The China Securities Regulatory Commission confirmed on Tuesday that both companies have submitted the necessary documentation to issue and list shares in Hong Kong. Chinese firms planning to list abroad must first gain approval from the CSRC to ensure compliance with international regulations.

With this approval, Pony.ai and WeRide, both already publicly traded in the United States, are set to issue approximately 102 million new shares each in Hong Kong. This move highlights their ambitions to broaden their investor base and secure additional funding.

According to a report by Reuters, WeRide has enlisted the expertise of financial heavyweights Morgan Stanley and China International Capital Corporation to manage their listing process. As of now, both WeRide and Pony.ai have yet to respond to CNBC’s inquiries regarding their specific initial public offering (IPO) strategies.

WeRide has tapped Morgan Stanley and China International Capital Corporation to work on the listing, according to a Reuters report. Neither WeRide nor Pony.ai immediately responded to CNBC’s inquiry on their IPO plans. 

Pony.ai CEO James Peng had told CNBC in July that the company was exploring a Hong Kong listing. Hong Kong would offer “close proximity” to the company’s home market of China, which is something that would interest a lot of investors, Peng said. 

Pony.ai and WeRide, both headquartered in Guangzhou, are amongst a growing wave of Chinese companies seeking secondary listings in Hong Kong, in what has been a bounce-back year for the city’s IPO market.

The Chinese companies’ move to dual list also comes as they expand their presence to new regions, including the Middle East, Europe and Asian countries such as Singapore, although they have yet to receive full approvals to operate their robotaxis in most of those regions. 

In the U.S., both companies have partnered with Uber, with hopes of deploying their robotaxis on the firm’s ride-hailing platform after receiving approval. In China, they have already begun operating fully autonomous robotaxis in major cities, which can be hailed via their respective apps. 

The companies have smaller autonomous vehicle fleets when compared to more established players such as Baidu‘s Apollo Go in China and Alphabet‘s Waymo in the U.S.

Pony.ai launched its IPO in November with shares priced at $13 apiece — the stock has gained more than 60% since. WeRide debuted on the Nasdaq, with the IPO priced at $15.50 a share in October 2024, and its stock has lost over 30% so far.