Over the past two years, more than a dozen "first listed stocks" in the autonomous driving track have emerged, and the autonomous driving industry is still struggling desperately to achieve profitability. On October 25, 2024, WeRide went public on the NASDAQ. Bearing the halo of "the world's first publicly listed company for general autonomous driving", its stock price triggered circuit breakers twice on the first trading day, with a maximum intraday increase of over 27%. Just one month later, Pony.ai also landed on NASDAQ, claiming the title of "the first publicly listed Robotaxi company". In the following two years, China's autonomous driving industry ushered in an unprecedented wave of IPOs. Hesai, known as "China's first publicly listed LiDAR company", UISEE as "the first publicly listed company for full-scenario L4 autonomous driving", CIDI as "the world's first publicly listed company for unmanned mining trucks", Huayu as "the first publicly listed company for integrated cabin-driving solutions", In-Driving as "the world's first publicly listed company for unmanned mining operations", and Momenta as "the first publicly listed Physical AI company"... The titles became increasingly resounding, and the "first publicly listed" label almost became a standard feature of listed companies. However, when the hustle and bustle faded away, these "first publicly listed" companies with halos above their heads faced drastically different fates in the capital market. The Feast of "First Publicly Listed" Titles The curtain for autonomous driving company IPOs was raised in 2023. In February of that year, Hesai took the lead in launching its IPO on NASDAQ, entering the U.S. stock market as "China's first publicly listed LiDAR company"; on December 20 of the same year, Zhixing Technology listed on the Hong Kong Stock Exchange at an issue price of HK$29.65 per share, winning the title of "the first publicly listed autonomous driving