Post by : Bianca
Haleem
Hong Kong — Securities of Chinese autonomous-driving developers Pony Ai and WeRide tumbled on Thursday as both firms began trading in Hong Kong after securing almost $1.2 billion through their initial public offerings.
Pony Ai opened poorly and dropped close to 11% in early trades following its $863 million fundraising. WeRide’s stock slipped roughly 8% after completing a $308 million IPO. Those declines occurred even as the Hang Seng Index climbed about 0.5% on the day.
The listings represent a key milestone for China’s self-driving startups, which are racing to commercialise their technologies amid intensifying global rivalry. Pony Ai said it will deploy the proceeds to scale operations and speed up autonomous vehicle rollouts, while WeRide indicated funds would be used for hiring, expanding computing capacity and broadening its international presence.
The weak Hong Kong openings echoed their performances in New York a day earlier, where WeRide fell 5.2% and Pony Ai eased about 2%. Market participants have shown caution toward tech and mobility names amid global volatility and tighter U.S. liquidity conditions.
Other recent listings in Hong Kong produced mixed outcomes: Vigonvita Life Sciences surged as much as 191% above its IPO price, whereas Ningbo Joyson Electronic traded about 5% lower in early sessions.
Despite uneven debuts, Hong Kong remains a leading listing centre. LSEG data show the city has overtaken the New York Stock Exchange and Nasdaq as the top venue this year (excluding SPACs), with $31.2 billion raised so far — nearly triple the sum from the same period a year earlier.
The simultaneous debuts of Pony Ai and WeRide underline both the opportunities and the hurdles in China’s fast-developing autonomous-driving sector, as investors weigh long-term potential against immediate market pressures.
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