广州，一天诞生两个超级IPO

Core Viewpoint - The successful IPOs of two autonomous driving companies, Pony.ai and WeRide, in Hong Kong mark a significant milestone for Guangzhou, showcasing the city's long-term investment in the autonomous driving sector and the potential for growth in this industry [4][20]. Group 1: Pony.ai - Pony.ai raised approximately HKD 67.1 billion, setting a new record for IPO fundraising by an autonomous driving company in Hong Kong [5]. - The cornerstone investors for Pony.ai include five firms, collectively investing USD 120 million (approximately HKD 932 million), which accounts for 13.9% of the total shares offered [6]. - Notable investors include Ghisallo Fund, which subscribed to 279,460 shares, representing 5.79% of the total shares offered [6]. - Prior to its IPO, Pony.ai had completed multiple funding rounds, raising over USD 1.3 billion [8]. - Major investors include Toyota, which invested USD 400 million in 2020, and Sequoia Capital, which invested a total of USD 36.5 million [9]. - After the IPO, Toyota holds a 9.94% stake, Sequoia 5.29%, and Wuyuan Capital 3.65%, with significant unrealized gains [10][12]. Group 2: WeRide - WeRide raised approximately HKD 23.9 billion in its IPO and did not have cornerstone investors but secured strategic investments from companies like Uber and Nvidia [13]. - The founders of WeRide hold over 72.1% of the voting rights, with significant stakes held by other investors such as Yutong and Qiming Venture Partners [14][15]. - Uber has made a substantial investment in WeRide, adding USD 100 million in equity earlier this year [13]. Group 3: Industry Context - The rise of autonomous driving in Guangzhou can be traced back to 2014 when city leaders recognized the potential of AI and began attracting startups in this field [18]. - The industry is divided into two paths: the "incremental" approach, exemplified by Tesla, and the "leapfrog" approach, represented by Pony.ai and WeRide, which aims for full autonomy [19]. - The "leapfrog" approach offers a clear business model and the potential for significant market share in a rapidly growing industry, with both companies positioned to capitalize on this transformation [20].