HONG KONG: WeRide has raised about HK$2.39 billion (S$401 million) from its Hong Kong share sale, which attracted investors such as Singapore’s Temasek Holdings, Uber Technologies, Grab Holdings, and Robert Bosch GmbH, Bloomberg News reported, citing people familiar with the matter.
The Guangzhou-based autonomous driving company priced its shares at HK$27.10 each, almost 4% lower than its Nasdaq closing price of US$10.90 on Monday. Each American depositary share (ADS) represents three ordinary shares.
WeRide sold around 88 million shares and could raise up to US$354 million if an overallotment option is exercised in full. The company is set to begin trading in Hong Kong tomorrow, Thursday (Nov 6), the same day as its Chinese rival Pony AI, which raised HK$6.7 billion in its share sale.
Both Guangzhou-based firms received regulatory approval from the China Securities Regulatory Commission to list about 102 million shares each in Hong Kong last month.
WeRide’s proceeds from the sale will go towards further developing WeRide’s autonomous driving technology, expanding its robotaxi and ride-hailing services, and supporting its overseas growth plans.
China International Capital Corp. and Morgan Stanley are joint sponsors of the listing, while JPMorgan Chase is involved in arranging the deal. /TISG
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