Chinese autonomous driving firm Pony.ai sees shares drop 12% in Hong Kong debut (www.cnbc.com)

Chinese autonomous-driving startups Pony.ai and WeRide completed Hong Kong listings this week—Pony.ai raised HK$6.71 billion (~$860M) and saw its shares tumble more than 12% on debut, while WeRide fell nearly 8% after raising HK$2.39 billion. Both companies said proceeds will fund scaling, AI R&D, data-center capacity and development of Level 4 autonomy (vehicles that can operate without human supervision in limited conditions). They stressed expansion plans outside China—targeting the Middle East, Europe and Asian hubs like Singapore—and aim to deploy robotaxis via partners such as Uber once regulatory approvals are secured. The dual listings are significant for the AI/ML and autonomous-vehicle ecosystem because they reflect growing investor interest and a strategic pivot toward Asia-based capital amid U.S. geopolitical and regulatory headwinds (including a recent U.S. rule restricting Chinese tech in connected vehicles). While Hong Kong listings boost funding and regional credibility and help position Pony.ai and WeRide against incumbents like Baidu’s Apollo Go and Waymo, analysts note listings don’t shortcut the harder tasks: improving perception, achieving robust Level 4 performance, and overcoming regulatory barriers in Western markets. Investors and technologists should watch how these firms deploy capital into AI models, sensor/data infrastructure, and real-world validation to advance their stacks and cross-border approvals.