Core Viewpoint - The first Robotaxi IPOs in Hong Kong are set to launch with two leading companies, Pony.ai and WeRide, both aiming to raise over 10 billion HKD combined, marking a significant step in the autonomous driving industry [1][2]. Group 1: IPO Details - Pony.ai plans to issue approximately 41.96 million shares, with a maximum price of 180 HKD per share, potentially raising around 7.1936 billion HKD [2][4]. - WeRide intends to offer 88.25 million shares at a maximum price of 35 HKD per share, aiming for a net fundraising of approximately 2.932 billion HKD [5][7]. - Both companies will finalize their offering prices on November 4 and officially list on November 6 [8]. Group 2: Fund Utilization - Pony.ai plans to allocate about 50% of its funds for the large-scale commercialization of L4 autonomous driving technology over the next five years [9]. - WeRide will use approximately 40% for R&D of autonomous driving technology and another 40% for accelerating the commercialization of L4 autonomous vehicle fleets [12][14]. Group 3: Financial Performance - WeRide's projected revenues from 2022 to 2024 are 528 million CNY, 402 million CNY, and 361 million CNY, with a 33.3% year-on-year growth in the first half of 2025 [15]. - Pony.ai's revenues for the past three years were approximately 68.39 million USD (about 486 million CNY), 75.03 million USD (about 533 million CNY), and 71.90 million USD (about 510 million CNY) [26]. - Both companies are experiencing significant losses due to high R&D expenditures and expansion costs, with WeRide's net losses projected at 1.299 billion CNY, 1.949 billion CNY, and 2.517 billion CNY from 2022 to 2024 [23][37]. Group 4: Market Position and Growth - WeRide operates the world's largest L4 autonomous vehicle fleet, with over 1,500 autonomous vehicles, including more than 700 Robotaxi vehicles [39]. - Pony.ai has a fleet of over 720 Robotaxi vehicles and has completed over 48.6 million kilometers of autonomous driving [42]. - The global mobility market is projected to reach 4.5 trillion USD by 2025, with China expected to become the largest Robotaxi market, potentially reaching 39 billion USD by 2030 [44].