WeRide disclosed on 29 October that its data and world-model subsidiary Jingshuo has signed an agreement for RMB70 million in external investment. Under the 28 October capital increase agreement, investors would subscribe for RMB4 million of registered capital. Their holding would represent approximately 3.38% after the subscription and full implementation of an associated employee equity incentive scheme. Completion remains subject to the agreement’s conditions.
The transaction would establish a separate financing framework for Jingshuo’s Physical AI infrastructure business while preserving WeRide’s control. After the investment and full use of the incentive scheme, WeRide’s indirect holding would fall from 100% to about 67.63%, and Jingshuo’s financial results, assets and liabilities would continue to be consolidated. The filing identifies investment vehicles Ningbo Yongyuan, Primus Vesalius and Sirius Luhong; Primus Vesalius is wholly owned by Hong Kong Science and Technology Parks Corporation.
The planned restructuring would transfer or license data-business assets, intellectual property, contracts and personnel to Jingshuo, with WeRide retaining the tools and technical capabilities required for autonomous-driving research and development. Jingshuo would operate as an independent data platform covering collection, annotation, processing and related technology. The detailed restructuring plan is still being finalised and forms part of the subscription’s completion conditions.
WeRide describes Jingshuo’s capabilities as spanning real-world data collection, data production, synthetic-data generation, model training, simulation, evaluation and deployment feedback. Its world-model and simulation work supports embodied-intelligence systems. The subsidiary intends to use the RMB70 million for business expansion, daily operations, working capital and other board-approved purposes. Payment is due within 15 business days after the conditions are satisfied or waived, unless the parties agree another timetable.
The employee scheme permits awards corresponding to approximately 28.98% of enlarged registered capital when fully used. Initial awards went to three participants, including founder and chief executive Da Huo and co-founder, president and chief operating officer Ming Han. The filing also reports Jingshuo’s unaudited 2025 revenue of RMB187.146 million and a loss after tax of RMB31.158 million, based on management accounts.
