Four companies, including autonomous driving firms Pony AI Inc (PONY-W) and WeRide Inc. (WERIDE-W), debuted on the Hong Kong Stock Exchange on November 6, but their performance fell short of expectations. PONY-W opened at HK$124, down 10.8% from its IPO price, while WERIDE-W started trading at HK$24.98, a 7.8% drop. Despite the weak debut, both companies continue to make business progress, with new developments emerging since late October. However, the market's reaction reflects growing rationality toward the autonomous driving sector.

The industry is currently in a phase of divergence. While companies like Didi and Hello continue attracting investments for their autonomous driving ventures, others face challenges. Zhong Zhixing, founded by Wang Jin—often called the "founding principal of China's autonomous driving"—filed for bankruptcy less than two months ago. Meanwhile, controversies over data comparisons between PONY-W and WERIDE-W remain unresolved, and Baidu’s Apollo Go (formerly known as "Luobo Kuaipao") has grown increasingly low-profile. Unlike AI large language models, autonomous driving is still awaiting its "ChatGPT moment."

**Dual Listings, Dual Declines** PONY-W and WERIDE-W marked their Hong Kong listings with a bell-ringing ceremony alongside two other firms. Both companies now hold dual primary listings in the U.S. and Hong Kong, while also competing for the title of "first Robotaxi stock."

At market open, WERIDE-W traded at HK$24.98, down 7.8% from its IPO price of HK$27.10, while PONY-W opened at HK$124, a 10.8% decline from its HK$139 offering price. This contrasted with their after-hours performance in the U.S. market, where WERIDE-W rose 2.79% and PONY-W gained 1.35% post-close on November 5.

Wang Chao, founder of Wenyuan Think Tank, attributed the weak debut to Robotaxi's current state—"the darkest hour before dawn"—where technical feasibility has been proven but commercial viability remains uncertain.

WERIDE-W stated that stock price fluctuations are normal and influenced by market sentiment, industry trends, and valuation adjustments. The company emphasized its focus on long-term business growth rather than short-term stock performance.

PONY-W CEO Peng Jun described the Hong Kong listing as a "critical step in global capital strategy," while WERIDE-W CEO Han Xu pledged to drive large-scale commercial adoption of autonomous driving. Han also signed a three-year lock-up agreement, committing not to sell his shares.

By the close, WERIDE-W rebounded slightly to HK$24.40, giving it a market cap of HK$25.05 billion. PONY-W ended at HK$126.10, above its opening price, with a valuation of HK$53.88 billion.

**A Divided Industry** "The autonomous driving sector still faces a chill," said Li Jinqing, an analyst at Bida. "But some are better insulated." Leading domestic Robotaxi players—PONY-W, WERIDE-W, and Baidu’s Apollo Go—are currently at the forefront.

While its peers listed in Hong Kong, Apollo Go quietly expanded internationally, partnering with Switzerland’s PostBus for pilot testing in December. The service already operates in 16 cities, including Hong Kong and Dubai.

Meanwhile, Didi Autonomous Driving secured RMB 2 billion in Series D funding, and Hello Robotaxi raised capital from Alibaba. However, industry investment has slowed—total funding in 2025 stands at RMB 22.85 billion, down sharply from RMB 76.75 billion in 2024.

Zhong Zhixing’s bankruptcy highlights the sector’s risks. The company’s official channels have been inactive since February 2024, and its website is inaccessible.

"Capital is shifting from broad bets to targeted investments," Li noted. "Technology, business models, and even crisis management now determine survival."

**Funding Priorities** WERIDE-W raised HK$2.39 billion (pre-green shoe) in its IPO, allocating 40% each to technology development and commercialization. PONY-W, which raised HK$7.7 billion post-green shoe, plans to dedicate 50% to market expansion and 40% to R&D.

Pan Helin, a member of the MIIT’s expert committee, stressed that market demand, not just technology, is now the key driver. Wang Chao compared autonomous driving to AI and embodied intelligence, noting that while leading firms’ R&D efforts are commendable, future success may hinge on data ecosystems, capital strength, or breakthroughs in autonomous driving models.

"AI has found its product revolution, but Robotaxi remains in transition from 'technological marvel' to 'commercial reality,'" he said.