Group 1: Core Insights - The Hong Kong stock market will see four new listings on November 6, including autonomous driving companies Pony.ai and WeRide, marking them as the second and third Chinese concept stocks to achieve dual listings in Hong Kong and the U.S. this year after Hesai's return on September 16 [1] - WeRide's final offering price is set at HKD 27.10 per share, while Pony.ai's is HKD 139 per share, with pricing considerations based on the closing price of American Depositary Shares on October 31 [1] Group 2: WeRide's IPO Details - WeRide's IPO raised a net amount of approximately HKD 29.32 billion, with 40% allocated for developing autonomous driving technology stack, another 40% for accelerating commercial production of L4 fleet, and 10% for marketing and operational expenses [2] - The company has attracted investments from notable firms such as Uber, Grab, and Bosch during its IPO [2] Group 3: WeRide's Market Position - Founded in 2017, WeRide is a global pioneer in L4 autonomous driving, operating in over 30 cities across 11 countries, and holds the largest L4 autonomous vehicle fleet globally with over 1,500 vehicles, including more than 700 Robotaxis [3] - WeRide ranks second globally in revenue generated from L4 autonomous driving on urban roads, capturing a market share of 21.8% according to Zhaoshang Consulting [3] Group 4: Pony.ai's IPO Details - Pony.ai's IPO raised a net amount of approximately HKD 71.94 billion, with 50% allocated for market entry strategies and 40% for ongoing investment in L4 autonomous driving technology [4] - The IPO attracted five cornerstone investors who collectively subscribed to USD 120 million (approximately HKD 93.2 million) of the offering shares [4] Group 5: Pony.ai's Market Position - Established in 2016, Pony.ai provides autonomous driving technology and solutions in the mobility and logistics sectors, operating a fleet of over 720 self-owned Robotaxis and more than 170 self-owned and leased autonomous trucks [4] - The company is one of the few to achieve fully autonomous operations and is the only one to have commercialized Robotaxi services in major Chinese cities [4]

Core Viewpoint - Xiaoma Zhixing is set to launch its IPO in Hong Kong, aiming to become the first autonomous driving company listed on the Hong Kong Stock Exchange, with significant market interest and backing from cornerstone investors [3][10]. Group 1: IPO Details - Xiaoma Zhixing has initiated its IPO process in Hong Kong, with plans to list on November 6, offering approximately 41.96 million shares, of which 4.2 million shares are for public sale and 37.76 million for international placement, with a maximum price of 180 HKD per share [3]. - The IPO has attracted substantial attention, securing cornerstone investments totaling 120 million USD [3]. Group 2: Business Positioning - Xiaoma Zhixing has established a comprehensive autonomous driving ecosystem, achieving a leading market position in China's L4 autonomous driving sector within just ten years since its founding in 2016 [5]. - The company is the only one in China to have obtained full autonomous taxi operation licenses in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen, which reflects its technical strength and regulatory trust [5]. Group 3: Technological Advantages - The company has made significant technological advancements, with its core technologies, including World Model™ and Virtual Driver™, enabling stable driving in adverse conditions and reducing testing costs [7]. - As of June 30, 2025, Xiaoma Zhixing holds 552 global patents and 185 software copyrights in China, showcasing its strong technological barriers [7]. Group 4: Market Potential - The Chinese autonomous driving market is rapidly developing, with the passenger travel market projected to reach 1.449 trillion USD by 2024 and 1.924 trillion USD by 2035 [9]. - In the autonomous trucking sector, the long-distance land transport market is expected to grow from 547.7 billion USD in 2024 to 860.9 billion USD by 2035, with autonomous trucks offering significant cost savings and efficiency improvements [9]. Group 5: Long-term Value - The dual listing strategy in both the US and Hong Kong is expected to enhance Xiaoma Zhixing's international influence and financing capabilities [10]. - The involvement of prominent cornerstone investors, including Eastspring and potential interest from Uber, indicates strong market confidence in the company [10].