Pony.ai’s shares fell almost 11% in early trading after the company raised about $863 million through its offering, while WeRide opened 8% lower after securing around $308 million. Their weak debuts came even as Hong Kong’s benchmark Hang Seng Index rose 0.5%, underscoring selective investor sentiment toward tech and EV-related stocks.
At the listing ceremony, Pony.ai founder and CEO James Peng attributed the early drop to “temporary” factors, citing U.S. market volatility and liquidity conditions that have affected its American-listed shares.
“We will use the funds raised for large-scale commercialisation so you can expect our business to expand,” Peng said. “Short-term stock price fluctuation will not affect our development. Shareholders can rest assured.”
WeRide CEO Tony Han echoed similar optimism, saying the company would deploy its proceeds toward hiring top talent, boosting computing capacity, expanding globally, and building a sales network.
“It’s normal for shares to fluctuate. In the long term, we are very confident in our stock performance,” Han stated.
The muted openings followed losses in New York a day earlier, where WeRide shares slid 5.2% and Pony.ai dropped 2%.
Elsewhere, Seres Group, a Chinese electric vehicle maker that debuted on Wednesday, also experienced a sluggish performance, with shares closing flat after falling as much as 10%, and slipping 2% on Thursday.
Despite the mixed debuts, Hong Kong continues to strengthen its position as a global listing hub. According to London Stock Exchange Group (LSEG) data, the city has overtaken both the New York Stock Exchange and Nasdaq as the top venue for IPOs this year (excluding SPACs), with companies raising $31.2 billion so far — nearly three times more than during the same period last year.
Two additional Chinese companies also made their market debut on Thursday. Vigonvita Life Sciences surged as much as 191% in morning trade to HK$97, nearly tripling its IPO price of HK$33.37, after raising HK$587 million. In contrast, Ningbo Joyson Electronic, a supplier of automotive electronics and safety systems already listed in Shanghai, fell 5% after raising HK$3.41 billion from its Hong Kong offering.
Market watchers say the contrasting debuts underscore investor caution toward capital-intensive tech firms, even as Hong Kong reasserts itself as a leading venue for high-profile Chinese listings.