WeRide Inc.(US:WRD) Sou Hu Cai Jing·2025-10-29 11:40Core Insights - The simultaneous IPOs of Xiaoma Zhixing and Wenyuan Zhixing in Hong Kong highlight the competitive landscape in the autonomous driving sector, focusing on their commercialization paths, global strategies, and financial performances [3][6] Company Overview - Xiaoma Zhixing plans to issue approximately 41.96 million shares with a maximum price of 180 HKD per share, aiming to raise up to 1.02 billion USD, supported by cornerstone investors like Eastspring [3] - Wenyuan Zhixing intends to globally offer 88.25 million shares at a maximum price of 35 HKD per share, with trading expected to commence on November 6 [3] Fleet Size and Operations - Wenyuan Zhixing has a significant advantage in fleet size, operating over 1,500 vehicles, including 1,108 owned vehicles and over 700 focused on Robotaxi services, making it a leader in commercial Robotaxi operations globally [4] - Xiaoma Zhixing, while having a smaller Robotaxi fleet, has diversified its business model and achieved an earlier listing on NASDAQ, focusing on a combination of Robotaxi and other autonomous driving scenarios [4] Financial Performance - Wenyuan Zhixing's Robotaxi revenue surged to 4.59 million CNY in Q2 2025, a year-on-year increase of 836.7%, contributing 36.1% to total revenue [5] - Xiaoma Zhixing's Robotaxi revenue reached 1.09 million CNY in Q2 2025, with a year-on-year growth of 157.8%, but only accounted for less than 10% of its total revenue [5] Losses and Challenges - Both companies face significant losses, with Xiaoma Zhixing reporting a net loss of 280 million USD in 2024, improving to 90 million USD in the first half of 2025, while Wenyuan Zhixing reported a net loss of 350 million USD in 2024 [5] - The autonomous driving industry continues to grapple with high losses and challenges in commercialization, despite the potential for technological advancements and market expansion [6]