Chinese Firms Look to Raise Close to $2 Billion in Red-Hot Hong Kong Market

By Tracy Qu

Four Chinese companies, including robotaxi firms Pony AI and WeRide, are set to raise nearly US$2.0 billion in Hong Kong, underlining its status as one of the world's most active equity fundraising markets.

Both WeRide and Pony AI will start trading in Hong Kong next week, setting up a Nov. 6 showdown between the two robotaxi rivals.

Nasdaq-listed Pony AI, one of China's "Big Four" autonomous driving firms, is eyeing a market capitalization of US$9.90 billion at the top end of its pricing range, it said in a filing Tuesday.

It plans to sell shares for up to HK$180 apiece, raising HK$7.55 billion, or about US$972 million, and said it has secured cornerstone investors for up to 12% of the shares on offer.

The proceeds will be used to fund the Guangzhou-based company's go-to market strategies as it races with other robotaxi firms to deliver large-scale commercialization of its driving technology.

WeRide, which also trades on the Nasdaq index, is tapping Hong Kong to bulk up its autonomous driving offerings too.

Guangzhou-based WeRide is looking to list its shares at HK$35 each, implying a market cap of US$4.62 billion, a filing showed.

WeRide aims to raise up to HK$3.09 billion by selling 88.35 million shares, bolstering its investment in research and development, and recruiting more talent to sharpen its technological advantage, it said.

Analysts will be watching to see if investor appetite in Hong Kong mirrors the robotaxi companies' performance in the U.S.

Pony AI's stock last closed at US$19.68, putting gains so far this year at over 37%. WeRide's U.S.-listed shares last closed at US$11.16, leaving losses so far this year at roughly 21%.

Hong Kong has emerged as one of the most active markets for listings and offerings this year, driven primarily by Chinese companies.

Funds raised through IPOs in the first nine months of 2025 totaled HK$182.9 billion, a sharp increase from HK$55.6 billion in the same period last year, according to Hong Kong stock exchange data.

Two other Chinese companies are also joining the fundraising rush.

Smart-driving solutions provider Ningbo Joyson Electronic is targeting a HK$3.66 billion raising, while Chinese biopharmaceutical company Vigonvita Life Sciences aims to raise up to HK$598.33 million.

Write to Tracy Qu at tracy.qu@wsj.com

(END) Dow Jones Newswires

October 28, 2025 03:05 ET (07:05 GMT)