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China’s WeRide Aims to Raise $308 Million in Hong Kong Listing Amid Autonomous Driving Boom

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Chinese self-driving technology company WeRide plans to raise about $308 million through a Hong Kong stock market listing, according to a Bloomberg report on Tuesday. The Guangzhou-based firm is expected to price its shares at HK$27.10 each, valuing the offering at HK$2.39 billion.

WeRide, which went public on Nasdaq in October 2024, is selling 88.3 million shares, with a maximum price of HK$35 per share, according to its prospectus filed on October 27. The offering is led by Morgan Stanley and China International Capital Corp (CICC), which were also involved in the company’s U.S. listing.

The move comes as growing investor enthusiasm for next-generation mobility companies fuels renewed interest in autonomous driving technologies. At the same time, many U.S.-listed Chinese firms are pursuing dual or secondary listings in Hong Kong to diversify funding sources and hedge against geopolitical and regulatory risks linked to U.S.-China tensions.

Founded in 2017, WeRide develops autonomous vehicle systems and operates robotaxi services in China and abroad. The company’s Hong Kong debut follows rival Pony AI, which set the final price for its own Hong Kong listing at HK$139 per share this week.

WeRide declined to comment on its final offer price when contacted by Reuters.

CATL Targets Less Than 10% Discount for $5B Hong Kong Listing, Eyes Anchor Investors

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Contemporary Amperex Technology Co. Ltd. (CATL) is expected to offer less than a 10% discount on its upcoming $5 billion Hong Kong share offering, according to sources familiar with the matter. The move would mark the largest Hong Kong listing in four years, as the world’s leading EV battery maker courts investors ahead of next week’s book-building process.

According to three sources, the discount to CATL’s Shenzhen-listed shares (300750.SZ) could land in the mid-single-digit range, with two sources saying the company hopes to avoid steep markdowns seen in recent offshore Chinese listings. However, some investors are pushing for a discount of at least 10%, one source noted.

CATL plans to allocate around half of the offering to cornerstone and anchor investors, reflecting a strategy used in major listings to stabilize pricing and demand. Final pricing has not yet been confirmed.

Background and Market Context:

  • CATL shares in Shenzhen rose 3% on Wednesday to 238.61 yuan, though the stock remains down 10.3% year-to-date.

  • Historically, Hong Kong shares are priced at a discount to their mainland counterparts, often 20–30% or more.

  • For comparison, Midea Group priced its $4 billion Hong Kong offering last year with a ~20% discount.

  • Other major listings like China Tourism Group Duty Free and S.F. Holding saw discounts as high as 28%–37% during their bookbuilds.

Despite aiming for a tighter discount, CATL’s strong fundamentals and dominant 38% global battery market share—up from 36% in 2023—may support investor appetite. The company serves high-profile clients including Tesla, Stellantis, and NIO, and has grown rapidly in the energy storage systems segment.

CATL reported a 32.9% rise in Q1 2025 net profit, reaching 14 billion yuan ($1.91 billion), marking its fastest growth in nearly two years.

Proceeds from the Hong Kong listing will help fund CATL’s 7.3 billion euro ($8.28 billion) battery plant in Hungary, furthering its global manufacturing footprint.

If completed, the deal would be the biggest in Hong Kong since Kuaishou Technology’s $6.2 billion IPO in 2021.

CATL Reports Slowest Profit Growth in Six Years Amid Price War in China’s EV Market

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Contemporary Amperex Technology Co. Ltd. (CATL), China’s leading electric vehicle (EV) battery manufacturer, has reported a 15% increase in net profit for 2024, marking its slowest growth in six years. The company’s net profit reached 50.7 billion yuan ($7.01 billion), falling short of its projected growth range of 11.1%-20.1%. Meanwhile, revenue decreased by 9.7%, marking its first revenue decline since it began releasing operating figures in 2015.

CATL attributed the revenue drop to declining battery prices prompted by a price war in China’s EV market, which pressured EV makers to reduce component costs. Despite rising sales volumes, lower prices of raw materials like lithium carbonate resulted in a fall in operating income.

For the fourth quarter, CATL reported a 13.6% increase in net profit to 14.7 billion yuan, down from the 26% growth seen in the previous quarter. Revenue for Q4 shrank by 3.1% to 103 billion yuan, marking the fifth consecutive quarterly decline.

The price war in China’s EV market has forced CATL to adjust its battery prices to defend market share. However, the company benefitted from a 17.6% reduction in the cost of its power battery business, outpacing an 11.3% drop in revenue from this segment.

Globally, CATL solidified its position as the dominant player in the EV battery market, extending its market share to 38% in 2024, up from 36% in 2023, according to SNE Research. BYD followed with 15%, while LGES saw its share fall to 10% from 13%.

CATL experienced faster growth in the energy storage system battery market, which accounted for 22.4% of total shipments, up from 19.4% in 2023. The company has also expanded beyond batteries, unveiling a new EV chassis in December and seeking to enter the power grid sector.

Additionally, CATL is investing internationally, with a 7.3 billion euro battery plant in Hungary to supply automakers such as Mercedes-Benz and BMW, along with a jointly-owned battery plant with Stellantis in Spain. The company is also pursuing a listing in Hong Kong to raise funds for its Hungarian plant, aiming to secure at least $5 billion.