Core Viewpoint - Both Xiaoma Zhixing and Wenyan Zhixing are set to launch their IPOs on the Hong Kong Stock Exchange, aiming to establish a dual listing in both the US and Hong Kong markets, following their previous listings in the US in 2024 [1] Group 1: IPO Details - Xiaoma Zhixing plans to issue 41.95 million new shares at a maximum price of 180 HKD per share, expecting to raise approximately 7.19 billion HKD [1] - Wenyan Zhixing intends to issue 88.25 million new shares at a maximum price of 35 HKD per share, anticipating a net fundraising of about 2.93 billion HKD [1][3] - Both companies have initiated their public offerings simultaneously, with trading expected to commence on November 6 [1] Group 2: Company Background and Market Position - Wenyan Zhixing, established in 2017, operates in 11 countries and over 30 cities, holding the largest L4 autonomous vehicle fleet globally with over 1,500 vehicles, including more than 700 Robotaxis [5] - Xiaoma Zhixing, founded in 2016, is the only company operating fully unmanned Robotaxi services in four major Chinese cities and plans to expand its fleet to 1,000 vehicles by the end of the year [6] - Both companies are heavily investing in R&D, with Wenyan Zhixing's R&D expenses slightly higher than Xiaoma Zhixing's in the first half of 2025 [9] Group 3: Financial Performance - In the first half of 2025, Xiaoma Zhixing reported revenues of 35.43 million USD (approximately 254 million RMB), a year-on-year increase of 43.3%, with an adjusted net loss of 74.42 million USD (approximately 534 million RMB) [9] - Wenyan Zhixing achieved revenues of 200 million RMB, a year-on-year growth of 32.8%, but reported an operating loss of 890 million RMB [9] Group 4: Competitive Landscape - The autonomous driving market is becoming increasingly competitive, with various players entering the Robotaxi space, including traditional OEMs and ride-hailing platforms [11] - Xiaoma Zhixing's VP emphasized the significant differences in safety and reliability between L4 Robotaxis and L2 assisted driving vehicles, suggesting that the competition will focus on providing superior user experiences rather than merely acquiring customers [11]