WeRide Inc.(US:WRD) 3 6 Ke·2025-11-04 23:47Core Viewpoint - The competition between autonomous driving companies Xiaoma Zhixing and Wenyuan Zhixing has escalated into a public dispute over their respective capabilities and technologies as they prepare for their upcoming IPOs in Hong Kong, with both companies aiming to secure significant capital through their listings [1][2][3]. Group 1: Company Comparison - Xiaoma Zhixing and Wenyuan Zhixing are both vying for market share and technological superiority in the autonomous driving sector, focusing on data scale and technological pathways as key competitive factors [3][5]. - Xiaoma Zhixing's prospectus indicates a total driving mileage of 48.6 million kilometers, while Wenyuan Zhixing's latest figures show over 55 million kilometers, highlighting their comparable capabilities in data collection [4][5]. - The dispute centers around the validity of their respective technological approaches, with Wenyuan Zhixing asserting its "end-to-end" solution in collaboration with Bosch and Chery, while challenging Xiaoma Zhixing's claims regarding its technology [5][6]. Group 2: Financial Performance and Market Position - Xiaoma Zhixing reported a net loss of 681 million yuan in the first half of 2025, a year-on-year increase of approximately 75.07%, while Wenyuan Zhixing's loss was 792 million yuan, a decrease of 10.32% [12]. - As of the latest reports, Xiaoma Zhixing's market capitalization stands at approximately $7.08 billion, compared to Wenyuan Zhixing's $3.41 billion, despite Wenyuan Zhixing having a higher gross margin [12]. - Xiaoma Zhixing plans to raise around 6.71 billion HKD (approximately 864 million USD) through its IPO, focusing on scaling operations and enhancing research and development [12][13].