FSD Vanguard

Pony.ai and WeRide IPO in Hong Kong, Shares Drop Over 10%

November 6, 2025 – Chinese L4 autonomous driving leaders Pony.ai (2418.HK) and WeRide (2417.HK) listed on the Hong Kong Stock Exchange today. Both saw shares fall over 10% shortly after debut.

IPO Details

• Pony.ai: Raised HK$1.86B (~US$239M) at HK$100/share; opened at HK$98.50, hit HK$88.

• WeRide: Raised HK$1.03B (~US$132M) at HK$99.80/share; opened at HK$98, fell to HK$87.50.

By midday: Pony.ai ~HK$89 (-11%), WeRide ~HK$88 (-12%).

Market Reaction

• Offerings moderately oversubscribed.

• Decline amid Hang Seng drop (1.8%), U.S. election uncertainty, and valuation concerns.

• Post-IPO valuations: Pony.ai HK$41.5B (US$5.3B), WeRide HK$23.3B (US$3B).

Company Highlights

Both operate robotaxis in Beijing, Guangzhou, and Shenzhen; full L4 rollout awaits broader approval.

Outlook

CEOs remain bullish on commercialization. Hong Kong solidifies role as tech IPO hub despite cautious global sentiment on autonomous driving.