Group 1 - ARK Invest has been continuously increasing its stake in autonomous driving technology company WeRide since December 2025, holding nearly 3 million ADRs valued at approximately $30 million as of January 22, 2026, making WeRide one of the top five holdings in its Autonomous Technology & Robotics ETF [1][2] - ARK Invest's latest report, "Big Idea 2026," predicts that autonomous ride-hailing (Robotaxi) will increasingly capture market share in the ride-hailing sector and could dominate urban public transportation [2] - The continuous investment in WeRide reflects ARK Invest's strong confidence in the future development of the Robotaxi industry and its long-term strategic positioning [2] Group 2 - WeRide, founded in 2017, aims to transform human mobility through autonomous driving and is the only company globally with autonomous driving licenses in eight countries, conducting R&D, testing, and operations in over 40 cities across 11 countries [3] - WeRide went public on NASDAQ on October 25, 2024, becoming the first global stock for general autonomous driving and Robotaxi, and later listed on the Hong Kong Stock Exchange on November 6, 2025, marking it as the first Robotaxi stock in Hong Kong [3] - The company focuses on developing safe and reliable autonomous driving technologies, particularly in the areas of Robotaxi, Robobus, and advanced driver-assistance systems (ADAS) [3] Group 3 - WeRide's autonomous taxi fleet has surpassed 1,000 vehicles, reaching 1,023 units, and operates in over ten major cities globally, with commercial operations in Guangzhou, Beijing, and Abu Dhabi [5] - The Abu Dhabi fleet is approaching single-vehicle breakeven, and WeRide's ADAS business has secured partnerships with major OEMs, aiming to complete the SOP for its end-to-end ADAS solution by the end of 2025 [5]

(A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立以不同投票權控制的有限責任公司） （Stock Code 股份代號：0800） 22 January 2026 WeRide Inc. 文遠知行* Dear registered shareholder(s), Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited under the expansion of paperless listing regime and electronic dissemination of corporate communi ...

WeRide Inc. 文遠知行* (A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立以不同投票權控制的有限責任公司） （Stock Code 股份代號：0800） 22 January 2026 Dear non-registered shareholder(s), Arrangement of Electronic Dissemination of Corporate Communications If you want to receive the Corporate Communications in printed form, please complete and return the Reply Form on the reverse side to the Company's Hong Kong share registrar (the "Share Registrar"), Computers ...

Core Insights - In 2025, various segments of the cultural tourism industry successfully accessed capital markets, with 8 companies raising over 14 billion RMB, while 4 others are awaiting listings in Hong Kong [1] - The A-share market saw a breakthrough with Shaanxi Tourism becoming the only tourism company listed in the A-share market in the past five years [5] - The Hong Kong market remains a primary channel for companies to go public, with a trend towards multi-market listings becoming the norm [1] Group 1: Company Listings - Shaanxi Tourism's successful listing was supported by its core assets, including the performance of the "Chang Hen Ge" show and the Huashan West Peak cableway, contributing over 90% of its revenue [6] - Impression Dahongpao listed in Hong Kong, raising approximately 1.48 billion HKD, but faced a significant drop in share price on its first day, closing down 35.28% [7][8] - Meiya Technology became the first tourism company to pass the review at the Beijing Stock Exchange, aiming to raise 200 million RMB [11] Group 2: Market Trends and Challenges - Despite the influx of companies into the Hong Kong market, many smaller tourism stocks face liquidity issues and low valuations, with most trading in a "仙股化" state [2] - The listing of Impression Dahongpao and others highlights the challenges of maintaining value recognition and liquidity in the market, especially for companies pursuing H-share listings [2] - The automatic driving sector saw significant activity with companies like WeRide and Pony.ai listing in Hong Kong, although they also face substantial losses [19][20] Group 3: Financial Performance - Shaanxi Tourism reported revenues of 1.244 billion RMB and a net profit of 503 million RMB in 2024, with a significant portion of income derived from tourism performances and cableway operations [6] - Impression Dahongpao's revenue from its main performance exceeded 91% of total income from 2022 to 2024, indicating a strong reliance on its core product [7] - Meiya Technology's revenue fluctuated from 457 million RMB in 2022 to 401 million RMB in 2024, with a net profit of 78 million RMB in 2024, reflecting a stabilization in its business model [12]

Core Viewpoint - Citigroup has set a target price of HKD 39.6 for WeRide (00800) and rated it as "Buy" based on several factors [1] Group 1: Investment Outlook - Citigroup has initiated a 90-day upward catalyst observation for WeRide, considering potential developments in the autonomous driving sector [1] - The potential financing round for Waymo in the first quarter of this year implies a valuation of 280 times the sales for 2025, which could lead to a reassessment of WeRide's valuation [1] - Investor confidence is increasing regarding WeRide's possible entry into the Hong Kong Stock Connect (southbound) in June this year [1] Group 2: Industry Dynamics - The competitive landscape in the technology sector between China and the U.S. may prompt China to adopt more proactive policies regarding ADAS (Advanced Driver Assistance Systems) and autonomous taxi services [1] - The light asset business of WeRide is showing positive development [1]

Core Viewpoint - Citigroup has set a target price of HKD 39.6 for WeRide (00800) and rated it as "Buy" based on several factors including potential financing rounds and market confidence [1] Group 1: Valuation and Market Sentiment - Citigroup initiated a 90-day upward catalyst observation for WeRide, considering the potential financing round by Waymo in Q1 of this year, which implies a valuation of 280 times the 2025 sales ratio [1] - There is an increased investor confidence regarding WeRide's potential entry into the Hong Kong Stock Connect (southbound) in June this year [1] Group 2: Industry Dynamics - The competition in the technology sector between China and the U.S. may lead to more proactive policies in China regarding ADAS (Advanced Driver Assistance Systems) and autonomous taxi services [1] - The light asset business of WeRide is developing well, indicating positive growth prospects [1]

Group 1 - Citi has initiated a 90-day upward catalyst observation for WeRide, considering factors such as Waymo's potential financing round in Q1 this year, which implies a valuation of 280 times the 2025 sales ratio, possibly leading to a reassessment of WeRide's valuation [1] - Investor confidence in WeRide potentially entering the Hong Kong Stock Connect (southbound) in June this year has increased [1] - The competition in the technology sector between China and the US may prompt China to implement more proactive ADAS/autonomous driving rental policies [1] Group 2 - The light asset business of WeRide is developing well [1] - Citi has set a target price of HKD 39.6 for WeRide, with a rating of "Buy/High Risk" [1]

Group 1 - The core point of the article is that WeRide (WRD.US) has announced a significant expansion of its Robotaxi fleet, which has grown to 1,023 vehicles as of January 12, 2026 [1] - WeRide's Robotaxi service is now operational in over 10 major cities globally, including Guangzhou, Beijing, and Abu Dhabi, where it has achieved commercial operation with fully autonomous vehicles [1] - The Abu Dhabi fleet is on track to reach breakeven on a per-vehicle basis, indicating a positive financial outlook for the company's operations in that region [1]

Core Insights - The company, WeRide, announced that as of January 12, 2026, its global Robotaxi fleet will consist of 1,023 vehicles [1] - WeRide's Robotaxi service has entered over 10 major cities worldwide, with commercial operations in Guangzhou, Beijing, and Abu Dhabi being fully unmanned [1] - The Abu Dhabi fleet is on track to achieve single-vehicle breakeven [1]

Group 1 - The core point of the article is that Wenyan Zhixing has officially entered the "thousand-vehicle era" with its global Robotaxi fleet, marking a significant milestone in the scale deployment of autonomous driving and advancing the commercialization of the global autonomous driving industry [1][3] - The new generation Robotaxi GXR, which is the world's first Robotaxi equipped with the NVIDIA DRIVE Thor X chip, provides 2000 TOPS AI computing power and meets L4 autonomous driving requirements, leading to a 50% reduction in autonomous driving kit costs and an 84% decrease in total lifecycle costs [1][3] - Wenyan Zhixing's Robotaxi has established a global operational network covering over 10 major cities across Asia, the Middle East, and Europe, with successful commercial operations in Guangzhou and Beijing [3] Group 2 - The company has achieved a fourfold increase in fleet size in Abu Dhabi since launching pure unmanned commercial operations in December 2024, nearing breakeven on a per-vehicle basis, and plans to expand to Singapore by 2026 [3] - To enhance user experience, Wenyan Zhixing launched the "Wenyan Travel" WeChat mini-program, allowing users to easily call for Robotaxi services without downloading an app, thereby increasing service accessibility [4] - The company aims to deploy hundreds of thousands of Robotaxis globally by 2030, contributing to the intelligent and low-carbon transformation of transportation systems, and its thousand-vehicle deployment serves as a benchmark for the industry [4]