On May 20, UISEE Technology fell 7.13% in regular trading on its debut day, trading at 52.0 HKD/share with a trading volume of HKD 216 million, breaking below its IPO price of 60.3 HKD per share.

The company officially listed on the HKEX main board, positioning itself as the first full-scenario L4 autonomous driving stock. Despite receiving approximately 6,777 times oversubscription in its Hong Kong public offering and strong retail demand with margin subscriptions exceeding 4,666 times, secondary market sentiment remained cautious. The IPO raised net proceeds of approximately HKD 795 million via issuance of 14.46 million H shares, with CICC as sole sponsor and Xiongan Autonomous Driving leading cornerstone investment at HKD 224 million.

The break mirrors a systematic pattern among HK-listed autonomous driving firms — WeRide fell 13.28%, Pony.ai fell 9.28%, and CiDi fell 13.69% on their respective debut days. While UISEE boasts a 51.1% gross margin and 90.5% market share in airport scenarios, cumulative losses exceeding RMB 600 million over three years and R&D expenses above 70% of revenue have driven conservative secondary market valuations for unprofitable autonomous driving assets.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)