WeRide agreed to dilute itself to 68 percent of its data and world-model unit
WeRide told the Hong Kong exchange that outside investors will put RMB70 million into Zhejiang Jingshuo Data Technology and that, once the deal completes and an employee scheme is fully utilized, its holding will fall from 100 percent to about 67.63 percent.
WeRide announced to the Hong Kong Stock Exchange on October 29 that it had entered agreements the previous evening, after trading hours, to bring outside capital into Zhejiang Jingshuo Data Technology, an indirect wholly owned subsidiary established on September 20, 2024.
Three investors are to subscribe for RMB4 million of Jingshuo’s registered capital for an aggregate RMB70 million, about 3.38 percent of the company after the transaction. One of them, Primus Vesalius, is wholly owned by the Hong Kong Science and Technology Parks Corporation, a statutory body owned by the Hong Kong government. An equity incentive scheme adopted the same day covers awards of up to RMB34.3 million of registered capital, about 28.98 percent, with an initial grant of RMB18.3 million to three participants including RMB8 million each to Jingshuo’s two founders. On completion of the subscription and full utilization of the scheme, WeRide’s holding will be diluted from 100.00 percent to about 67.63 percent, a deemed disposal of 32.37 percent (pages 1–2). Completion remains subject to conditions precedent, the initial grant covers 53.33 percent of the scheme limit, and the shareholding table records WeRide’s vehicle at 100.00 percent at the announcement date (page 11).
The announcement also described a restructuring under which assets, intellectual property rights, business contracts and personnel relating to the data business will be transferred or licensed to the Jingshuo group, while WeRide retains the data tools and technical capabilities its autonomous driving research needs. Jingshuo is described as developing data and world model infrastructure for embodied intelligence, spanning real-world data collection, data production, synthetic data generation, model training, simulation and evaluation. On unaudited management accounts it reported revenue of RMB187.1 million for 2025 against a loss after tax of RMB31.2 million (page 13). The detailed restructuring plan has not been finalized.