Chinese mainland autonomous driving companies are tapping Hong Kong’s capital market to accelerate commercial rollout, as two robotaxi developers debuted on the city’s exchange on Thursday.

Leading self-driving company Pony AI Inc launched its initial public offering on the Hong Kong Stock Exchange and raised about HK$6.7 billion ($861.8 million), a year after the company’s listing in the United States.

“A Hong Kong listing is a key step in our global capital strategy and, more importantly, a milestone that connects us to broader resources as we face the global market,” said Pony AI’s cofounder and CEO Peng Jun.

Peng said that roughly half of the proceeds will be used for large-scale commercialization, with the aim of expanding the company’s fleet and getting more orders over the next three to five years. The company will continue to support AI research and development in autonomous driving, he added. 

ALSO READ: Pony AI is said to be poised to raise $863m in HK listing

Another new listing in the special administrative region was mainland robotaxi company WeRide Inc, which raised nearly HK$2.4 billion with more than 88 million shares.

The company will allocate about 40 percent of the funds raised to develop its autonomous driving technology stack and to accelerate the mass production or operation of its fleet.

Tony Han Xu, WeRide’s founder and CEO, said the firm believes “safe and reliable autonomous driving technology will deliver huge economic and social benefits”. The company is continuously expanding its global footprint, and currently developing the European market, as well as Singapore and Japan, Han added.

WeRide’s products have received autonomous driving permits in seven countries, with autonomous driving products and solutions deployed in more than 30 cities across 11 countries. 

READ MORE: WeRide ‘poised to raise $308m in Hong Kong listing’

Other mainland firms that debuted on Thursday were Vigonvita Life Sciences Co Ltd, a biopharmaceutical company specializing in small molecule drugs, and intelligent automotive technology solutions provider Ningbo Joyson Electronic Corp.

Hong Kong stocks advanced on Thursday, with the benchmark Hang Seng Index rising more than 550 points to 26,485.90.

The Hang Seng China Enterprises Index — a key gauge of mainland-based companies — moved up 2.10 percent to 9,355.97. Meanwhile, the Hang Seng Tech Index, which tracks the largest tech firms listed in the city, surged 2.74 percent to 5,944.22.

Contact the writer at akirawang@chinadailyhk.com