WeRide and Pony.ai saw their shares tumble on their first day of trading in Hong Kong, reflecting muted investor enthusiasm for Chinese autonomous driving companies.
WeRide closed 12.18 percent lower at HK$23.80 per share, compared with its offering price of HK$27.10. Pony.ai fell 13.96 percent to HK$119.60 per share from its IPO price of HK$139.
The declines left WeRide with a market capitalization of about HK$24.4 billion, while Pony.ai stood at HK$51 billion.
WeRide raised roughly HK$2.93 billion in net proceeds from its listing, while Pony.ai secured HK$7.19 billion. Both companies intend to use the funds to advance their autonomous driving technology and speed up commercialization of their Level 4 robotaxi fleets.
WeRide, founded in 2017 and listed on Nasdaq in October 2024, operates more than 1,500 Level 4 autonomous vehicles, including over 700 robotaxis. Pony.ai, established in late 2016 and listed on Nasdaq in November 2024, runs over 720 robotaxis and plans to expand its fleet to 1,000 units by year-end.