" + " dual listing lands, L4 autonomous driving technology company Pony.ai-W (02026) launches Hong Kong IPO, with 4 cornerstone investors subscribing to approximately $120 million USD.

Xiao Ma Zhi Xing-W (02026) will be listed from October 28, 2025, to November 3, 2025, with a planned global offering of 41.957 million shares. The public offering in Hong Kong accounts for 10%, while the international offering accounts for 90%, with an additional 15% overallotment option. The offer price will not exceed HK$180.00 per share, with a trading unit of 100 shares. It is expected that Class A common shares will start trading on the Stock Exchange on November 6, 2025, at 9:00 am. Additionally, the company has entered into cornerstone investment agreements with Eastspring, Ghisallo, Hel Ved, and Ocean Arete. Under these agreements, cornerstone investors have agreed to subscribe or cause their designated entities to subscribe for a total amount of up to $120 million USD at the international offering price. Assuming the overallotment option and the additional allotment option are not exercised and the offer price is HK$180.00 per share, the estimated net proceeds from the global offering are approximately HK$7.1936 billion. About 50% will be allocated for implementing the company's market entry strategy over the next five years, including the large-scale commercialization of L4 autonomous driving technology in the company's key accessible markets (including autonomous driving travel services and autonomous driving truck services), business development, production, sales and marketing, customer service, and collaboration with industry participants. About 40% will be allocated for ongoing investment in L4 autonomous driving technology and solutions research and development. Approximately 10% will be used for working capital needs and other general corporate purposes. Pony is a leader in the large-scale commercialization of autonomous driving travel, being the only L4 autonomous driving technology company to obtain all required regulatory approvals to provide public autonomous driving travel services in four first-tier cities by the deadline, with a fleet of over 720 self-owned autonomous driving taxis in operation on the same day. In addition, it is the first company in China to be approved for L4 unmanned driving of autonomous truck convoy tests on inter-provincial highways in December 2024, with a fleet of over 170 self-owned and leased autonomous trucks in operation by the deadline. For the years 2023-2024, the company achieved revenues of US$71.899 million and US$75.025 million, with gross profits of US$16.884 million and US$11.403 million respectively; in the first half of 2025, it achieved revenues of approximately US$35.434 million and gross profits of US$5.779 million.