WeRide Inc.(US:WRD) Shen Zhen Shang Bao·2025-10-20 23:04Core Insights - Both Xiaoma Zhixing and Wenyuan Zhixing have successfully passed the Hong Kong Stock Exchange's review, indicating their qualification for listing [1] - The dual listing in Hong Kong is seen as a strategic move to establish a "US + HK" dual listing structure and broaden financing channels [1] - The companies are set to go public in the US in 2024, with Xiaoma Zhixing planning to issue up to 102,146,500 shares and Wenyuan Zhixing 102,428,200 shares [1] Company Overview - Xiaoma Zhixing was founded in 2016 and focuses on providing comprehensive autonomous driving technology, launching its Robotaxi service in December 2018 [2] - Wenyuan Zhixing, established a year later, aims to develop reliable autonomous driving technology with a product matrix that includes Robotaxi, Robobus, Robovan, Robosweeper, and Advanced Driver-Assistance Systems [2] - Both companies share a common background, with founders from Baidu's autonomous driving division [2] Business Strategies - Xiaoma Zhixing emphasizes deepening its Robotaxi business and has partnered with major automotive companies like Toyota and BAIC, while also expanding into Robotruck services [3] - Wenyuan Zhixing has diversified its offerings across five product lines, including ride-hailing, on-demand buses, urban freight, smart sanitation, and advanced driver-assistance solutions [3] Financial Performance - Wenyuan Zhixing reported a revenue of 127 million yuan in Q2 2025, a 60.8% year-on-year increase, with its Robotaxi business contributing 45.9 million yuan, up 836.7% [3] - Xiaoma Zhixing's revenue for the first half of 2025 reached approximately 25.1 million yuan, a 43.3% increase year-on-year, with Robotaxi revenue surging 178.8% [3] - Overall, Xiaoma Zhixing shows an edge in revenue growth and scale, while Wenyuan Zhixing excels in gross margin and Robotaxi revenue growth [3] Market Impact - The dual IPOs are expected to attract more capital market attention, with Wenyuan Zhixing being the only Chinese autonomous driving company to secure investment commitments from Uber and Grab [4] - Xiaoma Zhixing has also attracted significant investments from notable institutions, including a $12.9 million investment from ARK Invest [5] - The IPOs are anticipated to enhance financing capabilities, allowing for accelerated technology development and market expansion [6] Industry Outlook - The global Robotaxi service market is projected to reach $66.6 billion by 2030, with a compound annual growth rate of 195.6% from 2025 to 2030 [6] - As leaders in the commercialization of Robotaxi services, both companies are positioned to benefit from industry growth and market opportunities [6]