WeRide Inc. (0800.HK) has launched its Hong Kong IPO. The subscription period is from October 28 to November 3, with a global offering of 88,250,000 shares and a 15% over-allotment option. The maximum offer price is HK$35.00 per share, with a minimum purchase of 100 shares and an entry fee of approximately HK$3,535.30. The shares are expected to be listed on the Hong Kong Stock Exchange on November 6. The joint sponsors are CICC and Morgan Stanley.

WeRide: A Global Leader in L4-Level Autonomous Driving

Offer Ratio: 5% for Hong Kong public offering (4,412,500 shares), 95% for international placement (83,837,500 shares).

Offer Price: Maximum HK$35.00 per share; minimum 100 shares; entry fee approximately HK$3,535.30.

Subscription Dates: October 28 to November 3 (pricing date is expected to be November 4).

Listing Date: November 6.

IPO Sponsors: CICC, Morgan Stanley.

Company Overview

WeRide is a global pioneer in L4-level autonomous driving, covering autonomous taxis, minibuses, trucks, and sanitation vehicles. As of the latest feasible date, its autonomous products have been deployed in over 30 cities across 11 countries, accumulating over 55 million kilometers of public road autonomous driving mileage. According to Zhitongcaijing, WeRide ranks second globally by revenue for L4 and above autonomous driving in urban roads, with a market share of 21.8% in 2024.

Financial Information

The prospectus discloses that WeRide's revenue for 2022-2024 was approximately RMB 528 million, RMB 402 million, and RMB 361 million, respectively, with net losses of RMB 1.3 billion, RMB 1.95 billion, and RMB 2.52 billion, respectively. For the first half of 2025, the company had revenue of approximately RMB 200 million and a net loss of RMB 792 million. Based on the maximum offer price of HK$35.00, assuming no exercise of the over-allotment option, the company expects to raise a net amount of about HK$2.93 billion. The funds will be used for developing its autonomous driving technology stack (about 40%), accelerating the commercialization and operation of its L4 fleet (about 40%), expanding global markets (about 10%), and supplementing working capital (about 10%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$10 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 20 May 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for WeRide via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select WeRide, tap "Public Offer," enter your subscription quantity, and submit your order.

(Image source: uSMART HK App)