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].

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 除非本公告另有界定，否則本公告所用詞彙應與Pony AI Inc.（「本公司」）日期為2025年10月28 日（星期二）的招股章程（「招股章程」）所界定者具有相同涵義。 本公告僅供參考，並不構成對任何人士進行收購、購買或認購本公司任何證券的要約或誘使作 出要約的邀請。本公告並非招股章程。潛在投資者在決定是否投資於發售股份前，應細閱招股 章程內有關下文所述全球發售的詳細資料。有關發售股份的任何投資決定應僅依賴招股章程所 提供的資料而作出。 本公告不會直接或間接於或向美國（包括美國的領土及屬地、美國任何州以及哥倫比亞特區） 發佈、刊發或派發。本公告並不構成亦不屬於在美國境內或於任何其他司法權區購買或認購證 券的任何要約或遊說的一部分。發售股份尚未且將不會根據美國證券法或美國任何州級證券法 登記，且不得在美國境內提呈發售、出售、質押或轉讓，惟根據美國證券法及 ...

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 | ...

智通财经APP讯，文远知行-W(00800)于2025年10月28日-2025年11月3日招股，拟全球发售8825万股股 份，其中香港公开发售占5%，国际发售占95%(可予重新分配)，另有15%超额配股权。公开发售价将不 会高于每股发售股份35.0港元，每手100股，预计A类普通股将于2025年11月6日(星期四)上午九时正开 始在联交所买卖。 ...

Core Insights - Xinghe Wentu, an L4-level road mobile robot company, has completed a multi-million yuan Series A financing round to support its autonomous driving technology and expand sales in various sectors [1][2] Group 1: Company Overview - Xinghe Wentu focuses on reconstructing future mobility ecosystems using breakthrough autonomous driving technology [1] - The team comprises members from leading automotive manufacturers such as Li Auto, NIO, and Huawei, showcasing strong research, engineering, and commercialization capabilities [1] - The company has developed a complete technological loop encompassing chips, systems, algorithms, and data, along with large-scale mass production experience [1] Group 2: Technology and Business Model - The core technologies include multi-modal large models (VLA), world models, and reinforcement learning (RL), enabling applications in logistics, cleaning, and charging [1] - The business model is driven by a dual approach of hardware for unmanned vehicles and subscription-based intelligent driving systems [1] Group 3: Financing and Future Plans - The recent financing will significantly support the expansion of L4 road mobile robots in unmanned logistics, cleaning, and charging scenarios [1] - Funds will be allocated for upgrading L4-level autonomous vehicle products to enhance technological leadership in both closed and open road environments [1] Group 4: Market Presence and Achievements - Since the project's launch in June 2025, Xinghe Wentu has rapidly progressed from team formation to product sales, delivering hundreds of L4-level autonomous vehicles [2] - The company has established a cross-border sales network covering regions such as China, the Middle East, Southeast Asia, and Eastern Europe [2] - The self-developed L4-level unmapped autonomous vehicles utilize VLA and world models, achieving high generalization limits and superior safety redundancy compared to competitors [2]

Investment Rating - The report indicates a mixed market sentiment with a focus on medium to long-term investment opportunities in the North Exchange, particularly in sectors supported by policies such as semiconductors, new energy, new materials, artificial intelligence, and quantum technology [3][4][5]. Core Insights - The North Exchange A-shares trading volume reached 17.6 billion yuan on October 24, 2025, an increase of 0.571 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1472.08, up 1.15% [1][8]. - Among the 279 companies listed on the North Exchange, 156 saw their stock prices rise, while 111 experienced declines, indicating a recovery phase in the market [3][17]. - The report highlights the ongoing adjustment phase in the North Exchange, influenced by the performance of technology manufacturing sectors, while cyclical stocks in coal and petrochemicals showed strength, leading to a diversion of funds [3][5]. Summary by Sections Market Review - On October 24, 2025, the North Exchange A-shares trading volume was 17.6 billion yuan, with the North Exchange 50 Index increasing by 1.15% and a PE_TTM of 69.04 [1][8]. - The North Exchange specialized index closed at 2533.99, reflecting a 1.32% increase [1][8]. Stock Performance - The top five gainers included Tongyi Aerospace (22.0%), Jiahua Technology (12.3%), Lingge Technology (5.7%), Naconoer (5.7%), and Tiangang Co. (5.6%) [3][17]. - The top five decliners were Chenguang Medical (-8.8%), Guangzi International (-6.2%), Luqiao Information (-5.7%), Zhongyu Technology (-4.9%), and Hengli Drill (-4.2%) [3][17]. Important Announcements - Hongyuan Co. reported a Q3 revenue of 706 million yuan, up 18.11% year-on-year, with a net profit of 26 million yuan, up 32.40% [3][22]. - Rongyi Precision announced a Q3 revenue of 310 million yuan, up 48.51%, but reported a net loss of 10 million yuan [3][23]. - Zhu Laoliu reported a Q3 revenue of 155 million yuan, down 9.37%, with a net profit of 16 million yuan, down 11.83% [3][24].

本报讯 （记者桂小笋）10月27日，星河问途（苏州）智能科技有限公司（以下简称"星河问途"）宣布 完成数千万元天使轮融资。星河问途是一家致力于用突破性的自动驾驶技术重构未来移动生态的L4级 道路移动机器人公司。本轮融资将有力支持星河问途"L4道路移动机器人"在无人物流、无人清扫、无人 充电等多个场景扩大销售额。 据悉，星河问途将使用本轮融资款项投入L4级智驾无人车辆产品升级，持续提升在封闭场景和开放道 路的产品技术领先性，为客户提供更简单易用、更通用智能的无人驾驶车辆。 自2025年6月项目启动至今，星河问途快速完成了从团队组建到产品销售的历程，公司自主研发的L4级 无图自动驾驶无人车辆，使用VLA+世界模型为技术底座，以超高的泛化上限、广泛通用性、远超同类 竞品的安全冗余，实现了对海内外客户需求的快速响应。未来，星河问途将利用自身智驾技术优势，根 据各类场景丰富L4级智能车辆产品线，持续扩大市场占有率。 ...

Core Viewpoint - The company Xiaoma Zhixing is set to become the first enterprise in the autonomous driving sector to achieve a dual listing in both the US and Hong Kong, coinciding with a trend of Chinese tech companies returning to Hong Kong for IPOs [1][14] Financial Performance - In Q2, Xiaoma Zhixing reported total revenue of $21.5 million, a year-on-year increase of 75.9% and a quarter-on-quarter increase of 53.5% [2] - The Robotaxi business generated $1.5 million in revenue, with a year-on-year growth of 157.8%, and passenger fare revenue increased over threefold [2][4] - The company’s revenue structure is primarily composed of RoboTruck (48.48%), technology licensing (42%), and Robotaxi (9.2%) [1][4] Profitability Signals - Xiaoma Zhixing is on the verge of profitability, with a stable gross margin projected to reach 10.5% in 2024 and 16.3% in 2025, despite a decrease from 46.9% in 2022 [4][6] - The company has transitioned from a high-margin but unsustainable R&D phase to a more sustainable profit model aligned with commercialization [4][6] Fundraising and Strategic Intent - The company aims to raise a total of $16.3 billion in its IPO, significantly exceeding its peers and reflecting confidence in long-term industry prospects [7][10] - The funds will be allocated as follows: 40% for commercialization and market expansion, 40% for technology R&D, and 20% for potential strategic investments and acquisitions [10] Competitive Positioning - Xiaoma Zhixing has demonstrated superior operational efficiency compared to competitors, with a lower loss rate of 256% against a higher 396% for a peer company [12][14] - The company has shown a faster revenue growth rate of 43.3% year-on-year in the first half of the year, indicating effective market expansion and operational execution [11][14] Industry Impact - The dual listing of Xiaoma Zhixing is not just a capital event but may signify a turning point for the autonomous driving industry, moving from chaotic growth to a more rational development phase [14]