Xiaoma Intelligent Driving (02026) completes dual listings on both US and Hong Kong stock markets, the largest global IPO in the field of autonomous driving is born in 2025.

On November 6, 2025, the global leader in autonomous driving, Pony.ai (02026, PONY.US), officially listed on the main board of the Hong Kong Stock Exchange. In this Hong Kong IPO, the company has fully exercised its oversubscription option, issuing a total of approximately 48.25 million shares with a total fundraising amount of up to HK$7.7 billion, making it the largest IPO in the global autonomous driving industry in 2025 and the highest fundraising IPO in the Hong Kong stock AI sector in 2025. In November 2024, Pony.ai successfully listed on the Nasdaq in the United States with the stock symbol "PONY," becoming the "first stock of Robotaxi globally." Less than a year later, it listed on the Hong Kong stock exchange, officially establishing a dual primary listing structure of "US stock + Hong Kong stock." This structure not only helps the company form cross-market synergy in pricing mechanisms, liquidity sources, and investor composition, but also lays the institutional foundation for future inclusion in the Hong Kong Stock Connect and attracting mainland Chinese investors. As a pioneer in the field of autonomous driving, Pony.ai has been committed to providing autonomous driving technology and solutions for the transportation and logistics sectors worldwide since its establishment in 2016. The company has established research and development centers in Silicon Valley, Beijing, Shanghai, Guangzhou, Shenzhen, and Luxembourg, and is expanding its product and business layout to Europe, the Middle East, and Asia. Its core business covers three major segments: autonomous driving ride-hailing services (Robotaxi), autonomous driving truck services (Robotruck), and technology licensing and application services. It is not only the first company in China to obtain permits for autonomous driving ride-hailing services in the four major first-tier cities of Beijing, Shanghai, Guangzhou, and Shenzhen, but also the only company in China to operate fully unmanned Robotaxi commercial operations in the four major cities. This Hong Kong listing will further accelerate the company's efforts to drive mass production, commercialization, and overseas deployment, and accelerate the transition of autonomous driving from "technically feasible" to "operationally verifiable." At this milestone moment, Pony.ai's co-founder and CEO, Peng Jun, said: "After nearly nine years of persistence and exploration, Pony.ai is on the eve of large-scale commercialization of autonomous driving. The accumulation of technology, the landing of scenarios, the construction of ecosystemsall preparations are about to reap their rewards. The Hong Kong listing is a crucial step in our global capital strategy and an important milestone in reaching out to global markets and connecting a broader range of resources. I thank every collaborator who has helped us create history." Pony.ai's co-founder and CTO, Lou Tiancheng, said: "The bell of the Hong Kong Stock Exchange today witnesses our key breakthrough from technical exploration to full unmanned commercial closed-loop operations. We are not just building autonomous driving technology and products, but a new paradigm of scalable transportation services. This listing marks a new starting point for us to reshape human transportation with autonomous driving, which is not only a technological victory but also a revolutionary life change in efficiency and safety." Dual primary listing in the US and Hong Kong locks in the largest IPO in the global autonomous driving industry in 2025. The listing on the Hong Kong Stock Exchange signifies that Pony.ai has officially established a dual primary listing structure of "US stock + Hong Kong stock" after its listing on the Nasdaq. Compared to the Nasdaq listing in 2024, this Hong Kong listing further expands the company's investor base, brings in Asian capital familiar with the Chinese market and policy context, and is expected to drive the company's valuation to more fully reflect its long-term growth potential. This home advantage is becoming increasingly clear in terms of strategic synergy and is quickly being validated in the capital markets. The Hong Kong IPO has received enthusiastic responses, with Pony.ai's shares being pre-subscribed by multiple top international investment institutions, with cornerstone investments totaling $120 million. In addition, according to Bloomberg, ride-hailing giant Uber also became an anchor investor in this offering. Based on strong demand from institutional and market investors, the company has fully exercised its oversubscription option, issuing approximately 6.29 million additional shares at the final offering price, accounting for 15% of the total initial global offering subscription. This fully demonstrates that global capital not only sees the promising prospects of the autonomous driving market but also holds firm confidence in Pony.ai's leading position and commercialization capabilities. With a total fundraising amount of up to HK$7.7 billion after exercising the oversubscription option, Pony.ai has become the largest IPO in the global autonomous driving industry and the Hong Kong stock AI sector in 2025. Behind the market's confidence lies a solid business foundation and a clear growth logic. While continuing to increase research and development investment, the company's revenue has entered a rapid growth trajectory: in the first half of 2025, revenue reached $35.43 million, representing a 43.3% year-on-year growth; during the same period, research and development expenses increased by as much as 64.4%. This virtuous structure of "accelerated revenue growth and sustained high-intensity research and development investment" is a key factor that institutional investors consider in the company's long-term value. This value is continuously recognized by global capital. Since its listing on the Nasdaq, Pony.ai has attracted investments from many renowned long-term institutions such as Baillie Gifford, Baron Capital, ARK Invest, Wellington Management, and Fidelity Management & Research. The company was also the first L4 level autonomous driving company to be included in the Nasdaq China Golden Dragon Index in June 2025, increasing its international influence and market attention simultaneously. The dual primary listing structure of "US stock + Hong Kong stock" not only enhances the company's value discovery efficiency through cross-market pricing mechanisms but also provides a more stable and diversified capital base for the next phase of mass production of Robotaxi, deployment of fleets of thousands of vehicles, and expansion of overseas businesses. With the completion of this listing on the Hong Kong Stock Exchange, the company is now eligible to be included in the Stock Connect, allowing mainland Chinese investors to directly invest through this mechanism, significantly increasing the participation of Southbound funds, continuously optimizing the company's investor structure, and enhancing liquidity levels. The seventh generation of Robotaxi officially launched Pony.ai leads the way to the eve of large-scale commercialization. Pony.ai's core commercial path has always revolved around "operation-driven" development, aiming to translate its technological advantages into sustainable business outcomes. As the only enterprise in China to conduct fully unmanned Robotaxi commercial operations in the four major cities of Beijing, Shanghai, Guangzhou, and Shenzhen, the company has built a complete operational system from technology validation to service closure in real urban environments. From an operational perspective, Pony.ai's Robotaxi fleet has surpassed 720 vehicles, with service areas continuously expanding, registered users and order volume steadily rising, and achieving round-the-clock service in some cities. The commercial progress is directly reflected in the financial data: in the first half of 2025, Robotaxi revenue reached $3.256 million, representing a significant year-on-year growth of 178.8%. The revenue growth from passenger fares was particularly strong, with approximately 800% and over 300% year-on-year growth in the first and second quarters of 2025 respectively. This operational trend indicates that its technology reliability, dispatch efficiency, and safety systems have the foundation for commercial scale, signaling a shift in industry evaluation standards from single technology demonstrations to comprehensive capabilities for sustainable operations, expansion, and cost control. Approximately 50% of the net proceeds from this Hong Kong IPO will be used over the next five years to advance market entry strategies, drive the large-scale commercialization of L4 autonomous driving technology, including business development, production, sales and marketing, customer service, and cooperation with industry participants, providing a more solid financial guarantee for fleet expansion and scale operations. In terms of industry collaboration, Pony.ai has deepened cooperation with mainstream automakers such as Toyota, BAIC Group, and Guangzhou Automobile Group to jointly promote the mass production of L4 autonomous driving technology. In April 2025, three jointly developed seventh-generation Robotaxi models were officially unveiled. Among them, the Robotaxi model based on the seventh-generation ExtremeFox Alpha T5 and Ambarella, Inc.'s Dragon chip has recently been put into operation in Beijing, Guangzhou, and Shenzhen. The new generation of vehicles uses 100% automotive-grade components, with a 70% decrease in total cost of autonomous driving suite compared to the previous generation, a design life of 600,000 kilometers, becoming the world's first system solution with L4 level full-scene autonomous driving ability based on the automotive-grade chip Orin-X. According to the plan, the company will deploy a thousand-unit scale fleet of seventh-generation Robotaxi in first-tier cities between 2025 and 2026, accelerating the commercialization of fully unmanned driving service. While steadily expanding its business in China, Pony.ai is actively advancing its global layout. It has conducted autonomous driving tests in six countries including South Korea, Luxembourg, and the United Arab Emirates. In the Middle East, the company conducted the first batch of Robotaxi road tests in Dubai, planning to achieve full unmanned commercial operations in 2026; in Europe, Pony.ai has officially started Robotaxi road testing in Luxembourg; in Asia, the company has obtained a national-level autonomous driving test permit in South Korea and is conducting round-the-clock testing in Seoul. Pony.ai's global layout not only validates the adaptability and reliability of its technology solutions in different markets and environments but also seizes the opportunity to achieve rapid commercialization in mature policy markets in the future. According to global consulting firm Frost & Sullivan, the global mobile travel market is expected to reach approximately $45 trillion in transaction volume in 2025 and will continue to operate at a high level until 2030. With the advancement of technology, supportive policies, and declining hardware costs, Robotaxi services are expected to achieve commercialization around 2026. By 2030, Robotaxi services will enter a mature commercialization stage and be deployed in major regions worldwide. In other words, industry competition has shifted from technical validation of "can it run smoothly" to a scale competition of "how fast and how far can it operate." In this stage, Pony.ai, with its experience in fully unmanned operations in multiple cities, a validated production platform, and a forward-looking international layout, has built a significant first-mover advantage.