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 | ...

Core Insights - The joint venture between Pony.ai and BAIC New Energy has successfully rolled out the 300th unit of the Alpha T5 Robotaxi, marking a significant milestone in the mass production of L4 autonomous vehicles in China [2][3] - The Alpha T5 Robotaxi integrates advanced autonomous driving technology from Pony.ai with BAIC's high-end manufacturing capabilities, establishing itself as a benchmark in the Robotaxi sector and providing a replicable model for the smart connected vehicle industry [2][3] Group 1: Production and Commercialization - The seventh-generation Robotaxi achieves a closed-loop system of "production-oriented operation," allowing each unit to be directly deployed for testing and service, thus shortening the technology validation cycle and paving the way for commercialization [3] - Since the start of their collaboration, Pony.ai and BAIC New Energy have streamlined various aspects including R&D, production line construction, supply chain management, and road testing, with plans to deploy the Robotaxi in major Chinese cities and expand to markets in the Middle East and Europe [3] Group 2: Cost and Safety Innovations - The mass production breakthrough of the seventh-generation Robotaxi is supported by significant innovations in cost and safety, with the cost of the autonomous driving kit reduced by 70% compared to previous generations, overcoming the cost barrier for L4 production [4] - The safety framework is built on BAIC's fully redundant chassis and Pony.ai's multi-layer safety architecture, backed by over 55 million kilometers of real-world testing, ensuring a safety standard ten times that of human drivers for commercial operations [4] Group 3: Expansion and Testing - Pony.ai is actively expanding its service scenarios, including automated shuttle services connecting key transport hubs like airports and train stations, and conducting 24-hour testing to explore nighttime travel solutions [5] - The Alpha T5 Robotaxi is being utilized to promote regular demonstration operations in Beijing's Yizhuang area, contributing to the broader deployment of intelligent driving technologies [5]

Core Viewpoint - The successful rollout of the 300th L4 Robotaxi, the Jihu Alpha T5, developed by Pony.ai and BAIC New Energy, marks a significant milestone in the collaboration between the two companies, establishing a benchmark for Robotaxi models in China and providing a key example for the development of the intelligent connected vehicle industry [4][5]. Group 1: Production and Technology - The Jihu Alpha T5 Robotaxi, which began mass production in July, is equipped with Pony.ai's seventh-generation autonomous driving solution, capable of operating in all weather, scenarios, and time periods [4][5]. - Each seventh-generation Robotaxi produced is designed to have full autonomous driving capabilities, creating a closed-loop system that facilitates faster service delivery to users by shortening the path between technology validation and operational deployment [5][7]. - The collaboration has achieved significant advancements in L4 autonomous vehicle development, including positive research and development, production line construction, supply chain setup, and road testing [5][7]. Group 2: Market Deployment and Expansion - The Jihu Alpha T5 Robotaxi has received road testing permits in cities like Beijing and Shenzhen, preparing for large-scale deployment this year [5][7]. - The successful production of the new model supports Pony.ai's goal of establishing a fleet of 1,000 Robotaxis [5][7]. - Plans are in place to explore deployment in Middle Eastern and European markets, aiming to provide safer and more comfortable smart mobility services globally [5][7]. Group 3: Cost and Safety Innovations - The cost of the autonomous driving kit has been reduced by 70% compared to previous generations, achieved through the large-scale use of automotive-grade components and pre-installed production lines, thus breaking the cost bottleneck for mass production of autonomous vehicles [7]. - The safety of the L4 autonomous driving operation is underpinned by BAIC New Energy's fully redundant chassis and Pony.ai's multi-layered safety architecture, supported by over 55 million kilometers of real-world testing data, ensuring safety levels surpassing human drivers by tenfold [7][8]. Group 4: Industry Trends - The successful launch of the 300th vehicle signifies a clearer strategic vision for Pony.ai's Robotaxi initiative, indicating a shift from vision to reality in the L4 production benchmark [8]. - The emergence of intelligent connected vehicles represents a new high ground in automotive intelligence, driven by both quality and cost-effectiveness [8].

Core Insights - The company New Stone Technology has achieved a significant milestone in the L4 autonomous driving sector by completing a $600 million Series D funding round, marking a record for single financing in China's autonomous driving industry [1][2][3] - The year 2025 is anticipated to be pivotal for large-scale applications of unmanned delivery, with New Stone Technology positioning itself as a leader in this emerging market [1][14] Funding and Investment - The Series D funding was led by UAE-based Leish Capital, with participation from several prominent investors, indicating strong confidence in the company's potential for large-scale commercialization [1][3] - This funding round follows a previous C+ round investment of over 1 billion RMB from logistics giants and investment firms, showcasing sustained investor interest [2][3] Market Expansion - New Stone Technology plans to use the UAE as a launchpad for international expansion, having recently obtained the first RoboVan license in the region [3][14] - The company has established partnerships with major domestic logistics firms, capturing over 70% market share in the express delivery sector [4][6] Technology Advancements - The introduction of "no-map" technology allows New Stone Technology to operate without reliance on high-definition maps, significantly reducing operational costs and compliance challenges in international markets [7][9] - This technology enables the company to adapt to real-time logistics demands, expanding its service capabilities beyond fixed-route deliveries [7][9] Operational Strategy - The company emphasizes a deep understanding of the logistics industry and a commitment to refined operational practices as its core competitive advantage [10][12] - New Stone Technology aims to create a healthy ecosystem that provides value to partners, ensuring sustainable growth and collaboration within the industry [13][15] Future Outlook - The market for unmanned urban delivery is projected to reach 3 trillion RMB, with New Stone Technology expecting to achieve significant revenue growth, potentially reaching 1 billion RMB by 2025 [14][15] - The company anticipates a rapid increase in demand for its services, with over 70% of future orders expected to come from sectors outside traditional express delivery [15][17]

Core Insights - Neolix, a provider of L4 autonomous delivery solutions, has completed over $600 million in Series D financing, marking the largest private equity financing in China's autonomous driving sector to date and one of the largest in China's private equity market this year [1] Group 1: Company Developments - Neolix has delivered over 10,000 L4 autonomous vehicles, becoming the first company globally to achieve this milestone in L4 vehicle fleet [1] - The company is currently delivering more than 2,000 vehicles per month, with plans to increase this to 3,000 vehicles per month by the end of the year [1] - Neolix's revenue has reached a scale of 1 billion, achieving near break-even, with expectations for full profitability next year [2] Group 2: Industry Trends - The autonomous delivery sector is transitioning from research and testing phases to large-scale commercial deployment [1] - The expansion of Neolix's business into urban and instant delivery, along with the opening of nighttime logistics rights, is expected to significantly broaden the company's market potential [1]

10月21日，记者从L4级自动驾驶企业九识智能获悉，公司近日完成1亿美元B4轮融资。本轮融资由蚂蚁 集团领投，蓝湖资本、BV百度风投等新老股东跟投加持。截至本轮，九识智能B轮已完成融资4亿美 元。 今年以来，九识智能、白犀牛、新石器慧通（北京）科技有限公司（简称"新石器无人车"）等多家无人 配送赛道头部企业获得大额融资并加速商业化落地。 "随着各地路权政策逐步开放，无人配送车正从'先行先试'走向规模化商用，全行业在全国部署量明后 年有望突破10万台。"九识智能联合创始人潘余昌在接受上海证券报记者采访时表示。在他看来，市场 爆发不是线性增长，而是伴随着政策完善、场景打通、生态成熟的波动上升。 无人配送赛道融资热度攀升 九识智能聚焦无人配送车领域，核心产品为具备L4级自动驾驶能力的城配无人车，致力于为快递、商 超零售、物流等行业提供标准化运输解决方案。 本轮融资将主要用于加大无人驾驶技术研发，推动产品迭代，增强供应链自主可控能力，并加速全球市 场拓展与客户服务体系建设。 9月23日，新石器无人车第1万台整车正式下线交付。余恩源透露，实现"交付破万"本是公司设定的全年 目标，如今已提前一个季度达成。 九识智能积极推 ...

Core Viewpoint - The article discusses the recent listings of two major players in China's autonomous driving sector, Xiaoma Zhixing and Wenyuan Zhixing, on the Hong Kong stock market, highlighting their differing strategies and financial performances in a challenging industry environment [1]. Business Strategy Differences - Xiaoma Zhixing focuses on deepening its presence in China's first-tier cities and has obtained all available autonomous taxi licenses, while also exploring overseas markets like Luxembourg and the UAE [3][4]. - Wenyuan Zhixing adopts an "overseas first" strategy, concentrating on regions with clear economic advantages for autonomous vehicle operations, particularly in Europe and the Middle East, where it has established a leading position [3][4]. Fleet Composition and Scale - Wenyuan Zhixing operates a fleet of over 1500 autonomous vehicles, primarily focusing on taxi services, while Xiaoma Zhixing has a dual fleet strategy with over 680 autonomous taxis and 170 autonomous trucks, catering to both urban mobility and logistics [4]. Financial Performance - Both companies are experiencing significant losses, with Xiaoma Zhixing projected to generate $75.03 million in revenue and incur a net loss of $280 million in 2024, while Wenyuan Zhixing is expected to have $50.41 million in revenue and a net loss of $350 million [6][7]. - Wenyuan Zhixing maintains a gross margin above 30%, significantly higher than Xiaoma Zhixing's margins, indicating potential for profitability despite high loss rates [6]. Future Performance Predictions - Analysts predict that Wenyuan Zhixing may outperform Xiaoma Zhixing in 2025, with expected revenues of $89.6 million compared to Xiaoma's $82.1 million, and a narrower net loss for Wenyuan [7]. Additional Challenges for Xiaoma Zhixing - Xiaoma Zhixing faces increased scrutiny following a short-selling report that raised concerns about its technology, operational efficiency, and financial health, adding uncertainty to its future performance in the market [8].

Core Viewpoint - The article discusses the recent listings of two major players in China's autonomous driving sector, Xiaoma Zhixing and Wenyuan Zhixing, on the Hong Kong stock market, highlighting their differing strategies and financial performances in a challenging industry environment [1] Business Strategy Differences - Xiaoma Zhixing focuses on deepening its presence in China's first-tier cities and has obtained all available autonomous taxi licenses, while also exploring overseas markets like Luxembourg and the UAE [2][3] - Wenyuan Zhixing adopts an "overseas first" strategy, concentrating on regions with clear economic advantages for autonomous vehicle operations, particularly in Europe and the Middle East, where it has established a leading position [3][4] Fleet Composition and Scale - Wenyuan Zhixing operates a fleet of over 1500 autonomous vehicles, primarily focusing on taxi services, while Xiaoma Zhixing has a dual fleet of over 680 autonomous taxis and 170 commercial vehicles, covering both urban mobility and logistics [4] Financial Performance - Both companies are experiencing significant losses, with Xiaoma Zhixing projected to generate $75.03 million in revenue and incur a net loss of $280 million in 2024, while Wenyuan Zhixing is expected to have $50.41 million in revenue and a net loss of $350 million [6][7] - Wenyuan Zhixing maintains a gross margin above 30%, significantly higher than Xiaoma Zhixing's margins, indicating potential for profitability despite high loss rates [6][7] Future Performance Predictions - Analysts predict that Wenyuan Zhixing may outperform Xiaoma Zhixing in 2025, with expected revenues of $89.6 million compared to Xiaoma's $82.1 million, and a narrower net loss for Wenyuan [7] Additional Challenges for Xiaoma Zhixing - Xiaoma Zhixing faces increased scrutiny following a short-selling report that raised concerns about its technology, operational efficiency, and financial health, adding uncertainty to its future performance in the market [8]

Core Viewpoint - The Chinese autonomous driving sector is witnessing a significant shift as two leading companies, Pony AI Inc. and We Ride Inc., prepare for their IPOs in Hong Kong, following the successful listing of Hesai Technology. This move reflects a competitive landscape in the capital markets, with contrasting post-IPO performances highlighting market sentiment and valuation disparities between the two firms [1][3]. Summary by Sections IPO Details - Pony AI plans to issue up to 102,146,500 shares, while We Ride aims to issue 102,428,200 shares [1]. - The IPO sizes are approximately $2.8 billion for Pony AI and $1.3 billion for We Ride [2]. - Both companies have engaged significant institutional investors, with notable participation from Baoneng Group and Bosch [2][3]. Post-IPO Performance - Pony AI's stock price has shown a strong recovery, rising 51% from its IPO price to $19.63 per ADR, with a market capitalization of $69.7 billion [4]. - In contrast, We Ride's stock has declined 33.1% from its IPO price, closing at $10.37 per ADR, resulting in a market cap of $32.4 billion [6][4]. - The valuation gap between the two companies has widened significantly, with a difference of $37.3 billion in market capitalization as of October 20 [6]. Institutional Investment Trends - Institutional interest in Pony AI has surged, with top investors increasing their holdings by $3.9 billion, indicating strong confidence in its long-term potential [8][9]. - Conversely, We Ride's institutional support has been weaker, with only $1 billion in increased holdings, and the quality of its investors is less favorable [9][10]. Regulatory and Market Considerations - The Chinese Securities Regulatory Commission's approval of share issuance suggests a favorable regulatory stance towards Pony AI, which has a higher issuance ratio compared to We Ride [11]. - Both companies have adopted dual-class share structures, which may limit their access to southbound capital for at least seven months post-listing, potentially affecting liquidity [12].

Core Viewpoint - The Chinese autonomous driving sector is witnessing a significant shift as two leading companies, Pony AI Inc. and We Ride Inc., prepare for their listings in Hong Kong, following the successful IPO of Hesai Technology. This move reflects a competitive landscape in the capital markets, with contrasting post-IPO performances highlighting market sentiment and valuation disparities between the two firms [1][3]. Summary by Sections IPO Details - Pony AI plans to issue up to 102,146,500 shares, while We Ride aims to issue 102,428,200 shares [1]. - The IPO scale for Pony AI is estimated at $2.8 billion, and for We Ride, it is $1.3 billion [2]. - Both companies have attracted strategic investments from major players, including GAC Group and Guangzhou Nansha Government Fund [3]. Post-IPO Performance - Pony AI's stock price has shown a strong rebound, rising 51% from its IPO price to $19.63 per ADR, with a market capitalization of $69.7 billion [4]. - In contrast, We Ride's stock has declined by 33.1% to $10.37 per ADR, resulting in a market cap of $32.4 billion, widening the valuation gap to $37.3 billion [6]. Institutional Investment Trends - Institutional interest has sharply diverged, with Pony AI receiving significant backing from top global funds, totaling $3.9 billion in increased holdings [8]. - We Ride's institutional support is notably lower, with only $1 billion in increased holdings, and the quality of its investors is less favorable [9]. Regulatory and Market Considerations - The China Securities Regulatory Commission's approval of share issuance suggests a favorable regulatory stance towards Pony AI, which has a higher issuance ratio and potential fundraising compared to We Ride [11]. - Both companies will face challenges in market liquidity due to their dual-class share structures, which may limit access to southbound capital for at least seven months post-listing [12].