Hong Kong Debut: Pony Ai and WeRide Face a Rough Reception

Hong Kong — Shares of Chinese autonomous driving developers Pony Ai and WeRide sank on Thursday as the two firms began trading in Hong Kong following IPOs that together raised almost $1.2 billion.

Pony Ai opened weak and dropped roughly 11% in early dealings after completing an $863 million listing. WeRide also traded lower, down about 8% after raising $308 million. The moves came even as the Hang Seng Index ticked up about 0.5% on the day.

The dual listings represent a milestone for China’s robotaxi and self-driving start-ups as they push toward commercial rollouts amid intensifying global competition. Pony Ai said the proceeds will support broader operations and speed up vehicle deployments, while WeRide plans to invest in recruitment, greater computing capacity and expansion overseas.

The soft start in Hong Kong mirrored each company’s showing in New York the day before, when WeRide fell 5.2% and Pony Ai slipped 2%. Investors have been guarded toward technology and mobility names amid wider market volatility and tighter U.S. liquidity.

Other new listings in Hong Kong produced mixed results: Vigonvita Life Sciences jumped as much as 191% from its IPO price, whereas Ningbo Joyson Electronic traded about 5% lower in early deals.

Still, Hong Kong remains a magnet for listings. LSEG figures show the city has overtaken the New York Stock Exchange and Nasdaq as the leading venue for IPOs this year (excluding SPACs), with issuers raising $31.2 billion so far — nearly three times the amount seen in the same stretch last year.

The twin debuts of Pony Ai and WeRide underline both the potential and the obstacles facing China’s rapidly evolving autonomous-driving industry, as investors balance long-term promise against immediate market pressures.