[SINGAPORE / HONG KONG] Chinese autonomous driving firm WeRide has hired Morgan Stanley and China International Capital Corp (CICC) to work on a dual primary listing in Hong Kong, three sources with knowledge of the matter said.
The Guangzhou-based company, which listed on Nasdaq in October 2024, is seeking regulatory approval in both Beijing and Hong Kong for the share sale after filing confidentially with the Hong Kong Stock Exchange, the sources said.
Details of the offering, including its size, have not been finalised, said two of the sources. The Nasdaq-listed company had a market value of about US$3 billion as at market close on Monday (Oct 13).
“WeRide is unable to comment on queries regarding a potential listing,” the company said in an e-mailed statement to Reuters on Tuesday. “We remain focused on executing our business strategy and delivering value to our stakeholders.”
Morgan Stanley declined to comment. CICC did not immediately respond to a request for comment.
The sources did not wish to be identified as the matter was private.
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Some US-listed Chinese companies are seeking to raise capital via secondary listings in Hong Kong.
Such moves have been driven partly by concern over potential forced delistings of Chinese companies from US exchanges since trade relations between the world’s two largest economies deteriorated sharply this year.
Confidential filings allow firms to navigate the regulatory review process without public disclosure, offering flexibility when listing timelines are uncertain.
Founded in 2017, WeRide develops autonomous driving technology and operates robotaxi services in China and internationally, according to its official website and announcements.
The company’s shares have fallen about 24 per cent so far this year to trade at US$10.76 apiece.
It reported total revenue of 127.2 million yuan (S$23.3 million) in the second quarter, up 60.8 per cent from a year earlier, while its net loss narrowed slightly to 406.4 million yuan from 413.6 million yuan over the same period, according to its latest earnings release in July.
The company has partnerships with ride-hailing firms Grab and Uber.
Grab announced in August that it had committed a strategic equity investment in WeRide and would work with the company to deploy robotaxis and autonomous shuttles in South-east Asia.
Grab and WeRide are preparing to launch an autonomous vehicle service in Singapore’s Punggol district in 2026.
Uber and WeRide have partnered to bring autonomous vehicles to the Uber platform.
Grab said that it is not in a position to comment on WeRide’s listing plans. Uber did not immediately respond to a request for comment on Tuesday. REUTERS
