WeRide Shares Rise After CEO Pledges Not To Sell Shares For 3 Years

• CEO Tony Han has voluntarily committed not to sell, transfer, pledge, or otherwise dispose of any of the company’s share capital directly or indirectly owned or controlled by him for three years.
• The three-year lock-up is effective as of October 28, and the CEO will not sell shares except as may be required by applicable law, the company said.
• The announcement comes on the heels of the company’s launch of its Hong Kong Initial Public Offering. 
   

Shares of WeRide (WRD) soared 5% on Tuesday after the company announced that its CEO, Tony Han, has voluntarily committed not to sell, transfer, pledge, or otherwise dispose of any of the company’s share capital directly or indirectly owned or controlled by him for three years.

“This commitment reflects my confidence in the Company’s fundamentals and long-term growth, and will further reinforce long-term shareholder confidence and support sustainable value creation,” Han said.

The three-year lock-up is effective as of October 28, and the CEO will not sell shares except as may be required by applicable law, the company said.

Uber To Invest In Hong Kong IPO

The announcement comes on the heels of the company’s launch of its Hong Kong Initial Public Offering. The company is expected to list on the Hong Kong Stock Exchange on November 6.

The firm also said that Uber, Grab, and Bosch have indicated demand to participate as anchor investors in the Hong Kong IPO, confirming a Bloomberg report earlier today that Uber is planning to invest in the Hong Kong listing of WeRide. The report did not disclose an amount, and neither did WeRide.

Uber had previously invested in WeRide's US IPO a year ago and announced an additional $100 million investment in the company in May.

The robotaxi company holds autonomous-driving permits in seven countries. It currently has a fleet of over 1500 autonomous vehicles and over 700 robotaxis.

How Did Stocktwits Users React?

On Stocktwits, retail sentiment around WRD stock stayed within the ‘bearish’ territory over the past 24 hours, while message volume rose from ‘low’ to ‘normal’ levels.

WRD stock is down 18% this year and by about 31% over the past 12 months. 

Read also: Kenvue Stock Drops After Texas Attorney General Sues Company Alleging Deceptive Marketing Of Tylenol

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