BRIEF: WeRide shares sink in Hong Kong trading debut
Shares of robotaxi operator WeRide Inc. (0800.HK, WRD.US) sagged in their Hong Kong trading debut on Thursday, opening 7.8% lower and falling throughout to close down 9.96% at HK$24.40.
WeRide issued 88.25 million shares in its Hong Kong offering, which complements its existing listing in the U.S. The retail tranche for local Hong Kong investors was 72.44 times oversubscribed, while the international offering was 8.85 times oversubscribed. The final offer price was set at HK$27.10, raising net proceeds of about HK$2.26 billion ($291 million).
The company plans to use around 40% of the funds to develop autonomous driving technologies. Another 40% is earmarked for accelerating mass production and commercialization of its Level-4 autonomous fleet, with 10% for expanding its marketing team and branch offices, and the remaining 10% for general working capital.
WeRide reported revenue of nearly 200 million yuan ($28 million) in the first half of this year, up 32.8% year-on-year, while its net loss narrowed 10% to 792 million yuan.
By Lee Shih Ta
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