WeRide Inc is set to raise HK$2.39 billion ($308 million) from its Hong Kong share sale, according to people familiar with the matter, as it joins a slate of US-listed Chinese mainland firms seeking a second listing in one of the world’s busiest markets.

The Guangzhou-based autonomous-driving company is telling prospective investors it plans to price its listing at HK$27.10 a share, the people said, asking not to be identified because the information isn’t public. WeRide is selling about 88 million shares and had set a maximum price of HK$35 each, its prospectus shows.

The planned pricing represents a discount of almost 4 percent to WeRide’s Monday close on the Nasdaq of $10.90. One American depositary share is equal to three ordinary shares.

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WeRide didn’t immediately respond to a request seeking comment.

WeRide is due to list in the Hong Kong Special Administrative Region on Nov 6, the same day as New York-listed mainland rival Pony AI Inc, which raised HK$6.7 billion. Both companies went public last year in the US, where delisting threats have been brewing, boosting the appeal of Hong Kong as another venue.

China International Capital Corp and Morgan Stanley are joint sponsors of the WeRide offering, and JPMorgan Chase & Co is also arranging the deal.

WeRide plans to use the proceeds from the offering for purposes including developing its autonomous-driving technology, scaling up its robotaxi commercialization and ride-hailing services and further expanding overseas.

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The share sale has attracted investors including Uber Technologies Inc and Grab Holdings Ltd, Singapore’s Temasek Holdings Pte and automotive supplier Robert Bosch GmbH, people familiar with the matter have said.

WeRide’s American depositary shares have fallen 30 percent since their October 2024 debut in New York, giving the firm a market capitalization of $3.4 billion.