IPO前夜互掐，一场价值超90亿元的口水战

Core Viewpoint - The article discusses the competitive clash between two autonomous driving companies, Xiaoma Zhixing and Wenyuan Zhixing, as they prepare for their upcoming listings in Hong Kong. The conflict centers around data scale and technological pathways, which are critical for valuation in the autonomous driving industry [6][11][20]. Group 1: Competitive Dynamics - 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 [6][9]. - Wenyuan's CFO, Li Xuan, responded by refuting Xiaoma's claims, emphasizing that Xiaoma's actions exceed normal competitive behavior and contain misleading statements [6][11]. - Both companies are vying for market share and technological leadership in the autonomous driving sector, particularly focusing on the total mileage driven by their fleets as a key performance indicator [11][12]. Group 2: Technological Focus - The debate highlights the importance of the "end-to-end" technology approach, which is seen as the next generation of autonomous driving solutions. This method requires significant restructuring of technical teams [13]. - Wenyuan claims to have achieved mass production with its "end-to-end" solution in collaboration with Bosch and Chery, while criticizing Xiaoma's claims of having a similar capability [12][13]. - The ability to keep pace with cutting-edge technology directly impacts the companies' innovation image and market valuation [13][20]. Group 3: 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 net loss was 792 million yuan, a decrease of 10.32% [18]. - As of the latest reports, Xiaoma's market capitalization stands at approximately $7.08 billion, while Wenyuan's is around $3.41 billion, despite Wenyuan having a higher gross margin [19]. - Xiaoma plans to raise about 6.71 billion HKD (approximately $864 million) through its Hong Kong listing, focusing on scaling and research and development [19][20].