IPO前“互掐”，两家智驾公司同日敲钟

Core Insights - Two Robotaxi companies, Pony.ai and WeRide, simultaneously listed on the Hong Kong Stock Exchange, with market capitalizations of HKD 52.2 billion and HKD 24.1 billion respectively [2] - WeRide became the first global Robotaxi company to go public on NASDAQ in October 2024, while Pony.ai's stock price fell below its IPO price during its NASDAQ listing [4] - Both companies focus on autonomous driving systems, with Robotaxi as their core application, but they have different strategies for commercialization [14][17] Company Background - Both founders of WeRide and Pony.ai previously worked at Baidu's autonomous driving division [6][12] - WeRide was founded by Han Xu and Wang Jin after leaving Baidu, while Pony.ai was co-founded by Peng Jun [12][13] Business Strategies - WeRide employs a platform strategy, applying its autonomous driving technology across various scenarios, while Pony.ai focuses on a more vertical approach with two main business lines: Robotaxi and autonomous freight [14][17] - WeRide's revenue from Robotaxi is expected to grow significantly by 2025, while its other autonomous vehicle services already contribute over 40% of total revenue [16][20] Financial Performance - WeRide's revenue has shown a decline from CNY 530 million in 2022 to CNY 360 million in 2024, while Pony.ai's revenue has been steadily increasing from USD 68 million in 2022 to USD 75 million in 2024 [30] - Both companies are currently unprofitable, with WeRide losing CNY 2.5 billion and Pony.ai losing nearly CNY 2 billion in 2024 [29][30] Market Expansion - WeRide has expanded its operations internationally, obtaining autonomous driving licenses in six countries and conducting business in 30 cities [31] - Pony.ai is focusing on domestic market expansion, being one of the first companies to receive operating permits in major Chinese cities [32]