从纳斯达克到港交所，自动驾驶双雄的资本赛跑

Core Viewpoint - The simultaneous IPOs of Pony.ai and WeRide on the Hong Kong Stock Exchange highlight the competitive yet parallel development paths of these two autonomous driving companies, both of which are facing challenges in achieving profitability despite their market potential [1][5][6]. Group 1: IPO Details - Both companies initiated their Hong Kong IPO processes on October 28, with a planned listing date of November 6 [6]. - As of October 27, Pony.ai's stock was priced at $19.68 with a market capitalization of $7.583 billion, while WeRide's stock was at $11.16 with a market cap of $3.491 billion [1][7]. - The maximum offering price for Pony.ai in Hong Kong is set at 180 HKD per share, while WeRide's is capped at 35 HKD per share [8]. Group 2: Market Position and Valuation - The market is currently skeptical about the profitability of the autonomous driving sector, with both companies still in the red despite their growth in revenue [14][15]. - WeRide's stock price reached a high of $44 in February 2025, while Pony.ai peaked at $24.92 in October 2025, indicating differing market perceptions of their growth potential [7]. - Analysts suggest that the valuation differences may not solely reflect the companies' financials but also their technological advancements and market execution capabilities [8][9]. Group 3: Business Operations - Both companies are aggressively expanding their operations, with WeRide recently launching Robotaxi services in Riyadh, Saudi Arabia, and Pony.ai achieving significant production milestones with its autonomous vehicles [12][13]. - WeRide operates in over 30 cities across 11 countries, while Pony.ai has a strong presence in major Chinese cities and is expanding globally [12][13]. Group 4: Financial Performance - For the first half of 2025, Pony.ai reported revenue of $35.433 million, a 43.3% increase year-over-year, but with an adjusted net loss of $74.423 million, widening by 33% [15]. - WeRide's revenue for the same period was approximately $27.865 million, with a significant operational loss of about $124 million, reflecting a 27.3% increase in losses [15]. Group 5: Industry Insights - Experts emphasize that technological execution and market demand are more critical than the timing of IPOs for success in the autonomous driving sector [14][16]. - The ongoing need for substantial investment in technology and market expansion continues to challenge both companies, necessitating ongoing financing to sustain operations [15][16].