Through the hearing of the Hong Kong Stock Exchange, Pony.ai (PONY.US) accelerates cross-border capital globalization in the United States and Hong Kong.

Speed through the Hong Kong Stock Exchange hearing, Pony.ai (PONY.US) has basically established a dual listing status in the United States and Hong Kong, further expanding its global capital layout. It is understood that on October 14, Pony.ai's Hong Kong stock listing was approved by the China Securities Regulatory Commission for a proposed issuance of no more than 102 million shares, and on the 17th, it officially passed the hearing of the Hong Kong Stock Exchange, ready to enter the Hong Kong stock market. The company landed on Nasdaq in November last year, becoming the largest IPO in the U.S. autonomous driving field since 2024, attracting value investors and driving market capitalization to increase continuously by over 50%. Pony.ai has achieved strong performance growth, with revenue reaching $35.43 million (about RMB 254 million) in the first half of 2025, representing a year-on-year growth of 43.3%. The commercialization of the Robotaxi business is accelerating, with explosive growth in Robotaxi passenger-side fare income, with year-on-year growth rates of 800% in Q1 and 300% in Q2. The Robotaxi business is gradually becoming an important growth engine for the company. In fact, the company's development is fundamentally based on "technology and innovation." In the long-distance running competition of Robotaxi, it has built a "virtual driver + world model," firmly establishing itself as a technological leader in the industry. The World Model can generate 10 billion test data points per week, helping the Virtual Driver self-evolve and train the model, achieving safety performance of over 10 times that of human driving under mass-produced autonomous driving hardware. The Virtual Driver can simultaneously learn how to drive (Trajectory), driving intent (Intention), decision-making (Decision), and other hidden variables; the World Model serves as an AI driving school for the Virtual Driver, enabling continuous improvement in driving capabilities through reinforcement learning. The combination of "Virtual Driver + World Model" is the cornerstone for the company's commercialization, driving continuous iteration of Robotaxi technology, achieving breakthroughs in the seventh-generation Robotaxi and its associated L4-level autonomous driving system solution, leading the industry and spearheading the wave of industrial-scale commercialization. As of now, Pony.ai is the only domestic company conducting fully unmanned Robotaxi fee operations in "Beijing, Shanghai, Guangzhou, and Shenzhen," with operations covering a total area of over 2,000 square kilometers and accumulating more than 55 million kilometers of global autonomous driving road test mileage. In addition, the company has over 680 Robotaxi vehicles, steadily progressing towards the year-end target of a thousand vehicles, with significantly improved single vehicle operational efficiency. From the beginning of 2025 to date, the average daily income per Robotaxi vehicle has doubled compared to the full-year average of 2024. The company adopts a diversified cooperation model to promote the commercialization of Robotaxi, such as partnering with Toyota, BAIC, and GAC to develop three Robotaxi models equipped with the seventh-generation autonomous driving system solution. Several seventh-generation models have already been approved for L4-level autonomous driving testing in Beijing, Shanghai, Guangzhou, and Shenzhen, accumulating over 3.5 million kilometers of public road testing mileage. Based on its strong commercialization capabilities, the company has seen a 136% surge in Robotaxi registered users, with over 500,000 registered users on the app. It is worth mentioning that Robotaxi is in a stage of rapid development globally, and Pony.ai is actively expanding its presence in the global market, leveraging its technological advantages to gain a lead in global deployment. The company has established a "China showroom," with the potential for rapid replication overseas. The company's business network has spread to eight countries in Asia, Europe, the Americas, and the Middle East, and it has successfully obtained Robotaxi testing permits in six of these countries. In the Middle East, Pony.ai's first batch of Robotaxi vehicles has begun road testing in Dubai, and has successfully conducted public road tests in the capital, Doha, in partnership with Qatar's national transportation company; in Europe, it has partnered with the local Emile Weber Group to conduct road tests in Luxembourg; in Asia, Pony.ai has collaborated with ComfortDelGro, Singapore's largest transportation service provider, to deploy autonomous driving services, and has initiated road testing in Seoul, South Korea earlier this year. As artificial intelligence technology continues to iterate, the world will enter the era of industrial-scale commercialization of Robotaxi services. According to Frost & Sullivan's forecast, the global Robotaxi service market is expected to reach $66.6 billion by 2030, with a compound annual growth rate of 195.6% from 2025 to 2030, reaching $325.6 billion by 2035. As a pioneer in commercializing Robotaxi and leading the industry, Pony.ai will benefit from the industry's development and gain a larger market share. Since its listing on the US stock market, Pony.ai has attracted investments from well-known institutions such as Baillie Gifford, Duquesne Capital, Ark Invest under Cathie Wood, Wellington Asset Management, and Fidelity Investments. In August of this year, Ark Invest's flagship fund, known as the "female Buffett," invested $12.9 million in the company. Additionally, the company has received favorable evaluations from investment banks such as UBS Group AG, Goldman Sachs Group, Inc., and Citigroup, with Goldman Sachs Group, Inc. setting a target price of $27.7. With the recent listing in Hong Kong, under the multiple halos of "artificial intelligence" + "the first stock of global Robotaxi" + "strong fundamental expectations," combined with the positive outlook from investment institutions and banks, the company is expected to attract the favor of value investors.