Chinese self-driving start-ups pursue IPOs in Hong Kong as commercial roll-out gathers pace
- The financial struggles of these start-ups have been laid bare with the disclosures in their prospectuses, as few have yet to turn a profit
Chinese self-driving start-ups are rushing to float shares in Hong Kong and other markets, seeking capital to fund development and giving backers an exit path, as the technology appears to be closer to the holy grail of commercial deployment.
In major cities like Beijing, Shanghai, Shenzhen, Guangzhou and Wuhan, driverless cars are already on public roads, as city regulators push for wider roll-out and commercialisation of autonomous driving technology in spite of regulatory, security, and social concerns.
Domestic electric carmakers – including Xpeng, Nio, Li Auto, and Huawei Technologies-powered Aito – are touting intelligent driving capabilities as key selling points.
Meanwhile, auto chip designers Horizon Robotics and Black Sesame Technology, along with software solution providers Zongmu Technology and Minieye Technology, have applied to go public in Hong Kong. Autonomous driving tech unicorns WeRide, Pony.ai, and Momenta have received the green light from China’s securities regulators for their initial public offering (IPO) plans in the US.
Previously, lidar sensor manufacturers Hesai Group and RoboSense listed on Nasdaq and in Hong Kong, respectively. Suzhou-based iMotion Automotive Technology and Ruqi Mobility, a GAC Group-backed ride-hailing platform operating robotaxi fleets, have gone public in Hong Kong.
