Pony.ai and WeRide raise HKD 9bn in HKEX IPOs - milestones for autonomous driving and Chapter 18C
7 November 2025
Two Guangzhou-based autonomous driving companies, Pony.ai and WeRide, completed headline listings on the HKEX main board, raising HKD6.7 billion and HKD2.39 billion, respectively. Pony.ai is the largest autonomous driving IPO in Hong Kong year to date, while WeRide is the largest Chapter 18C listing so far by both market value and issuance size - and the first under 18C to adopt a weighted voting rights structure.
Both issuers now hold dual primary listings in Hong Kong and the US, following their Nasdaq debuts in November and October 2024. They are the second and third Chinese issuers to achieve dual primary status in both markets this year, after Hesai Technology's Hong Kong debut on 16 September.
Deal metrics that matter
- Pony.ai: 48,000,000 shares at HKD139 per share; public offering oversubscribed 15.88x, international 7.72x. First-day close implied a market value of HKD54.67 billion.
- WeRide: 88,250,000 shares at HKD27.10 per share; public offering oversubscribed 74x, international 10x. First-day market value reached HKD25.05 billion.
Counsel and key workstreams
Legal benches were deep across Hong Kong, US, PRC and offshore law, with dedicated teams on export controls, outbound investment, data compliance and tax. Highlights below.
Pony.ai counsel lineup
- Davis Polk - Hong Kong and US counsel to Pony.ai (partners He Li and Jason Xu leading).
- Sheppard Mullin - US/EU export control, sanctions and import compliance.
- Hogan Lovells - US outbound investment advice.
- Haiwen & Partners - PRC counsel (partners Jackson Tang and Ma Chenling leading; partner Yang Jianyuan on data compliance).
- Walkers - Cayman Islands counsel.
- Cleary Gottlieb - Hong Kong and US counsel to joint sponsors Goldman Sachs, BofA Securities, Deutsche Securities, Huatai International, and other underwriters.
- Jingtian & Gongcheng - PRC counsel to the underwriters (partners Gao Xiang and Zhu Wangying).
WeRide counsel lineup
- Cooley - Hong Kong and US counsel to WeRide (partners Xu Yilin, Will Cai, Michael Yu).
- Commerce & Finance Law Offices - PRC counsel and data compliance (partner Vincent Shen leading).
- Travers Thorp Alberga - Cayman Islands counsel.
- Akin Gump - US outbound investment regulations.
- Latham & Watkins - Hong Kong and US counsel to joint sponsors CICC and Morgan Stanley (partners Benjamin Su and Terris Tang; with Gail Neely on financial regulatory, James Barker and Paul Dudek on US regulatory, and Eric Cho on tax).
- Han Kun Law Offices - PRC counsel.
Why this matters for deal teams
- Chapter 18C in practice: WeRide sets a precedent as the first Specialist Technology Company under 18C to use a WVR structure, offering a reference point for issuer governance and disclosure. For the rule text, see HKEX's Chapter 18C and Chapter 8A (WVR).
- Dual primary demands: Concurrent Hong Kong and US regimes mean tighter coordination on prospectus/registration statements, ongoing reporting, internal controls and audit readiness. Expect enhanced risk factor calibration across export controls, sanctions and data/security issues.
- Controls and data: Dedicated teams were engaged on US/EU export controls and sanctions, US outbound investment rules, and PRC data compliance - now routine workstreams for autonomy, chips and advanced software issuers.
- Offshore structuring: Cayman counsel featured on both deals, aligning with standard HKEX issuer architecture and investor expectations.
Use of proceeds
Pony.ai: research, production and marketing to advance level 4 autonomous driving technology over the next five years, and to accelerate large-scale commercialization.
WeRide: development and mass production of level 4 technology, scaling commercial operations for Robotaxi, Robobus and Robovan, and building marketing teams and branch offices.
Sector and market notes
Pony.ai is the only company licensed to provide robotaxi services in all four first-tier cities in China, and WeRide's level 4 fleet has grown to more than 1,500 vehicles with permits across seven countries. Both profiles support the "Specialist Technology Company" thesis under Chapter 18C, with investor demand reflected in strong oversubscription.
Automotive supplier Joyson Electronic and biotech firm Vigonvita Life Sciences also listed on 6 November, adding depth to the week's issuance window.
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