WeRide (WRD) Loses 13.7% Ahead of HK Listing

We recently published 10 Stocks Lead Wall Street Downward Spiral. WeRide Inc. (NASDAQ:WRD) is one of the worst-performing stocks on Tuesday.

WeRide snapped a two-day winning streak on Tuesday, shedding 13.72 percent to close at $9.40 apiece as investors went on a wait-and-see mode for its performance amid this week’s official listing on the Hong Kong Stock Exchange.

In a statement, WeRide Inc. (NASDAQ:WRD) said it would officially debut on the HKEX on Thursday, November 6, joining other US-listed Chinese firms that sought a dual listing to mitigate risks of getting delisted from US exchanges. It would trade under the stock code “0800.”

According to WeRide Inc. (NASDAQ:WRD), it would issue more than 88.25 million Class A shares, comprising international and Hong Kong shares.

The final price for both offerings was set at HK$27.10 apiece, or $10.36 per ADS, or a potential to raise $308 million.

Proceeds from the offer will be used to develop its autonomous driving technology stack, accelerate the commercial mass production and/or operation of L4 fleets, enhance the quality of its autonomous driving products and solutions, and expand its business scale, among others.

While we acknowledge the potential of WRD as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.