New Stock News | Pony.ai plans to list on the Hong Kong stock exchange. The China Securities Regulatory Commission requires supplementary explanation of changes in equity and other matters.

On October 18, the China Securities Regulatory Commission announced the supplementary materials required for overseas issuance and listing filing (from October 12, 2025 to October 17, 2025), which mentioned that Zebra Zhixing is required to provide additional information on changes in company equity and business operations. According to the disclosure on August 20 by the Hong Kong Stock Exchange, Zebra Zhixing submitted its listing application to the Main Board of the Hong Kong Stock Exchange, with Deutsche Bank, CICC, and GUOTAI JUNAN I as its joint sponsors. The CSRC asked Zebra Zhixing to provide clarification on the following matters, and requested lawyers to conduct a review and provide clear legal opinions: 1. Regarding changes in equity: (1) Please explain the basis for the pricing of your company's capital increases and equity transfers, whether the pricing is fair, whether the capital has been paid in, whether there are any flaws such as failure to fulfill capital obligations, diversion of capital, or flaws in the method of contribution, and provide conclusive opinions on the compliance of establishment and past equity changes; (2) Please explain the progress of the commercial change registration for the targeted capital reduction and increase in August 2025, compliance with the capital reduction procedures, payment of related taxes and fees, and payment of the consideration for the capital reduction. 2. Please explain whether your company has pending identification of state-owned shareholders and provide a clear conclusion from the lawyer on whether your company has state-owned shareholders. 3. Regarding business operations: (1) Please explain the specific situation of the business scope of your company and its subsidiaries, including "value-added telecommunications services; market research; surveying services; use of own media for advertising; advertising production; advertising publication; advertising design, agency", whether the relevant businesses are actually being conducted and their specific operational status, whether the necessary qualifications and licenses have been obtained, whether there are collaborations with third parties and their names (whether they hold qualifications), collaboration methods, whether they involve restrictions or prohibitions in the "Special Administrative Measures for Foreign Investment Access (Negative List) (2024 Edition)", and whether they continue to meet the foreign investment access requirements after this issuance and listing and "full circulation"; (2) Please explain the progress of the application for the value-added telecommunications business operation license for your company's subsidiary Bangzhi Yuntu and the specific content of the proposed business; (3) Please describe in simple language the business model and specific details involving large language models, and explain whether the related large models have been filed. 4. Regarding standardized operations: (1) Please explain whether your company and its subsidiaries are involved in developing and operating websites, mini-programs, apps, public accounts, etc., whether they provide information content to third parties, the types of information content provided, and information content security measures; also explain the scale of collection and storage of user information, data collection and usage, arrangements or measures for personal information protection and data security before and after listing; (2) Please explain the latest progress of unresolved lawsuits and arbitration cases involving your company and its subsidiaries, and whether they constitute substantive obstacles to this overseas issuance and listing. 5. Please strictly comply with Article 8 of the "Administrative Measures for the Domestic Enterprises' Overseas Issuance of Securities and Listing Management System" to explain whether your company and its domestic subsidiaries are subject to prohibitive situations for overseas issuance and listing. 6. About this issuance and listing and "full circulation": (1) Please explain the expected amount of funds to be raised after the full exercise of the over-allotment option; (2) Please explain whether there are any pledged, frozen, or other defects in the rights of the shares held by shareholders intending to participate in the "full circulation" in this issuance. 7. Please explain the regulatory procedures that your company has complied with for the split listing in this issuance. The prospectus shows that Zebra Zhixing is a supplier of intelligent cabin solutions, dedicated to transforming cars from cold hardware to interactive smart partners that can sense, and the company focuses on the cabin as the main entrance for human-vehicle interaction. With its self-developed car operating system and full-stack Metaverse AI architecture, the company assists OEMs in creating truly intelligent cars, allowing car owners to control and personalize the cabin experience through natural language voice control, and continuously upgrade in-car services.