Hong Kong–listed autonomous-driving group WeRide Inc. (WERIDE-W) has entered into a Capital Increase Agreement that will see three independent investors inject RMB70.00 million (USD 9.59 million) into its data subsidiary, Zhejiang Jingshuo Data Technology Co., Ltd. (“Jingshuo”). In parallel, Jingshuo has adopted a new equity incentive scheme covering up to 28.98% of its enlarged registered capital.
The deal, executed on 28 October 2026, involves Ningbo Yongyuan Wenzhong Venture Capital Partnership, Hong Kong–based Primus Vesalius Limited, and Beijing Sirius Luhong Management Consulting Partnership subscribing for a combined RMB4.00 million of newly issued registered capital. Following completion of the subscription and full utilisation of the equity incentive pool, the investors will hold 3.38% of Jingshuo, while WeRide’s indirect stake will dilute from 100.00% to 67.63%. Despite the dilution, Jingshuo will remain a consolidated non-wholly owned subsidiary of WeRide.
The subscription price was set after arm’s-length negotiations, referencing Jingshuo’s financial track record (unaudited FY 2025 revenue: RMB187.15 million; net loss: RMB31.16 million) and its positioning in Physical AI data infrastructure. Proceeds will fund business expansion, daily operations, and working-capital needs.
Equity Incentive Scheme Jingshuo’s board and sole shareholder approved an equity incentive scheme allowing grants over equity interests equivalent to RMB34.29 million of registered capital (28.98% post-transaction). An initial grant equal to RMB18.29 million (53.33% of the scheme limit) was issued to three participants, including founders Mr Da Huo and Mr Ming Han, each subscribing RMB8.00 million. Grants to the founders constitute connected transactions under Hong Kong Listing Rules but are exempt from shareholder approval.
Regulatory Impact The combined effect of the external subscription and the equity incentive plan results in a deemed disposal of 32.37% of Jingshuo under Chapter 14 of the HKEX Listing Rules. All applicable percentage ratios are below 25%, triggering announcement but not circular or shareholder approval requirements.
Strategic Rationale WeRide states that introducing third-party capital will establish a market-oriented governance and funding framework for Jingshuo, enhance operational independence, and allow WeRide to focus on its core autonomous-driving business while retaining majority control. The equity incentive programme is designed to attract and retain key talent critical to Jingshuo’s growth in AI data infrastructure and world-model technology.
Financial Position Jingshuo reported unaudited net assets of RMB24.46 million as at 30 June 2026, up from RMB11.66 million at end-2025. Losses narrowed marginally year on year, reflecting ongoing investment in technology and commercial expansion.
Future Developments Jingshuo may pursue additional financing rounds; WeRide confirmed it will comply with further HKEX disclosure requirements as necessary. The restructuring plan to transfer relevant data-related assets and personnel from the parent group to Jingshuo remains under discussion.
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