Regulatory Filings And Transaction Setup
Chinese autonomous driving enterprise WeRide is advancing plans for a dual primary listing in Hong Kong, according to multiple sources. The company has retained Morgan Stanley and China International Capital Corp (CICC) as lead advisors and coordinators for the offering. In a recent filing to the U.S. Securities and Exchange Commission, WeRide noted that China’s Securities Regulatory Commission (CSRC) has issued a notice of filing in connection with the proposed global offering and Hong Kong listing of its Class A ordinary shares. This notice indicates Beijing’s preliminary clearance of the transaction structure. Meanwhile, the firm is believed to have submitted a confidential application to the Hong Kong Stock Exchange to initiate the listing process.
Statements from WeRide emphasize that the listing remains conditional. The firm said it is focusing on advancing its core business strategy and creating long-term stakeholder value, but it does not guarantee that the Hong Kong offering will materialize.
Capital Raise, Valuation, And Share Structure
Sources indicate that WeRide aims to finalize the Hong Kong offering by December 2025, targeting a raise of approximately US $300 million via issuance of new shares equivalent to 10% of the enlarged share base. The company intends the Hong Kong valuation to be broadly consistent with its existing U.S. market capitalization.
On the Nasdaq, WeRide currently carries a market value of about US $2.9 billion, with shares slipping ~1.3% recently. The firm has 938.4 million ordinary shares outstanding, of which 883.6 million are Class A shares and 54.8 million are Class B shares, excluding shares to be issued under the offering. Despite active preparations, WeRide cautions that there is no assurance the listing or capital raise will proceed.
Financial Performance And Strategic Alliances
Since its Nasdaq IPO in October 2024, WeRide has posted notable operational metrics. In Q2 2025, it recorded revenue of ¥127.2 million (approximately US $17.8 million), amounting to a 60.8% year-on-year increase. Its net loss narrowed modestly to ¥406.4 million from ¥413.6 million a year earlier. Over 2025, the stock has fallen about 25%, trading around US $10.62 per share.
WeRide has established strategic collaborations with ride-hailing platforms Grab and Uber. Grab has made a strategic equity investment and plans to deploy robotaxis and autonomous shuttles across Southeast Asia. Together, the two companies intend to launch an autonomous vehicle service in Singapore’s Punggol district by 2026. Uber, for its part, will integrate WeRide’s autonomous vehicles into its platform.
Expanding its technological and operational reach, WeRide in May 2025 entered into a partnership with Tencent Cloud, leveraging Tencent’s cloud infrastructure and global presence to support WeRide’s robotaxi commercialization and smart driving deployment overseas. This arrangement is intended to facilitate local compliance and scalability in international markets.
Comparative Trends And Industry Context
WeRide’s Hong Kong listing pursuit echoes a broader pattern among Chinese firms already listed in the U.S. Many are exploring dual or secondary listings in Hong Kong to diversify capital access amid rising geopolitical and regulatory risks. The move also reflects concerns over potential forced delistings from U.S. exchanges in the context of escalating U.S.–China tensions. Confidential filings are increasingly utilized in Hong Kong as a mechanism to preserve flexibility in timing and market positioning.
In parallel, WeRide has continued advancing its global footprint and regulatory clearances. The company holds driverless permits in China and operates robotaxi services in multiple jurisdictions. It also has engaged in limited autonomous shuttle and bus services abroad. Its ambition is to scale operations across Asia and beyond, leveraging partnerships, cloud infrastructure, and capital access to support further expansion.