IPO前夜互掐，一场价值超90亿元的口水战

Core Viewpoint - The competition between two autonomous driving companies, Xiaoma Zhixing and Wenyuan Zhixing, has intensified as they prepare for their upcoming IPOs in Hong Kong, focusing on data scale and technological advancements as key valuation factors [2][4][12] Group 1: Company Competition - Xiaoma Zhixing and Wenyuan Zhixing are engaged in a public dispute over operational data and technology claims, with Xiaoma accusing Wenyuan of having zero orders and limited operational cities [2][3] - Wenyuan's CFO, Li Xuan, responded by refuting Xiaoma's claims and emphasizing the importance of total driving mileage as a critical metric for evaluating autonomous driving capabilities [4][5] - Both companies have similar total driving mileage, with Xiaoma reporting 48.6 million kilometers and Wenyuan updating its figure to 55 million kilometers, indicating comparable operational strength [5][6] Group 2: Technological Focus - The core of the dispute revolves around who possesses the more advanced "end-to-end" technology, which is seen as the next generation of autonomous driving solutions [6][7] - Wenyuan claims to have achieved mass production with its "end-to-end" solution in collaboration with Bosch and Chery, while Xiaoma's claims of having a complete solution are questioned due to a lack of mass production [5][6] - The competition is not just about technology but also about securing a market position before the commercialization of Robotaxi services, which has been slow due to regulatory challenges [8][9] Group 3: Financial Aspects - Both companies are facing significant financial losses, with Xiaoma reporting a net loss of 681 million yuan in the first half of 2025, while Wenyuan's loss was 792 million yuan, indicating a need for capital infusion through their IPOs [9][10] - Xiaoma aims to raise approximately 6.71 billion HKD (about 864 million USD) for scaling operations and R&D, while Wenyuan plans to raise 2.932 billion HKD (about 374 million USD) for technology development and commercializing L4 fleets [10][11] - Despite similar financial challenges, Xiaoma has a higher market valuation of approximately 7.08 billion USD compared to Wenyuan's 3.41 billion USD, reflecting differing investor sentiments [10][12]