Chinese autonomous driving firm WeRide reportedly taps banks for HK listing

Chinese autonomous driving firm WeRide has hired Morgan Stanley and China International Capital Corp (CICC) to work on a dual primary listing in Hong Kong, three sources with knowledge of the matter said.

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The Guangzhou-based company, which listed on Nasdaq in October 2024, said in a filing to the US Securities and Exchange Commission late on Oct 14 that the China Securities Regulatory Commission has issued a notice of filing regarding the proposed global offering and dual primary listing of its Class A ordinary shares in Hong Kong.

The notice of filing means the Chinese securities regulator has given the deal its go-ahead.

The company has filed confidentially to the Hong Kong Stock Exchange for the listing, the sources said.

Details of the offering, including its size, have not been finalised, said two of the sources, adding that the valuation would be in line with where it is in the US.

The Nasdaq-listed company had a market value of about US$2.9 billion (S$3.8 billion) as at the Oct 14 market close after the share price fell 1.3 per cent.