Pony.ai and WeRide Stumble in Hong Kong Debut Despite Strong Fundraising
Pony.ai and WeRide faced steep declines in their Hong Kong trading debuts, dropping 12% and 13% respectively. The slump occurred despite both autonomous driving firms raising substantial capital—HK$6.71 billion ($860 million) for Pony.ai and HK$2.39 billion for WeRide.
The dual listings aimed to diversify funding sources and expand Asian market presence amid tightening U.S. scrutiny of Chinese tech firms. Pre-debut declines in their U.S.-listed shares foreshadowed the weak Hong Kong reception, with WeRide down 5.2% and Pony.ai falling 2% prior to the secondary market opening.
Competitive pressures compound the challenges. Both companies trail industry leaders like Baidu's Apollo Go in China and Waymo in the U.S. Their focus on Level 4 autonomous systems—capable of operating without human intervention in designated areas—requires significant ongoing investment in AI infrastructure and data capabilities.
