IPO周报 | 小马智行、明略科技登陆港交所；DeepWay深向、智慧互通赴港IPO

Group 1: IPO Highlights - Pony AI Inc. (小马智行) completed a dual listing on the Hong Kong Stock Exchange on November 6, 2025, raising up to 7.7 billion HKD, marking the largest IPO in the global autonomous driving sector for 2025 [3][4] - Minglue Technology (明略科技) listed on the Hong Kong Stock Exchange on November 3, 2025, as the "first global Agentic AI stock," raising over 1 billion HKD with a subscription rate of 4452.86 times for public offerings [6][7] - WeRide (文远知行) went public on November 6, 2025, with a share price of 27.1 HKD, achieving a market response with a subscription rate of 73.44 times for public offerings, reflecting investor confidence in autonomous driving [10][11] Group 2: Company Profiles - Minglue Technology focuses on data intelligence applications and is recognized as the largest data intelligence application software provider in China by revenue for 2024 [6][19] - WeRide is the only technology company with autonomous driving licenses in seven countries, emphasizing its commitment to safety and reliability in autonomous driving technology [10][11] - DeepWay (深向科技) submitted its prospectus for listing on November 6, 2025, specializing in smart road freight solutions and has delivered approximately 6,400 new energy heavy trucks since its inception [13][15] Group 3: Financial Performance - Minglue Technology's IPO raised over 1 billion HKD, with a strong demand reflected in the subscription rates [6][7] - DeepWay's revenue is projected to grow significantly, with a forecasted revenue of 1.967 billion CNY for 2024, representing a year-on-year increase of 362.5% [15] - Zhuozheng Medical (卓正医疗) updated its prospectus on November 5, 2025, reporting revenues of 6.96 billion CNY in the first eight months of the year, with a path to profitability achieved in 2024 [21][22] Group 4: Market Position - Minglue Technology is positioned as a leader in the Agentic AI sector, with a focus on enterprise-level applications [6][19] - WeRide's market presence spans 11 countries and over 30 cities, showcasing its global reach in autonomous driving [10][11] - Zhuozheng Medical ranks first in the number of cities covered and second in patient visits among private high-end medical service providers in China [21][22] Group 5: Investment and Growth - DeepWay has attracted investments from notable institutions and has a strong order backlog of approximately 1,400 trucks [15] - Zhuozheng Medical has received investments from prominent firms, including Tencent, which holds a 19.39% stake [22][23] - Berghaus (伯希和) aims to become the leading high-performance outdoor lifestyle brand in China, with a compound annual growth rate of 122.2% in net sales from 2022 to 2024 [26][28]