Shares of Chinese autonomous driving start-ups Pony.ai and WeRide tumbled about 10% in their trading debuts in Hong Kong on Thursday ( November 6 ), reflecting the weak performance of their US-listed shares.  

Pony.ai ( stock code: 2026 ), which priced its shares at HK$139 each to raise HK$6.71 billion ( US$863 million ), ended the day 9.28% lower at HK$126.10. WeRide ( 800 ) set its price at HKD$27.10 per share to raise HK$2.39 billion, but fell 9.96% to close at HK$24.40.

Some market watchers blamed the disappointing debuts on the surge of new listings in Hong Kong, which is the world’s largest market for initial public offerings this year, while others note that robotaxis have yet to make significant inroads into the transport sector. The Hang Seng Index closed 2.12% higher on Thursday, reversing a two-day slide.   

Pony.ai and WeRide, both based in Guangzhou, plan to use the listing proceeds to further develop their autonomous driving solutions and expand into other markets.

Says Pony.ai founder and chief executive officer James Peng: "After nearly nine years of relentless innovation and exploration, Pony.ai stands on the brink of large-scale commercialization in autonomous driving. Years of technological advancement, real-world deployment, and ecosystem building are now coming to a moment of fruition. Our Hong Kong listing represents not only a critical step in our capital strategy but also a significant milestone in connecting with global markets and resources. We are deeply grateful to everyone who has walked this journey with us."

Pony.ai is seeking growth opportunities across key international markets in Europe, East Asia, and the Middle East. It is partnering with local governments, industry leaders, and technology innovators to advance the development, deployment, and commercialization of its solutions. 

WeRide is also optimistic about its business prospects. Says founder and CEO Tony Han: “Over the past eight years, WeRide has evolved from technological innovation to commercial operation, becoming the only company worldwide with products holding autonomous driving permits in seven countries, and deployments in over 30 cities across 11 countries. We firmly believe that safe and reliable autonomous driving technology will deliver huge economic and social benefits.”   

The development of autonomous driving and smart transportation is a key focus for technological innovation under China's 14th Five-Year Plan ( 2021-2025 ). The government has issued guidelines and policies to encourage and regulate autonomous vehicles, including national standards and local regulations. It is also investing in smart road infrastructure, such as sensing networks and communication systems.