Wenyuan Zhixing-W (00800.HK): Hong Kong IPO priced at HK$27.10, embroiled in industry data controversy ahead of listing

ZC Asia has learnt that autonomous driving technology firm Wenjuan Zhixing has announced the final pricing for its secondary listing in Hong Kong at HK$27.10 per share. The company's shares are expected to commence trading on the Main Board of the Hong Kong Stock Exchange tomorrow (6 November) under the stock code ‘0800’.

During the sensitive pre-listing period, WeRide engaged in a public dispute with industry peer Pony.ai over operational data. WeRide's Chief Financial Officer, Li Xuan, recently responded via public channels, stating that Pony.ai's roadshow materials contained multiple inaccuracies regarding WeRide's business operations.

Li Xuan specifically highlighted that Wenjuan Zhixing's application currently offers fully driverless Robotaxi services in both Beijing and Guangzhou, not confined to a single city. Addressing queries about order volumes, she disclosed the company operates a fleet exceeding 700 Robotaxis, having accumulated over 2,200 days of public road operational records.

Regarding the technical approach, Li Xuan mentioned that the company's ‘one-step end-to-end’ autonomous driving technology has been validated by partners. She also questioned the technical claims made by competitors lacking a background in large-scale L2+ projects.

Beyond capital market developments, Wenjie Zhixing has also made new strides in business implementation. The company has confirmed it will provide comprehensive autonomous driving service solutions for the upcoming 15th National Games, spanning multiple domains including mobility services and environmental sanitation operations. According to plans, the company will deploy 11 autonomous ride-hailing routes and 5 autonomous shuttle bus routes across Guangzhou, covering several key areas.

Notably, Wenjuan Zhixing has already commenced its Middle East market expansion earlier this year, launching trial operations for fully driverless Robotaxis in Abu Dhabi and progressively expanding its service footprint. With its official listing tomorrow, Wenjuan Zhixing will become a market focal point, and its share price performance will reflect investors' assessment of the autonomous driving industry's prospects.

Disclaimer: The content herein is for reference only and does not constitute any form of investment advice. Should any information contained herein prove inaccurate, incomplete, or potentially misleading, please refer to the company's official announcements. Market risks exist; investment requires caution.