Core Insights - Company WeRide has successfully listed on the Hong Kong Stock Exchange, becoming the first Robotaxi stock in Hong Kong, following its previous listing in the US [1][3]. Financial Performance - The share price for the IPO was set at 27.1 HKD, with a total market capitalization exceeding 24 billion HKD based on the issuance of 88.25 million shares [3]. - WeRide's revenue for 2022, 2023, and 2024 is projected to be 528 million CNY, 402 million CNY, and 361 million CNY respectively, with a 33.3% year-on-year growth expected in the first half of 2025 [6]. - In Q2 2025, WeRide reported total revenue of 127 million CNY, marking a 60.8% year-on-year increase and a 75.4% quarter-on-quarter increase [6]. Profitability and Cost Structure - The overall gross profit for Q2 2025 was 35.7 million CNY, with a gross margin of 28%, indicating strong performance in the industry [9]. - Operating expenses for Q2 2025 were 488 million CNY, reflecting a 42.46% year-on-year increase, attributed to the rollout of signed Robotaxi projects and the need for enhanced sales and operational systems [11]. - Cash and cash equivalents stood at 3.836 billion CNY, with total financial assets amounting to 5.823 billion CNY, indicating stable financial health despite rising costs [13]. Business Expansion and Market Position - WeRide has expanded its fleet to over 1,500 autonomous vehicles, with more than 700 being Robotaxis, solidifying its position as a leader in the international Robotaxi market [5][19]. - The company has deployed Robotaxis in 11 countries and over 30 cities, being the first to obtain autonomous driving licenses in seven different countries [21]. - WeRide's strategic partnership with Uber in Abu Dhabi positions it uniquely in a market that allows for pure unmanned testing and commercial operations [23]. Future Outlook - The year 2025 is anticipated to be a pivotal year for the commercialization of Robotaxis, with 2026 potentially marking the beginning of profitability for the sector [25]. - WeRide's successful listing and operational performance suggest a robust growth trajectory, with increasing market recognition of the Robotaxi business model [26]. - The company is also exploring advanced technologies, including AI and high-performance computing platforms, to enhance its autonomous driving capabilities [30][32].

Core Viewpoint - WeRide has successfully listed on the Hong Kong Stock Exchange, becoming the first Robotaxi company to be publicly traded on both Hong Kong and US exchanges, marking a significant milestone in the autonomous driving industry [2][6]. Company Overview - Founded in 2017, WeRide is a global leader in autonomous driving technology, having achieved a dual primary listing on HKEX and NASDAQ [6][14]. - The company operates a fleet of over 1,500 Level 4 (L4) autonomous vehicles, including more than 700 Robotaxis, and holds autonomous driving permits in seven countries [8][14]. Financial Highlights - Under its Hong Kong listing, WeRide issued 88.25 million shares at an offer price of HKD 27.1 per share, raising approximately HKD 2.39 billion [3]. - The listing broadens WeRide's investor base and access to capital markets, facilitating deeper investment in technology R&D [6]. Leadership Commitment - Dr. Tony Han, Founder and CEO, has committed to a three-year lock-up on his shares, reflecting confidence in the company's fundamentals and long-term vision [4]. Technological Advancements - WeRide's proprietary WeRide One platform supports a range of products and services from Level 2 to Level 4, including Robotaxi, Robobus, and Robosweeper [7]. - The company has developed a closed-loop simulation engine, WeRide GENESIS, which reduces road testing costs and accelerates product iteration [7]. Global Operations - WeRide has commercial operations in major cities, including fully driverless Robotaxis in Guangzhou and Beijing, and maintains a first-mover advantage in markets like the Middle East and Singapore [10]. - The company plans to deploy tens of thousands of Robotaxis by 2030 [8]. Strategic Partnerships - WeRide has attracted investments from leading global companies such as NVIDIA, Bosch, Uber, and Grab, enhancing its strategic position in the industry [9]. Industry Recognition - WeRide has been recognized on Fortune's Change the World list and Global Future 50, ranking 16th this year, the highest among Chinese companies [12].

Core Viewpoint - Company WeRide, a leader in L4 autonomous driving, is set to go public in Hong Kong, aiming to leverage its market position and attract significant investment amid a favorable IPO environment [1][2][3]. Group 1: Company Overview - WeRide operates one of the largest L4 autonomous driving fleets globally, with over 1,500 vehicles, including more than 700 Robotaxis, across 11 countries and over 30 cities [1][6]. - The company holds a 21.8% market share in the L4 autonomous driving revenue generated from urban roads as of 2024 [1][12]. - WeRide has received substantial investment commitments from industry giants like Uber, which pledged an additional $100 million [2]. Group 2: Financial Performance - In Q2, WeRide reported revenue of 127 million yuan, a year-on-year increase of 60.8%, with Robotaxi revenue soaring by 836.7% to 45.9 million yuan [7]. - The company’s Robotaxi revenue share increased from 8.9% to 31.1% year-on-year, contributing to a total revenue growth of 25.9% to 199.6 million yuan in the first half of 2025 [7]. Group 3: Market Position and Growth Potential - The global L4 and above autonomous driving market is projected to grow from $1 billion in 2024 to $1,464 billion by 2030, with a compound annual growth rate (CAGR) of 238% [11]. - WeRide has established a strong presence in key markets, including the Middle East and Europe, where it is the only company to deploy L4 fleets [11]. - The company has a robust cash position, holding 3.836 billion yuan in cash and cash equivalents as of June 2025, which supports its growth strategy [8]. Group 4: Research and Development - WeRide has invested heavily in R&D, with total expenditures reaching 3.553 billion yuan from 2022 to mid-2025, resulting in 594 authorized patents in China [9]. - The company’s proprietary WeRide One platform modularizes core software and hardware, facilitating the commercialization of its products across various autonomous driving scenarios [9][10]. Group 5: Competitive Advantage - WeRide has maintained a leading position in safety and reliability, with no regulatory penalties since launching its L4 products in 2019 [10]. - The company’s MPI (miles per intervention) metric has consistently ranked first among commercial autonomous driving firms from 2022 to 2024 [10]. Group 6: Valuation and Market Sentiment - As of October 24, WeRide's market capitalization was $3.491 billion, with a price-to-book (PB) ratio of approximately 3.8, significantly lower than its peers [17]. - If WeRide captures just 5% of the projected $431 billion Robotaxi market by 2030, its revenue could reach $21.55 billion, indicating substantial upside potential for its valuation [17].

Core Viewpoint - 文远知行 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 2.932 billion in net proceeds [2][12][14] Company Overview - 文远知行 is a global pioneer in the L4 autonomous driving sector, with its products and solutions deployed across over 30 cities in 11 countries, including China, UAE, Saudi Arabia, Switzerland, France, Singapore, Japan [3][7] - The company operates one of the first large-scale commercial autonomous taxi services in both China and the Middle East, holding a 21.8% market share in the global L4 and above autonomous driving revenue as of 2024 [3][12] Market Position and Strategy - 文远知行 has established a significant first-mover advantage in key overseas markets, being the only company to deploy L4 autonomous driving solutions in France, Switzerland, and Belgium, and leading in Singapore and UAE by over two years [7][9] - The company plans to expand its fleet and services to more overseas cities, with a focus on regions that demonstrate significant economic and operational advantages for autonomous vehicles [7][9] Technology and Innovation - The company's success is built on its proprietary technology platform, WeRide One, which includes advanced simulation engines and high-performance computing capabilities, enabling the development of safe and commercially viable autonomous vehicles [8] - WeRide GENESIS, an integrated closed-loop simulation engine, is a key innovation that accelerates development cycles and enhances model robustness [8] Financial Performance - 文远知行's revenue for 2022, 2023, and 2024 was CNY 528 million, CNY 402 million, and CNY 361 million (USD 50.4 million), respectively, with a projected increase to CNY 199.6 million (USD 27.9 million) in the first half of 2025, marking a 32.8% growth [12][13] - The company has incurred significant losses, with net losses of CNY 12.99 billion, CNY 19.49 billion, and CNY 25.17 billion (USD 3.51 billion) for the years ending December 31, 2022, 2023, and 2024, respectively [13] Use of Proceeds - The estimated net proceeds from the global offering will be allocated as follows: approximately 40% for developing autonomous driving technology, 40% for accelerating commercialization of L4 fleets, 10% for marketing and expansion, and 10% for working capital and general corporate purposes [14]

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 | ...

Core Viewpoint - WeRide has successfully passed the Hong Kong Stock Exchange hearing, marking a significant milestone as the "first global Robotaxi stock" and redefining the development boundaries of the autonomous driving industry through its extensive operational footprint and commercial capabilities [1][12]. Group 1: Safety and Core Technology - Safety is a prerequisite for the commercialization of autonomous driving, with WeRide achieving world-leading performance in this dimension, having accumulated over 2,200 days of good operational records and approximately 55 million kilometers of public road autonomous driving mileage since 2019 [1][3]. - WeRide's self-developed technology platform, WeRide One, supports a full product matrix from L2+ to L4 levels, significantly reducing technical reuse costs and laying the foundation for future expansion into new scenarios [3][5]. - The WeRide GENESIS simulation engine enhances model validation efficiency by creating high-fidelity digital twin environments, allowing for rapid reconstruction of urban road scenarios and simulating thousands of complex boundary cases [3][10]. Group 2: Sustainable Growth Model - WeRide has established itself as the only company in the Middle East to achieve commercial Robotaxi operations, with a fleet that is among the largest globally outside of China and the U.S., currently transitioning towards fully unmanned operations [6][8]. - The company has expanded its Robotaxi fleet in Abu Dhabi to cover approximately 50% of the core urban area, tripling its fleet size since late 2024, with significant increases in order volume [8][10]. - WeRide's partnerships with global ride-hailing platforms like Uber and Grab, along with investments from top industry players, create a strong ecosystem that supports its sustainable business model [11][12]. Group 3: Market Position and Future Outlook - WeRide's successful listing on the Hong Kong Stock Exchange represents a key stage in the commercialization of the autonomous driving industry, reflecting investor confidence in the transition from technology concepts to practical services [12][13]. - The company is positioned to become a benchmark for global autonomous driving commercialization as it expands its unmanned operations and continues to deepen partnerships with ecosystem players [12][13].

Group 1 - WeRide Inc. has received approval from the China Securities Regulatory Commission to issue up to 102.4282 million shares for overseas listing on the Hong Kong Stock Exchange [2] - The company is recognized for its outstanding capabilities in autonomous driving research, testing, operations, technology, business, capital, and safety [2] Group 2 - WeRide operates in over 11 countries and more than 30 cities, holding autonomous driving licenses in seven countries, making it a unique player in the global market [3] - The company boasts one of the largest Level 4 (L4) autonomous vehicle fleets globally, with over 1,500 autonomous vehicles, including more than 700 robotaxis [3] - WeRide's technology development capabilities are strong, with the WeRide One platform supporting a full product matrix from Level 2+ to Level 4, and the WeRide GENESIS simulation engine significantly reducing testing costs and risks [3] - The business model is designed for rapid expansion, utilizing a light-asset approach for overseas robotaxi operations, forming strategic partnerships, and generating sustainable cash flow through hardware sales, software licensing, and profit sharing [3] - Since its public operations began in 2019, WeRide has maintained an excellent safety record without regulatory penalties due to autonomous driving system failures [3] - The company has strong backing from industry and capital, being the only Chinese autonomous driving company to secure investment commitments from Uber and Grab for its Hong Kong IPO, and has received strategic investments from leading global partners like Uber, Bosch, and Renault-Nissan [3]