Stanley are joint sponsors of the WeRide offering, and JPMorgan Chase & Co. is also arranging the deal.Ìý
Driverless Push
WeRide and Pony AI’s parallel offerings underscore China’s ambitions, with Beijing setting a policy goal for the country to become the world’s leader in driverless vehicles by 2035.
WeRide plans to use the proceeds from the offering for purposes including developing its autonomous driving technology, scaling up its robotaxi commercialization and ride-hailing services and further expanding overseas.Ìý
The share sale hasÌýattractedÌýinvestors including Uber Technologies Inc. and Grab Holdings, Singapore’s Temasek Holdings Pte and automotive supplier Robert Bosch GmbH, people familiar with the matter have said.
WeRide’s American depositary shares have fallen 30% since their October 2024 debut in New York, giving the firm a market capitalization of $3.4 billion.
