The Guangzhou-based company, which went public on Nasdaq in October 2024, disclosed in a filing to the U.S. Securities and Exchange Commission (SEC) on Tuesday that the China Securities Regulatory Commission (CSRC) had issued a notice of filing for the proposed global offering and Hong Kong listing — effectively granting regulatory clearance for the deal.
Sources said WeRide has confidentially filed for the listing with the Hong Kong Stock Exchange and aims to complete the process by December 2025. The company is expected to raise around $300 million, assuming it issues roughly 10% of new shares, one of the sources said.
Two sources added that WeRide’s valuation in Hong Kong would be aligned with its current U.S. market value, which stood at $2.9 billion as of Tuesday’s close after the stock fell 1.3%.
In its SEC filing, WeRide said it has 938.4 million ordinary shares outstanding, including 883.6 million class A and 54.8 million class B shares, excluding those to be issued under the planned offering. The company noted that while preparations are underway, “there is no assurance whether or when the offering or listing will be completed.”
“We remain focused on executing our business strategy and delivering value to our stakeholders,” WeRide said in an emailed statement to Reuters.
The company’s move follows a broader trend among U.S.-listed Chinese firms seeking dual or secondary listings in Hong Kong amid rising regulatory tensions and delisting risks stemming from deteriorating U.S.-China relations. Confidential filings allow companies to advance regulatory reviews discreetly, providing flexibility in volatile market conditions.
Founded in 2017, WeRide specializes in autonomous driving technology and operates robotaxi services both in China and internationally. Despite headwinds in the market, its second-quarter revenue rose 60.8% year-on-year to 127.2 million yuan ($17.8 million), while its net loss narrowed slightly to 406.4 million yuan.
The company’s shares have fallen about 25% in 2025, closing at $10.62 on Tuesday.
WeRide has built strategic partnerships with global ride-hailing giants Grab and Uber. In August, Grab announced a strategic equity investment in WeRide and said the two companies would deploy autonomous vehicles in Southeast Asia, starting with a robotaxi service in northern Singapore in 2026.
Uber has also partnered with WeRide to integrate autonomous vehicles into its platform. Both companies declined to comment on WeRide’s listing plans.
If completed, the Hong Kong offering would bolster WeRide’s financial position and strengthen its visibility across Asian capital markets as it accelerates commercialization of self-driving technology.