00:00We can see, of course, the shares are a bit under pressure so far in early trading, but what was the rationale for listing now?
00:07Okay, so for WeRide, we are a very technology-driven company, and we require lots of funds to build up sales network and to invest in AI and machine learning.
00:25And we want to build up RoboTaxi, and this dual primary listing in Hong Kong Exchange gives us access to both U.S. capital market and East Asia and Asia capital market.
00:37This is a milestone in the development of WeRide, and with this kind of fund raised and with this development, we are very sure that will help us to extend our global business.
00:48We can get to how you're planning to use those funds in a moment, but I do want to ask first whether you think there's been any sort of timing issue here.
00:55Of course, we have seen your U.S. listed shares dropping because these ones here are priced at a bit of a discount, but generally we've seen WeRide as well slipping quite significantly since it started trading on the NASDAQ.
01:08So do you see any concerns around the timing side?
01:12Not at all. You know, the timing side is just a natural consequence because after U.S. listing, we started the process of a Hong Kong listing.
01:20Because of this kind of procedure, normally it takes more than one year.
01:24And, you know, I think WeRide has done a fantastic job in applying, preparing all the documents and talking to the investors.
01:32So within one year, think about it. We were listing last October 24th last year. Within one year, achieve this kind of dual primary listing.
01:40I think it's a fantastic transcript, a fantastic score.
01:44Okay. I mean, I'm sure you're busy and you're probably looking forward to a holiday at some point.
01:47But you mentioned that the funds that you're raising and it's been it's more than 300 million for this listing.
01:52How are you planning to use them?
01:54Yeah, exactly. Thank you for the question.
01:55So there are maybe many four categories we are going to apply the funding.
02:00Number one, always try recruiting.
02:02We want to recruit top talented engineers from all over the world to work on RoboTaxi and to realize their dream.
02:09Second, we want to invest in a data center and GPUs for data training.
02:15Third one, we want to build RoboTaxi fleet because, you know, WeRide has a global business.
02:19We have a driving permit from seven countries. We have 30 cities over 11 countries for testing.
02:26So we are building a big RoboTaxi fleet.
02:29The first one, we are building our sales network because with the maturing of the technology, I think sales and operation are becoming more and more important.
02:37Yeah, you really get that sense of, especially from the Chinese RoboTaxi players, you, Apollo, also at Pony as well, that it's really that sort of aggressive global expansion push that you're pursuing ahead of any sort of questions around profitability.
02:52But what does it mean for the profitability question, given you've got such a big outlay on things like that expansion effort?
02:59You know, the profitability, I would say, is a very natural outcome. And think about the advance of the technology.
03:08Maybe like 10 years ago, nobody will, you know, I'm sorry, 20 years ago, people will have very, very skeptical about profitability of all the e-business.
03:18But now nobody question about it. And the RoboTaxi is something like currently people like the service and they are trying it.
03:27But I'm very, very confident after five years, nobody just think if people treat it as an infrastructure, do you think any infrastructure will be not profitable?
03:37It's it's not imaginable. So as long as we can keep on going and keep the safety record, the probability is the sure thing is a natural outcome.
03:48We did speak with Pony AI about this as well. They're saying that definitely by the end of the decade, they can be profitable, maybe even 2028, 2029.
03:57What's your timeline?
03:58I think the timeline is all the two first tier RoboTaxi comedy, they have similar timeline.
04:07So I'm more, you know, I use more of my time and my energy to think about what's after profitability.
04:15So our, our vision is like using autonomous driving to make everybody travel safer, more comfortable, more efficient.
04:24That's our vision. We have a grand vision. Profitability is a milestone, it's a natural outcome.
04:30But that is not the single objective we are pursuing. We are pursuing to push forward for technology, to push forward to make everybody feel happy.
04:41In terms of that global expansion push, you're in Europe, Middle East, Southeast Asia is another key market for RoboTaxi companies in general.
04:51Where do you see the biggest chance then of at least margins? I mean, I think between, must be between the Middle East and Europe, I'd say.
04:58Exactly. I want to stay with some numbers. You know, Middle East is definitely our one of major markets.
05:04Think about our report in the second quarter. In the second quarter of 2025, we have more than 60% of revenue growth with a profit of 40%.
05:13And more specifically, our RoboTaxi income grows eight times compared to last year.
05:19This all because of our great global technology, global strategy in Middle East and also in Europe.
05:26Therefore, I always mention, with this kind of growth, profitability is a natural outcome.
05:32You know, I don't care too much about the timing of our natural outcome.
05:36I care about how can we become a real leader.
05:40We are first mover. Currently, we are still an industry leader.
05:43But can we become a very, very dominant industry leader in this area?
05:48That's the thing we are working hard, we strive to.
05:50Actually, on that point, because we have heard, you know, in the Pony AI Roadshow materials that you were concerned that there were some inaccurate statements that were made about WeRide in that.
06:02What would be your response?
06:04I think, you know, the numbers are not correct. That's a fact.
06:07But for us, you know, we think great company is great company, no matter how competitor describes you.
06:14And WeRide with our numbers, see our prospectors and see our real numbers.
06:20And we are so confident. I'm happy with the progress of our company.
06:23Are you making or taking any sort of follow-up actions then?
06:27So currently, we are trying to make mainly working on the Hong Kong exchange and expanding our global.
06:34I mean, in terms of the Roadshow materials.
06:36The Roadshow materials is something, you know, we are working on.
06:40I'm going to look at the details and everything.
06:43But one thing I want to emphasize, that is, we are building ecosystems.
06:49We are seeking for partners.
06:51And also, for the future, I want all competitions to be friendly.
06:56Okay?
06:57I believe the best technology company will win, not the company that is trying to show the wrong numbers.
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