Shares of Chinese firms Pony.ai and WeRide stumble in Hong Kong launch
The benchmark Hang Seng Index rose by 0.5 percent
The stocks of vehicle and driving technology companies Pony.ai and WeRide dropped on 6 November as the Chinese autonomous driving developers traded in Hong Kong, after raising nearly US$1.2 billion in share offerings.
While Pony’s share price stumbled 11 percent after the company raised US$863 million, WeRide’s share slid 8 percent after raising $308 million.
Hong Kong’s benchmark Hang Seng Index rose by 0.5 percent.
At the listing ceremony, James Peng, founder and CEO of Pony.ai, said that recent events and liquidity in the US had a ‘temporary’ impact on the firm’s shares in Hong Kong, as the shares were anchored to its stock traded in the US.
Peng added, “We will use the funds raised for large-scale commercialization, so you can expect our business to expand. Short-term stock price fluctuation will not affect our development. Shareholders can rest assured.”
Meanwhile, Tony Han, CEO, WeRide, said the company aimed to utilize its listing proceeds for hiring top talent, enhancing computing capability, global expansion and establishing a sales network.
He added, “It’s normal for shares to fluctuate. In the long-term we are very confident in our stock performance.”
The weak performance followed a drop in WeRide’s shares in New York. Its shares lost 5.2 percent while Pony.ai fell 2 percent.
Besides, electric vehicle maker Seres Group made a soft debut in Hong Kong. Its shares closed flat after falling 10 percent on 6 November and a day later, the stock was down by 2 percent.
According to London Stock Exchange Group data, in 2025, Hong Kong overtook the New York Stock Exchange and Nasdaq for listings. This excluded special purpose acquisition companies. So far, the companies have raised $31.2 billion in Hong Kong (three times more in the same period in 2024).
Meanwhile, two other Chinese firms, Vigonvita Life Sciences (bio-pharmaceutical) and Ningbo Joyson Electronic (automotive electronics and safety components), debuted in Hong Kong on 6 November.
Vigonvita’s shares surged 191 percent in the morning session to HK$97 apiece (tripling the HK$33.37 price of an IPO in which it raised HK$587 million), whereas Ningbo’s shares fell 5 percent. Already listed in Shanghai, the company raised HK$3.41 billion from shares, each priced at HK$22.