Pony Ai, WeRide Shares Slide on Hong Kong Debut

Hong Kong — Shares of Chinese autonomous driving developers Pony Ai and WeRide fell sharply on Thursday as both companies made their trading debut in Hong Kong after raising nearly $1.2 billion through initial public offerings.

Pony Ai’s stock opened weak and slid nearly 11% in early trading, following its $863 million fundraise. WeRide’s shares also dipped about 8% after raising $308 million. The declines came even as the city’s benchmark Hang Seng Index gained 0.5% during the session.

The listings mark a major step for China’s self-driving technology firms, both of which are pushing for large-scale commercialisation amid growing global competition. Pony Ai said it plans to use its new capital to expand operations and accelerate deployment of its autonomous vehicles, while WeRide aims to channel funds into hiring, boosting computing power, and growing its global footprint.

Thursday’s weak debut echoed the companies’ performance in New York the previous day, where WeRide shares lost 5.2% and Pony Ai slipped 2%. Investors have remained cautious toward tech and mobility stocks amid global market volatility and tightening liquidity in the U.S.

Other listings in Hong Kong also saw mixed results. Vigonvita Life Sciences surged as much as 191% from its IPO price, while Ningbo Joyson Electronic dropped about 5% in early trading.

Despite the uneven debuts, Hong Kong continues to attract strong listing activity. According to LSEG data, the city has surpassed the New York Stock Exchange and Nasdaq as the top listing venue this year (excluding SPACs), with companies raising $31.2 billion so far — nearly three times more than the same period last year.

The twin debuts of Pony Ai and WeRide highlight both the promise and the challenges facing China’s fast-evolving autonomous driving sector, as investors weigh long-term potential against near-term market pressures.