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China's Pony.ai on Thursday saw its shares drop over 14%, while rival WeRide fell nearly 12% as the autonomous driving companies began trading in Hong Kong.

Pony.ai and WeRide , which are already listed in the U.S., raised 6.71 billion Hong Kong dollars (about $860 million) and HK$2.39 billion, respectively, in their initial public offerings.

The companies are striving to keep pace with larger competitors such as Baidu 's Apollo Go in China and Alphabet 's Waymo in the U.S. amid growing interest in autonomous technologies.

Pony.ai and WeRide, both headquartered in Guangzhou, China, stated that funds would go toward scaling efforts, and the development of Level 4 aut

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