"原本以为是港股稀缺标的，没想到打新直接被套。"资深港股投资人罗宾的经历颇具代表性。他告诉证 券时报记者，之所以参与两家公司的打新，核心在于港股市场缺乏同类标的，且多家投行给出了积极推 荐。但市场表现却泼了冷水：小马智行上市首日下跌9.28%，文远知行下跌9.96%；截至周三收盘，两 家公司股价较发行价的累计跌幅均已超过20%，股价表现与上市前的市场热度形成鲜明反差。 11月6日，港股市场迎来小马智行和文远知行两家RoboTaxi(自动驾驶出租车)龙头企业上市。这两家同 为广州起步、深耕自动驾驶领域，且几乎同时完成中美两地双重上市的企业，此次在香港合计募集资金 超100亿港元。然而，在香港上市后，小马智行和文远知行股价持续低迷，引发了市场对自动驾驶赛道 前景的担忧。在盈利遥遥无期、巨头纷纷入局的激烈竞争中，被视为未来出行终极形态的自动驾驶，究 竟该如何穿越困境，驶向预期的光明前景？ 股价低迷背后的多重隐忧 除了受盈利前景困扰，巨头加入让整个赛道更加拥挤。小鹏汽车在11月5日宣布，2026年将正式推出三 款RoboTaxi车型并启动试运营，同时开放SDK(软件开发工具包)，与高德等伙伴共建生态。 而百度旗下的无 ...

Core Insights - WeRide Inc. has completed a dual primary listing on the Hong Kong Stock Exchange under the stock code 0800.HK, following its initial public offering on NASDAQ in 2024 [1] - The company aims to transform human mobility through autonomous driving technology and holds autonomous driving licenses in seven countries [3] Company Overview - Founded in 2017, WeRide Inc. focuses on developing safe and reliable autonomous driving technologies [3] - The company has established a product matrix that includes autonomous taxis, minibuses, freight vehicles, sanitation vehicles, and advanced intelligent driving solutions [3] - WeRide operates in over 30 cities across 11 countries, including China, UAE, Singapore, France, the USA, Saudi Arabia, and Belgium [3]

Core Insights - WeRide officially listed on the Hong Kong Stock Exchange on November 6, 2023, becoming the first Robotaxi stock in Hong Kong and the first autonomous driving technology company to be dual-listed on both Nasdaq and Hong Kong [1][3] Group 1: Listing Details - WeRide's global offering consisted of 88.25 million shares, with 17.65 million shares allocated for public offering and 70.6 million shares for international placement, priced at HKD 27.1 per share, raising a total of HKD 2.39 billion before the greenshoe option [3][5] Group 2: Company Overview - Founded in 2017, WeRide aims to transform human mobility through autonomous driving and holds autonomous driving licenses in seven countries, including China, UAE, Singapore, France, the USA, Saudi Arabia, and Belgium, conducting R&D, testing, and operations in over 30 cities across 11 countries [5] - WeRide has developed a product matrix that includes autonomous taxis, minibuses, freight vehicles, sanitation vehicles, and advanced intelligent driving, covering smart mobility, smart freight, and smart sanitation applications [5] Group 3: Market Position and Achievements - WeRide has made significant progress in the commercialization of Level 4 autonomous driving, with Robotaxi services operating in Guangzhou and Beijing, providing 24/7 autonomous services at transportation hubs [5] - In key markets such as the Middle East and Singapore, WeRide maintains a lead of at least 18 months over competitors, and in European countries like France, Switzerland, and Belgium, it is the only company to have commercially deployed Level 4 fleets [5]

=文远知行是全球L4级自动驾驶产品及解决方案提供商，应用场景覆盖智慧出行及智慧货运和智慧环卫 三大领域，包含Robotaxi、自动驾驶小巴、自动驾驶环卫车、无人物流车及组合辅助驾驶解决方案 ADAS。根据灼识咨询的资料，该公司是全球唯一一家在全球范围内成功大规模商业化从L2级到L4级产 品及解决方案的自动驾驶公司。 以城市道路L4级及以上自动驾驶产生的收入计算，2024年该公司占据21.8%的全球市场份额。此外，该 公司在L2辅助驾驶赛道也取得了重要突破，与全球Tier 1博世联合研发的一段式端到端组合辅助驾驶解 决方案已顺利达成SOP（Start of Production，量产启动）。从项目启动到达成SOP，文远知行仅耗时七 个月，再次刷新行业纪录。 文远知行此次回港上市，获得了产业资本、机构投资者以及专注于成长行业的价值投资者的高度关注， 吸引了包含淡马锡在内的亚洲及中东主权和长线基金，以及包含Uber、Grab、博世等产业投资人。短视 者看短期波动，长期主义者看未来前景，那么，文远知行能否成为长期主义投资者的主战场呢？ AI应用赛道的稀缺标的：全球Robotaxi第一股 今年港股IPO市场已成为全球最 ...

Core Insights - Two Robotaxi companies, Pony.ai and WeRide, simultaneously listed on the Hong Kong Stock Exchange, with market capitalizations of HKD 52.2 billion and HKD 24.1 billion respectively [2] - WeRide became the first global Robotaxi company to go public on NASDAQ in October 2024, while Pony.ai's stock price fell below its IPO price during its NASDAQ listing [4] - Both companies focus on autonomous driving systems, with Robotaxi as their core application, but they have different strategies for commercialization [14][17] Company Background - Both founders of WeRide and Pony.ai previously worked at Baidu's autonomous driving division [6][12] - WeRide was founded by Han Xu and Wang Jin after leaving Baidu, while Pony.ai was co-founded by Peng Jun [12][13] Business Strategies - WeRide employs a platform strategy, applying its autonomous driving technology across various scenarios, while Pony.ai focuses on a more vertical approach with two main business lines: Robotaxi and autonomous freight [14][17] - WeRide's revenue from Robotaxi is expected to grow significantly by 2025, while its other autonomous vehicle services already contribute over 40% of total revenue [16][20] Financial Performance - WeRide's revenue has shown a decline from CNY 530 million in 2022 to CNY 360 million in 2024, while Pony.ai's revenue has been steadily increasing from USD 68 million in 2022 to USD 75 million in 2024 [30] - Both companies are currently unprofitable, with WeRide losing CNY 2.5 billion and Pony.ai losing nearly CNY 2 billion in 2024 [29][30] Market Expansion - WeRide has expanded its operations internationally, obtaining autonomous driving licenses in six countries and conducting business in 30 cities [31] - Pony.ai is focusing on domestic market expansion, being one of the first companies to receive operating permits in major Chinese cities [32]

全球发售期间获公开认购73.44倍，吸引了诸多产业资本及机构投资者，全球Robotaxi第一股，文远知行（00800）成功在港股上市，成为"港股Robotaxi第一 股"。 （文远知行创始人兼CEO韩旭及联合创始人兼CTO李岩敲钟） 从本次发售来看，文远知行上市获多方资金青睐，一方面除了锚定投资者外，大部分投资者发售期间抢筹，公开发售共获73.44倍超额认购；另一方面投资 者对公司基本面预期高，公司是L4级多个应用赛道的引领者，尤其是Robotaxi，商业化已在全球多国范围展开，业绩已初步起量。 智通财经APP了解到，文远知行是全球L4级自动驾驶产品及解决方案提供商，应用场景覆盖智慧出行及智慧货运和智慧环卫三大领域，包含Robotaxi、自动 驾驶小巴、自动驾驶环卫车、无人物流车及组合辅助驾驶解决方案ADAS。根据灼识咨询的资料，该公司是全球唯一一家在全球范围内成功大规模商业化从 L2级到L4级产品及解决方案的自动驾驶公司。 以城市道路L4级及以上自动驾驶产生的收入计算，2024年该公司占据21.8%的全球市场份额。此外，该公司在L2辅助驾驶赛道也取得了重要突破，与全球 Tier 1博世联合研发的一段式端到端 ...

Core Viewpoint - WeRide has successfully completed a dual listing on the Hong Kong Stock Exchange and NASDAQ, marking its position as the world's first "Robotaxi" stock and a significant player in the autonomous driving sector [3][14]. Company Overview - Founded in 2017 by Han Xu, WeRide has rapidly ascended to become a leading global autonomous driving company, focusing on Level 4 (L4) autonomous driving technology [4][10]. - The company has developed a comprehensive product matrix, including autonomous taxis, minibuses, freight vehicles, and sanitation vehicles, supported by its WeRide One technology platform [11][20]. Financial Performance - WeRide's revenue for 2022, 2023, and 2024 was reported at 528 million RMB, 402 million RMB, and 361 million RMB respectively, with a projected increase to 1.996 billion RMB in 2025, reflecting a growth rate of 32.8% [17]. - The company has accumulated over $1.1 billion in financing prior to its U.S. listing, attracting significant investments from various strategic partners, including major automotive and technology firms [14][15]. Market Position and Strategy - WeRide has become the only company globally to hold autonomous driving licenses in seven countries, with a fleet of over 1,500 autonomous vehicles [14][26]. - The global market for L4 and above autonomous driving is projected to reach $1 billion in 2024, with a compound annual growth rate (CAGR) of 238% expected by 2030 [25]. Research and Development - The company has invested heavily in R&D, with expenditures totaling 3.553 billion RMB from 2022 to mid-2025, which has enabled the development of its advanced autonomous driving technology [19][20]. - WeRide's innovative WeRide GENESIS simulation engine enhances testing and model training, contributing to faster development cycles and improved robustness [20]. Operational Achievements - WeRide's Robotaxi service has completed over 2,200 days of public operation, accumulating over 5.5 million kilometers without regulatory penalties due to system failures [22][23]. - The company has established a significant presence in key international markets, including the Middle East and Singapore, where it has launched commercial operations of its Robotaxi services [28][29]. Future Outlook - The company aims to expand its global footprint, focusing on regions with high demand for autonomous driving solutions, such as the Middle East and Europe, where labor shortages and aging populations present opportunities for growth [28][29]. - WeRide's strategic partnerships and early market entry in various countries position it favorably against competitors, with a lead of at least 18 months in some markets [29].

Core Insights - The meeting held in Singapore on October 26 showcased the achievements of the autonomous driving technology company, WeRide, as a representative of China, highlighting its progress in the international market [1][3]. Group 1: Company Developments - WeRide's Vice President, Luo Lin, emphasized that the company's development in Singapore represents a significant milestone for China's autonomous driving technology going global, integrating technological innovation with regional cooperation and sustainable development [3][4]. - Since establishing its regional headquarters in Singapore in 2022, WeRide has viewed the city-state as a strategic hub for Southeast Asia, receiving long-term support from the Singaporean government [4]. - The company has achieved several milestones, including the regular operation of its autonomous minibuses and plans for fully unmanned operations by July 2025, making it the first autonomous vehicle in Southeast Asia without a safety driver [6]. Group 2: Strategic Partnerships and Future Plans - WeRide has secured a strategic investment commitment from Grab, a leading Southeast Asian mobility platform, to jointly launch the first consumer-facing autonomous ride-hailing service, Ai.R, by August 2025 [6]. - The company has also successfully operated autonomous sanitation vehicles in key areas such as Marina Bay and the Marina Bay Arts Centre [6]. - WeRide's founder and CEO, Dr. Han Xu, has been invited to join Singapore's Autonomous Vehicle Advisory Committee, contributing to the formulation of the country's autonomous driving policies and operational standards [6]. Group 3: Bilateral Relations and Economic Cooperation - Singapore's Deputy Prime Minister, Janil Puthucheary, highlighted the strong foundation and close cooperation between China and Singapore, emphasizing mutual respect and benefits in expanding trade and investment [8]. - The two countries aim to enhance collaboration in emerging fields such as digital and green economies, leveraging the 35th anniversary of diplomatic relations as an opportunity for growth [8]. - WeRide plans to use Singapore as a key base for international cooperation, deepening collaboration with the Singaporean government and industry partners to promote the large-scale application and commercialization of autonomous driving technology in Southeast Asia [8].

Core Insights - The China-Singapore Business Forum held on October 26 highlighted the deepening economic cooperation between China and Singapore, with a focus on innovation and sustainable development [1] - WeRide, a leading autonomous driving technology company, presented its achievements in Singapore, showcasing the internationalization of Chinese autonomous driving technology [1][3] Company Developments - WeRide established its regional headquarters in Singapore in 2022, viewing it as a strategic hub for Southeast Asia, supported by various Singaporean government agencies [1] - Significant milestones achieved by WeRide in Singapore include the regular operation of its autonomous minibuses and plans for fully driverless operation by July 2025, marking it as Southeast Asia's first driverless vehicle service [1][4] - The company secured an investment commitment from Grab in August 2025 to launch the first consumer-facing autonomous ride service, Ai.R [1] - WeRide's autonomous sanitation vehicles are now in regular operation in key areas such as Marina Bay [1] Industry Context - The developments by WeRide reflect a broader trend of collaboration between China and Singapore in the fields of smart transportation and innovation [3] - Singapore's Deputy Prime Minister emphasized the strong foundation of bilateral relations and the commitment to expand trade and investment, particularly in emerging sectors like digital and green economies [3]

Core Viewpoint - The recent wave of Chinese companies returning to the Hong Kong stock market is led by technology-intensive new economy firms, enhancing the market's ecosystem and providing new investment opportunities [1][12]. Group 1: Recent Listings and Announcements - Hesai-W successfully completed its dual listing in Hong Kong on September 16, marking the first Chinese company to return to the Hong Kong market this year [3]. - Tianjing Bio announced its intention to dual list in Hong Kong, aiming to leverage a new business model and enhance its market position in Asia [6]. - WeRide and Pony.ai have initiated their listing processes in Hong Kong, with Pony.ai already passing the listing hearing [1][5]. Group 2: Market Trends and Statistics - Since the revision of the Hong Kong Stock Exchange listing rules in 2018, a total of 34 Chinese companies have returned to the Hong Kong market, with 22 achieving dual primary listings and 12 opting for secondary listings [8]. - The return of companies like Alibaba, JD.com, and NetEase has significantly upgraded the market structure and liquidity of the Hong Kong stock market [8]. - The market has seen a concentration of returns from 2020 to 2022, with 29 companies listed during this period, while only one company returned in 2023 [8]. Group 3: Market Performance and Outlook - Many returning companies have substantial market capitalizations, with Alibaba's market cap exceeding HKD 3 trillion, making it a cornerstone of the Hong Kong market [9]. - The biotechnology sector is experiencing varied stock price performances due to long R&D cycles and high policy sensitivity, while the smart vehicle sector remains robust [9]. - Hong Kong is actively attracting quality issuers globally, with expectations that it will continue to be the preferred destination for returning Chinese companies [9]. Group 4: Regulatory and Structural Changes - The Hong Kong government is facilitating the return of Chinese companies, believing it will inject new vitality into the market and enhance its growth potential [11]. - Recommendations for reform include establishing a dedicated service office for returning companies and relaxing regulatory requirements for high-growth firms [11]. - The return of Chinese companies is seen as a strategic move to mitigate external risks and represents a significant opportunity for the Hong Kong capital market [12].