Just now, the two Chinese L4 driverless companies have been listed on the Hong Kong Stock Exchange simultaneously.

On November 6th, 2023, the morning saw two leading Chinese autonomous driving companies - Wenfar Technology and Pony - commence trading on the Hong Kong Stock Exchange simultaneously, according to a report by Chē-Dōngxī.n

▲ Wenyuan Zhixing landed on the Hong Kong Stock Exchange

According to relevant arrangements, Wen Far Advanced Technology raised a net proceeds of HK$2.26 billion (approximately RMB 2.056 billion) in this IPO. The final offering price was set at HK$27.10 (approximately RMB 24.6) per share, and the company i

At the beginning of trading for 4 minutes, WenYuJet Intelligent Technology fell by 13.65%. The stock price was reported at HK$23.4 (approximately RMB 21.29), with a market value of HK$24.02 billion (approximately RMB 21.85 billion).

▲ Wenyuan Zhixing Hong Kong Stock Quotation

Pony.ai has raised a net proceeds of HK$6.45 billion (approximately RMB 5.869 billion) in this IPO. According to the documents, the final offering price of the company is set at HK$139 per share (approximately RMB 126.49). The company issued a total

At the beginning of trading, Pony.ai dropped by 12.23% in just 4 minutes with a stock price of HK$122 (approximately RMB 111.02), with a market value of HK$52.12 billion (approximately RMB 47.43 billion).

Pony.ai Stock Quote

Previously, the two companies of Wenyuangrid and Pony.ai had planned to be listed on the Nasdaq in October and November of 2024 respectively. This listing on the Hong Kong Stock Exchange will establish a dual listing structure of US+Hong Kong, furthe

01.

Nearly 8 billion financing scale, neither of the two has achieved profitability yet

The strikingly different fundraising scales of the two companies reflect not only differences in valuation but also a strategic signal.

The fundraising scale of WinteyTech is relatively small, and its overall IPO appears to be more stable. The public offering in Hong Kong was oversubscribed 73.44 times, triggering the reallocation mechanism. The final allocation increased from 441 mi

Wency Vision and Pony AI Listings and Financial Data Overview

Documents show that in terms of revenue, the revenue of Wenyuanzhixing was 528 million yuan in 2022, 402 million yuan in 2023, and 361 million yuan in 2024.n

▲ Wenyuan Zhixing Financial Information

However, its latest Q2 2025 data showed signs of recovery, with total revenue increasing by 60.8% year-on-year to RMB 127.2 million, driven primarily by an explosive 836.7% year-on-year growth in Robotaxi business revenue.

As of the first half of 2025, the company's revenue composition shows that its service revenue is 130 million yuan (with a year-on-year growth of 0.76%), while its product sales revenue is 69 million yuan (with a year-on-year growth of 228.57%), indi

Compared to other companies, Pony.ai is seeking more funds. The information shows that the Hong Kong public offering is oversubscribed 15.88 times, with a final allocation of 4.2 million shares, accounting for 8.7% of the total offering. The internat

Documents show that Pony.ai's annual revenue has grown from US$68.38 million (approximately RMB490 million) in 2022 to US$75.03 million (approximately RMB530 million) in 2024. As of the second quarter of 2025, its revenue reached US$35.43 million (ap

Pony.ai Financial Information

From the perspective of net loss and gross profit margin, Wenyu Technology has accumulated a net loss of nearly 5.8 billion yuan from 2022 to 2024. However, in the first half of 2025, its net loss narrowed to 791 million yuan year-on-year.

In addition, the gross profit of Wenin Tech by the first half of 2025 increased by 10.91% year-on-year to RMB 61 million, with a gross profit margin of 28.1% in the second quarter.

Compared to previous years, Pony.ai's net loss has expanded from $148 million in 2023 (approximately RMB 1.058 billion) to $275 million in 2024 (approximately RMB 1.95 billion).

In terms of research and development investment, Wenyan Knowledge has total expenditure of 3.556 billion yuan. In just the first half of 2025, research and development expenses were 644 million yuan.

Pony.ai's research and development expenditure was $154 million (approximately RMB 1.09 billion) in 2022, $123 million (approximately RMB 870 million) in 2023, and $240 million (approximately RMB 1.7 billion) in 2024. The cumulative research and deve

According to the financial data, the revenues and R&D investments of the two companies are basically on the same scale.

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Focusing on unmanned travel services: Accelerating commercialization

In terms of core technology, WeRide uses a general and software-first autonomous driving technology platform called WeRide One. The design philosophy of this platform is to have high versatility and adaptability, which can be flexibly deployed in dif

Its core products include self-driving taxies (Robotaxi), self-driving minibuses (Robobus), self-driving cargo vehicles (Robovan), self-driving sanitation vehicles (Robosweeper), as well as advanced intelligent driving solutions (WePilot).

Pony.ai focuses on a full-stack Virtual Driver technology, which is described as a hardware-driven strategy.

Its core products include self-driving taxies (Robotaxi) and self-driving trucks (Robotruck).

Public data shows that in terms of deployment and operational indicators of the fleet, currently, Wenyuangeek has obtained autonomous driving licenses in five countries and has carried out testing and commercial activities in ten countries.

▲ Wenyuan Zhixing test team situation

The company has driven approximately 55 million kilometers on public roads with autonomous vehicles and maintained a continuous public operation record of over 22 million days, demonstrating long-term stable operational capabilities.

Compared to other companies, Xiaoma Auto has obtained autonomous taxi licenses in 24 first-tier cities. As of the latest available date, its fleet size has reached 726 vehicles with a cumulative operational distance of 93 million kilometers.

Pony.ai Testing Fleet Overview

According to the latest developments, public data shows that the seventh-generation Robotaxi from Pony.ai has recently been put into official operation. This model also participated in the torch relay in the early stage.

The vehicle is equipped with 34 sensors that can handle complex road conditions and emergency scenarios. In terms of software, it is also equipped with Pony.ai's self-developed L4 Robotaxi vehicle-grade domain controller, which features four Orin-X c

In terms of Wenyuan Intelligence and Technology, besides its diversified development in L4, it has also made new progress in supporting the mass production of driving assistance systems. Recently, Wenyuan Intelligence and Technology’s one-stop end-to

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Conclusion: China's Dual Auto-Driving Giants Land on the Hong Kong Stock Exchange Simultaneously

This dual listing on the Hong Kong stock exchange is not only a significant milestone for China's autonomous driving industry but also a collective vote by global capital markets on the commercial prospects of L4 technology.

Although Wenfar Technology and Pony AI have differences in strategic path, technical framework, and financing pace, they both demonstrate the deep layout and globalization ambition of Chinese companies in the field of driverless travel.)

Although currently in a loss phase, the two companies are accelerating their drive into the fast track of commercialization, from revenue recovery and gross profit improvement to fleet expansion and technology iteration.

This article is from the WeChat public account Car Things