Group 1 - The company, Wenyan Zhixing-W (Nasdaq: WRD, 0800.HK), officially starts its IPO on October 28, planning to globally offer 88,250,000 shares, with expected fundraising exceeding $400 million if the overallotment option is fully exercised [2] - The IPO has attracted investments from major players including Uber, Grab, and Bosch, indicating strong market confidence [2] - The founder and CEO, Dr. Han Xu, has signed a voluntary lock-up agreement, committing not to sell shares for three years [2] Group 2 - Wenyan Zhixing operates over 1,500 autonomous vehicles, including more than 700 Robotaxis, and has a presence in over 30 cities across 11 countries [2] - The company is the only technology firm holding autonomous driving licenses in seven countries, including China, the US, UAE, Singapore, France, Saudi Arabia, and Belgium [2] - Wenyan Zhixing's Robotaxi has completed over 2,200 days of public commercial operation, accumulating approximately 55 million kilometers of autonomous driving mileage without regulatory penalties due to system failures since its public operation began in 2019 [2] Group 3 - According to Zhaoshang Consulting, Wenyan Zhixing is the only company to successfully deploy L4 autonomous vehicles in France, Switzerland, and Belgium [3] - In Singapore, Wenyan Zhixing is the sole company deploying both Robotaxi and Robobus autonomous driving technologies [3]

Group 1 - The core focus of Tesla's upcoming initiatives includes a significant compensation plan for Elon Musk, which involves a stock exchange for his commitment to the AI business, with specific targets set for Full Self-Driving (FSD) users, Robotaxi operations, and humanoid robot deliveries [1] - Tesla aims to remove safety drivers in most areas of Austin by the end of 2025 and plans to launch Robotaxi services in 8-10 regions across the U.S., leveraging advancements in FSD V14, which has seen a tenfold increase in parameters compared to V13 [2] - The removal of safety drivers signifies a major milestone in achieving fully autonomous driving, enabling broader deployment of vehicles and potentially allowing owners to earn income passively from their cars [3] Group 2 - Tesla has set a more aggressive timeline for humanoid robot production, with plans to start building a production line for 1 million units by the end of 2026, which could significantly enhance the company's market valuation [3] - The investment outlook emphasizes a focus on robotics, autonomous driving, and international expansion, with a recommendation to increase positions in these areas as market sentiment improves [4] - The automotive sector is expected to undergo a revaluation in 2026, with a strategic focus on identifying optimal entry points in the first quarter of next year [4]

Core Viewpoint - Company WeRide, a leader in L4 autonomous driving, is set to go public in Hong Kong, aiming to leverage its market position and attract significant investment amid a favorable IPO environment [1][2][3]. Group 1: Company Overview - WeRide operates one of the largest L4 autonomous driving fleets globally, with over 1,500 vehicles, including more than 700 Robotaxis, across 11 countries and over 30 cities [1][6]. - The company holds a 21.8% market share in the L4 autonomous driving revenue generated from urban roads as of 2024 [1][12]. - WeRide has received substantial investment commitments from industry giants like Uber, which pledged an additional $100 million [2]. Group 2: Financial Performance - In Q2, WeRide reported revenue of 127 million yuan, a year-on-year increase of 60.8%, with Robotaxi revenue soaring by 836.7% to 45.9 million yuan [7]. - The company’s Robotaxi revenue share increased from 8.9% to 31.1% year-on-year, contributing to a total revenue growth of 25.9% to 199.6 million yuan in the first half of 2025 [7]. Group 3: Market Position and Growth Potential - The global L4 and above autonomous driving market is projected to grow from $1 billion in 2024 to $1,464 billion by 2030, with a compound annual growth rate (CAGR) of 238% [11]. - WeRide has established a strong presence in key markets, including the Middle East and Europe, where it is the only company to deploy L4 fleets [11]. - The company has a robust cash position, holding 3.836 billion yuan in cash and cash equivalents as of June 2025, which supports its growth strategy [8]. Group 4: Research and Development - WeRide has invested heavily in R&D, with total expenditures reaching 3.553 billion yuan from 2022 to mid-2025, resulting in 594 authorized patents in China [9]. - The company’s proprietary WeRide One platform modularizes core software and hardware, facilitating the commercialization of its products across various autonomous driving scenarios [9][10]. Group 5: Competitive Advantage - WeRide has maintained a leading position in safety and reliability, with no regulatory penalties since launching its L4 products in 2019 [10]. - The company’s MPI (miles per intervention) metric has consistently ranked first among commercial autonomous driving firms from 2022 to 2024 [10]. Group 6: Valuation and Market Sentiment - As of October 24, WeRide's market capitalization was $3.491 billion, with a price-to-book (PB) ratio of approximately 3.8, significantly lower than its peers [17]. - If WeRide captures just 5% of the projected $431 billion Robotaxi market by 2030, its revenue could reach $21.55 billion, indicating substantial upside potential for its valuation [17].

Core Viewpoint - 文远知行 is planning a global offering of 88.25 million shares, with a maximum public offering price of HKD 35.0 per share, aiming to raise approximately HKD 2.932 billion in net proceeds [2][12][14] Company Overview - 文远知行 is a global pioneer in the L4 autonomous driving sector, with its products and solutions deployed across over 30 cities in 11 countries, including China, UAE, Saudi Arabia, Switzerland, France, Singapore, Japan [3][7] - The company operates one of the first large-scale commercial autonomous taxi services in both China and the Middle East, holding a 21.8% market share in the global L4 and above autonomous driving revenue as of 2024 [3][12] Market Position and Strategy - 文远知行 has established a significant first-mover advantage in key overseas markets, being the only company to deploy L4 autonomous driving solutions in France, Switzerland, and Belgium, and leading in Singapore and UAE by over two years [7][9] - The company plans to expand its fleet and services to more overseas cities, with a focus on regions that demonstrate significant economic and operational advantages for autonomous vehicles [7][9] Technology and Innovation - The company's success is built on its proprietary technology platform, WeRide One, which includes advanced simulation engines and high-performance computing capabilities, enabling the development of safe and commercially viable autonomous vehicles [8] - WeRide GENESIS, an integrated closed-loop simulation engine, is a key innovation that accelerates development cycles and enhances model robustness [8] Financial Performance - 文远知行's revenue for 2022, 2023, and 2024 was CNY 528 million, CNY 402 million, and CNY 361 million (USD 50.4 million), respectively, with a projected increase to CNY 199.6 million (USD 27.9 million) in the first half of 2025, marking a 32.8% growth [12][13] - The company has incurred significant losses, with net losses of CNY 12.99 billion, CNY 19.49 billion, and CNY 25.17 billion (USD 3.51 billion) for the years ending December 31, 2022, 2023, and 2024, respectively [13] Use of Proceeds - The estimated net proceeds from the global offering will be allocated as follows: approximately 40% for developing autonomous driving technology, 40% for accelerating commercialization of L4 fleets, 10% for marketing and expansion, and 10% for working capital and general corporate purposes [14]

Group 1 - The company plans to globally offer 88.25 million shares, with 4.41 million shares for Hong Kong and 83.84 million shares for international offering, along with an over-allotment option of 13.24 million shares [1] - The subscription period is from October 28 to November 3, with a maximum offer price of HKD 35.00 per share and an entry fee of approximately HKD 3,535.30 [1] - The total expected fundraising amount is HKD 3.089 billion, with a net amount of HKD 2.932 billion, intended for accelerating the commercialization of the company's L4 autonomous vehicle fleet and developing its autonomous driving technology stack [1] Group 2 - The company is a global pioneer in the L4 autonomous driving sector, with its products and solutions deployed in over 30 cities across 11 countries, including China, UAE, Saudi Arabia, Switzerland, France, Singapore, and Japan [2] - The company's autonomous taxi service is among the first to achieve large-scale commercial operation simultaneously in China and the Middle East [2] - According to data from Zhaoshang Consulting, the company ranks second globally in revenue generated from L4 and above autonomous driving on urban roads, holding a market share of 21.8% in 2024 [2] Group 3 - The company's net profits for the fiscal years 2023, 2024, and the first half of 2025 are projected to be -1.949 billion, -2.517 billion, and -0.792 billion respectively, with year-on-year changes of -50.10%, -29.13%, and 10.23% [2]

Group 1 - The company plans to globally offer 88.25 million shares, with 4.4125 million shares for Hong Kong and 83.8375 million shares for international offering, along with an over-allotment option of 13.2375 million shares [1] - The subscription period is from October 28 to November 3, with a maximum offer price of HKD 35.00 per share and an entry fee of approximately HKD 3,535.30 for 100 shares [1] - The total expected fundraising amount is HKD 3.089 billion, with a net amount of HKD 2.932 billion, intended for accelerating the commercialization of the company's L4 fleet, developing autonomous driving technology stack, working capital, and establishing marketing teams [1] Group 2 - The company is a global pioneer in the L4 autonomous driving sector, with its products and solutions deployed in over 30 cities across 11 countries, including China, UAE, Saudi Arabia, Switzerland, France, Singapore, and Japan [2] - The company's autonomous taxi service is among the first to achieve large-scale commercial operation simultaneously in China and the Middle East [2] - According to data from a consulting firm, the company ranks second globally in revenue generated from L4 and above autonomous driving on urban roads, holding a market share of 21.8% in 2024 [2] Group 3 - The company's net profit for the fiscal years 2023, 2024, and the first half of 2025 (ending June 30) are projected to be -1.949 billion, -2.517 billion, and -0.792 billion respectively, with year-on-year changes of -50.10%, -29.13%, and 10.23% [2]

Core Viewpoint - The company, WeRide, is planning a global offering of 88.25 million shares, with a maximum public offering price of HKD 35.0 per share, aiming to raise approximately HKD 2.9321 billion for various strategic initiatives in the autonomous driving sector [1][4]. Group 1: Company Overview - WeRide is a global pioneer in Level 4 (L4) autonomous driving, with its products and solutions deployed in over 30 cities across 11 countries, including China, UAE, Saudi Arabia, Switzerland, France, Singapore, and Japan [1][2]. - The company has established itself as one of the first service providers to achieve large-scale commercial operations in both China and the Middle East [1]. Group 2: Market Position and Strategy - According to Zhaoshang Consulting, WeRide ranks second globally in revenue generated from L4 and above autonomous driving on urban roads, holding a market share of 21.8% as of 2024 [1]. - The company has deployed a fleet of over 1,500 autonomous vehicles, including 1,108 self-owned vehicles and 415 vehicles in collaboration with third parties, with a focus on markets showing significant long-term potential for autonomous driving [2]. Group 3: Competitive Advantage - WeRide has established a leading international presence and significant first-mover advantages in key overseas markets, being the only company to successfully deploy L4 autonomous driving solutions in France, Switzerland, and Belgium [3]. - In Singapore, WeRide is the only company with both autonomous taxi and shuttle deployments, leading the next market entrant by at least 1.5 years in L4 development [3]. Group 4: Use of Proceeds - The estimated net proceeds of approximately HKD 2.9321 billion from the global offering will be allocated as follows: 40% for developing the autonomous driving technology stack, 40% for accelerating the commercialization of the L4 fleet, 10% for establishing marketing teams and branches, and 10% for working capital and general corporate purposes [4].

Group 1 - The company, WeRide, is planning a global offering of 88.25 million shares, with 5% allocated for public offering in Hong Kong and 95% for international offering, along with a 15% over-allotment option [1] - The expected net proceeds from the global offering are approximately HKD 2.932 billion, assuming the over-allotment option is not exercised [1] - The allocation of proceeds includes 40% for developing autonomous driving technology stack, 40% for accelerating commercialization of L4 fleet, 10% for establishing marketing teams and branches, and 10% for working capital and general corporate purposes [1] Group 2 - WeRide is a global pioneer in the L4 autonomous driving sector, with its products and solutions deployed in over 30 cities across 11 countries, including China, UAE, Saudi Arabia, Switzerland, France, Singapore, and Japan [2] - The company ranks second globally in revenue generated from L4 and above autonomous driving on urban roads, holding a market share of 21.8% as of 2024 [2] - As of the latest feasible date, WeRide has deployed over 1,500 autonomous vehicles, including 1,108 self-operated vehicles and 415 vehicles in collaboration with third parties [2] - The company reported revenues of approximately CNY 402 million and CNY 361 million for 2023 and 2024 respectively, with gross profits of approximately CNY 183 million and CNY 112 million [2] - In the first half of 2025, the company achieved revenue of approximately CNY 200 million and a gross profit of CNY 61.059 million [2]

Group 1 - The company, WeRide, plans to conduct a global offering of 88.25 million shares from October 28 to November 3, 2025, with a maximum public offering price of HKD 35.0 per share [1] - The expected net proceeds from the global offering are approximately HKD 2.932 billion, with 40% allocated for the development of autonomous driving technology stack and 40% for accelerating the commercialization of L4 fleet [1] - The company will also allocate 10% for establishing marketing teams and branches, and another 10% for working capital and general corporate purposes [1] Group 2 - WeRide is a global pioneer in the L4 autonomous driving sector, with its products and solutions deployed in over 30 cities across 11 countries, including China, UAE, Saudi Arabia, Switzerland, France, Singapore, and Japan [2] - The company ranks second globally in revenue generated from L4 and above autonomous driving on urban roads, holding a market share of 21.8% in 2024 [2] - As of the latest feasible date, WeRide has deployed over 1,500 autonomous vehicles, including 1,108 self-owned vehicles and 415 vehicles in collaboration with third parties, with a focus on markets showing significant long-term potential [2] Group 3 - In 2023 and 2024, the company achieved revenues of approximately HKD 402 million and HKD 361 million, with gross profits of about HKD 183 million and HKD 112 million, respectively [2] - For the first half of 2025, the company reported revenue of approximately HKD 200 million and a gross profit of HKD 61.05 million [2]

股份代號 : 0800 （於開曼群島註冊成立以不同投票權控制的有限責任公司） 全球發售 聯席保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 WeRide Inc. 文遠知行＊ （按字母順序排列） 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 ＊ 僅供識別 重要提示 重要提示：閣下如對本招股章程的任何內容有任何疑問，應獲取獨立專業意見。 WeRide Inc. 文遠知行 * （於開曼群島註冊成立以不同投票權控制的有限責任公司） 全球發售 | 全球發售的發售股份數目 | ： 88,250,000股發售股份 | | --- | --- | | | （視乎超額配售權行使與否而定） | | 香港發售股份數目 | ： 4,412,500股發售股份（可予重新分配） | | 國際發售股份數目 | ： 83,837,500股發售股份（可予重新 | | | 分配及視乎超額配售權行使與否而定） | | 最高公開發售價 | ： 每股發售股份35.0港元，另加1.0% | | | 經紀佣金、0.00015%會財局 | | | 交易徵費、0.0027%證監會交易徵費 | ...