On November 6th, two smart driving companies, Pony.ai (02026.HK) and Wenyuancheng Intelligence (00800.HK), went public on the Hong Kong Stock Exchange, creating a dual listing structure of both US and Hong Kong stocks. These two leading players who w

Pony.ai has a final sale price of HK$139 per share, raising up to HK$7.7 billion in total. In comparison, AutoX is more conservative with its share price set at HK$27.1, raising HK$2.39 billion before the green shoe period.

According to the latest prospectus, both companies are facing industry-wide challenges of high growth, high investment, and high losses. In the first half of 2025, Wenfarer Technology's revenue reached RMB 200 million, with growth mainly coming from

Now is a crucial period for the development of the autonomous taxi industry, as it is shifting from the technology testing phase to the large-scale commercial phase. The listing in Hong Kong will not only provide both companies with more financial su

Scaled Operation and Accelerated Commercialization

In this Hong Kong stock market fundraising, the two companies have converged on large-scale commercialization of L4 autonomous driving technology - Xiaoma Intelligence plans to use it for market entry strategies in the next five years, while Wenyuanc

In terms of business layout, Pony.ai demonstrates a diversified characteristic, mainly divided into three sectors: Robotaxi service, Robotruck service, and technology authorization and application service.

In terms of operational data, as of the latest information, Pony.ai's total Robotaxi fleet has exceeded 700 vehicles and is expected to reach a scale of over 1,000 by 2025. Zhang Ning, the vice president of Pony.ai, stated that 1,000 vehicles will be

Currently, Pony.ai has over 720 Robotaxis and more than 170 Robotrucks, with an accumulated global autonomous driving mileage of over 55 million kilometers, including more than 10 million kilometers of fully driverless road tests.

WenGoTech stands out in revenue optimization and global expansion. During the reporting period, the company's revenues were RMB 528 million, RMB 402 million, RMB 361 million, and RMB 200 million respectively. Notably, its Robotaxi business has grown

WinShare focuses more on global expansion. Its business has currently covered more than 30 cities in 11 countries worldwide, with over 1,500 autonomous vehicles, of which more than 700 are Robotaxi. In July 2025, WinShare obtained the first autonomou

An insider from WYYN revealed to the reporter of Times Weekly that the company has obtained a Robotaxi pure autonomous commercial operation permit from a country in the Middle East. At the same time, WYYN is expanding its Southeast Asian market throu

Both companies are tech-savvy and insist on making substantial investments in research and development. During the reporting period, Pony.ai's research and development expenses accounted for 272.4% of its total revenue in the first half of 2025, whil

Robotaxi to Usher in an Inflection Point: Transitioning from Technical Validation to Commercialization on a Large Scale

Both companies have a highly consistent strategic direction in terms of the use of funds raised, focusing on the commercialisation of L4 technology from the prospectus disclosure.

Pony.ai and WeDrive.ai have chosen to quickly return to Hong Kong for listing just a year after their listing on the U.S. stock market. Their most direct goal is to open up new channels to raise more funds for this expensive technology competition. C

Pony.ai plans to use the raised funds to promote its market entry strategy within the next five years, conduct large-scale commercialization of L4 autonomous driving technology in major accessible markets, and invest in the research and development o

Wenyu Technology plans to use the raised funds to develop its autonomous driving technology stack, accelerate the commercial production and operation of L4-level fleets, and establish the necessary marketing team.

The investment in technology has not only optimized the product but also addressed the challenge of high costs. In collaboration with Lenovo Vehicle Computing, WeRide Tech has launched a new generation of computing platforms equipped with high-perfor

Pony.ai has proven that L4 autonomous driving safety performance can be 10 times higher than human-driven vehicles through its self-developed world model + virtual driver and vehicle-grade hardware. The newly released seventh-generation Robotaxi auto

In terms of business models, the B2B2C eco-cooperation, subscription system, and dynamic pricing are gradually taking shape, accelerating the cultivation of user habits. Currently, the Pony AI App has over 500,000 registered users, and each fully aut

Industry insiders believe that multiple factors such as improved industrial chains, technological breakthroughs, policy support, and capital assistance are driving the Robotaxi industry to reach a critical turning point from demonstration operations

Technically, the cost of key hardware such as LiDAR continues to decline, and the overall cost of the vehicle is approaching the break-even point; policy-wise, China has opened more than tens of thousands of testing roads, and fully autonomous commer

Recently, global technology companies have accelerated their layout in the Robotaxi field. NVIDIA and Uber announced that they will jointly expand the global L4 autonomous driving mobility network, with plans to gradually expand to 100,000 Robotaxis

Regarding the phenomenon of multiple companies entering the Robotaxi field, Zhang Junyi, a senior expert in automotive industry investment management, told the reporters of Times Weekly that the Robotaxi race is an incremental market for the automoti

As autonomous driving is transitioning from technology validation to mass commercialization, both paths have their own advantages. Pony.ai's technical depth lays a foundation for its long-term development, while Wenfarse Technology's business breadth