Autonomous-driving company Pony AI Inc Inc. has confidentially filed for a Hong Kong listing to help raise capital to grow its business, according to people familiar with the situation.

U.S.-listed shares of the company rose 12% in premarket trading.

The filing has been done confidentially to limit the impact on Pony AI’s US-traded shares, the people said, asking not to be identified discussing a private process. A Hong Kong offering may take place this year, but the size isn’t yet known, they added.

Pony AI declined to comment about the potential Hong Kong listing.

The company, headquartered in Guangzhou, raised about $413 million in a US initial public offering and concurrent private placements in November 2024.

After sliding on their trading debut, Pony AI’s American depositary shares have gained about 38% since, though they are down from a February high. The company’s market value is about $6.4 billion.

Expansion Plans

Last week, Pony AI announced a partnership with Uber Technologies Inc. to launch robotaxi services in the Middle East this year. It also recently gained a permit for autonomous-vehicle testing in Luxembourg.

Pony AI Chief Financial Officer Leo Wang said in an interview with Bloomberg Television that the Uber deal underscores the company’s growth ambitions, adding that it had about 250 robotaxis at the end of last year, mainly in China.

“Uber will be one of our preferred partners for exploring these global markets,” he said in the interview Wednesday.

Pony AI has now introduced its seventh generation robotaxi and is planning for mass production of the technology in three different models with Toyota Motor Corp., GAC Motor Co. and BAIC Motor Corp.

They will be deployed in China initially and then globally, Wang said.

The new generation robotaxi and fleet expansion will be a key in helping Pony AI break even in a few years, according to Wang. Revenue was $75 million last year, with a net loss of $274 million, Pony AI’s annual report shows.