广州自动驾驶“双子星”同日上市，市值差一倍

Core Insights - Two major autonomous driving companies, Pony.ai and WeRide, are set to be listed on the Hong Kong Stock Exchange on November 6, marking a significant moment for Guangzhou as they become the first and second Robotaxi stocks in Hong Kong [1] - Pony.ai's share price is set at HKD 139, while WeRide's is HKD 27.1, with both companies raising over HKD 9 billion combined [1] Company Comparison - Pony.ai's market capitalization is over double that of WeRide, with Pony.ai valued at USD 6.388 billion compared to WeRide's USD 2.942 billion as of November 4 [3] - Year-to-date, Pony.ai has seen a price increase of over 21%, while WeRide has experienced a decline of 23.2% [3] Shareholder Dynamics - Pony.ai has stable shareholder support, with Toyota holding an 11.02% stake and expressing no immediate plans to reduce its holdings, alongside Sequoia China maintaining a 5.87% stake [5] - In contrast, WeRide's major shareholder, Yutong, has reduced its stake from 15.2% in 2023 to 4.1% by Q2 2025, having sold over 10 million shares [6] - Bosch has also decreased its holdings in WeRide from 12.3% in Q2 2022 to 6.08% by Q2 2025 [7] - WeRide's other major shareholder, Carlyle, completely exited its position by selling 3.423 million shares for approximately USD 42 million, while retaining a stake in Pony.ai [8] Management Stability - Pony.ai boasts a stable management team, with six out of seven original members still in key positions, ensuring consistent strategic direction [9] - The company's dual-class share structure allows founder Peng Jun to maintain significant voting power, which has contributed to stable decision-making [9] - Conversely, WeRide has faced management instability, including the departure of its founder and other key personnel, which has led to operational challenges [11] Financial Performance - Both companies reported similar financial losses in Q2, with Pony.ai losing CNY 382 million and WeRide CNY 406 million [12] - Over the past three and a half years, Pony.ai's cumulative net loss reached CNY 4.58 billion, while WeRide's was CNY 6.557 billion, indicating comparable financial struggles [13] - Pony.ai has a cash reserve of USD 835 million, while WeRide has USD 998 million, suggesting both companies can sustain operations for the next three years at their current burn rates [15] Business Growth and Market Potential - WeRide's Robotaxi business saw a significant revenue increase of 836.7% to CNY 45.9 million, outperforming Pony.ai's CNY 10.9 million [15] - However, WeRide's growth is primarily driven by vehicle sales and B2B services, while Pony.ai's revenue growth is attributed to a more robust passenger fare income, indicating stronger commercial viability [15] - The autonomous driving market in China is projected to become the largest globally by 2030, with an estimated market size of USD 39 billion, representing over half of the global market share [16]