智驾双雄港股遇冷 行业仍在分化期

Core Viewpoint - The recent IPOs of autonomous driving companies Pony.ai and WeRide on the Hong Kong Stock Exchange have seen disappointing stock performances, indicating a shift in market sentiment towards a more rational approach to the autonomous driving sector [1][3][4]. Company Performance - Pony.ai opened at HKD 124, down 10.8% from its IPO price of HKD 139, while WeRide opened at HKD 24.98, down 7.8% from its IPO price of HKD 27.1 [3][5]. - Despite the initial drop, both companies have continued to make business progress, with ongoing exposure in the market since late October [1]. Market Sentiment - The autonomous driving sector is currently experiencing a phase of differentiation, with some companies like Didi and Hello attracting investments, while others like Zhongzhixing face bankruptcy [1][7]. - Analysts suggest that the market is transitioning from a broad investment approach to a more focused strategy, emphasizing the importance of technology routes, business models, and data handling [8]. Investment and Funding - The autonomous driving industry has seen significant investment, with a total of CNY 228.48 billion from 2025 to the present, and CNY 767.52 billion in 2024 [7]. - Pony.ai plans to allocate 50% of its IPO proceeds to market entry strategies and 40% to R&D for L4 autonomous driving technology, while WeRide intends to use 40% for technology development and 40% for commercial scaling [10]. Future Outlook - Industry experts believe that the autonomous driving sector is still in a transitional phase, waiting for a breakthrough similar to the "ChatGPT moment" in AI, with the potential for significant market shifts as technology matures [11].