从纳斯达克到港交所 自动驾驶双雄的资本赛跑

Core Viewpoint - The capital paths of Pony.ai and WeRide are remarkably similar, both launching their Hong Kong IPOs on November 6, 2023, and aiming for a dual listing in the US and Hong Kong despite the ongoing lack of profitability in the autonomous driving sector [2][3]. Group 1: IPO Details - Both companies initiated their Hong Kong IPO processes on October 28, 2023, with plans to list on November 6, 2023 [3]. - As of October 27, 2023, Pony.ai's stock was priced at $19.68 per share, with a market capitalization of $7.583 billion, while WeRide's stock was at $11.16 per share, with a market cap of $3.491 billion [2][4]. - The maximum IPO price for Pony.ai is set at 180 HKD per share, while WeRide's is capped at 35 HKD per share [5]. Group 2: Market Performance and Valuation - WeRide's stock price reached a high of $44 per share in February 2025, while Pony.ai peaked at $24.92 per share in October 2025 [4]. - There are differing opinions on the valuation of WeRide, with some suggesting it is undervalued, while others emphasize that the market prioritizes future growth potential [4][5]. Group 3: Business Operations and Strategies - Both companies are engaged in similar business activities, with WeRide operating Robotaxi services in Riyadh and Pony.ai achieving significant milestones in vehicle production and operations in major Chinese cities [7]. - WeRide has a broader international presence, covering 11 countries and over 30 cities, while Pony.ai has a more concentrated domestic market strategy [7]. Group 4: Financial Performance - Pony.ai reported a revenue of $35.433 million for the first half of 2025, a 43.3% increase year-over-year, but with an adjusted net loss of $74.423 million, a 33% increase in losses [9]. - WeRide's revenue for the same period was approximately $27.865 million, with a significant operational loss of 890 million RMB (about $124 million), reflecting a 27.3% increase in losses [9]. Group 5: Industry Insights - Experts suggest that technology and its practical application are more critical than the timing of an IPO in the autonomous driving sector [9][10]. - The ongoing losses in the industry highlight the challenges of converting revenue growth into profitability, necessitating continuous funding for operations and technological advancements [9][10].