Pony AI Inc (02026) has commenced its Hong Kong IPO from October 28 to November 3, 2025, offering 41.9557 million shares globally. The Hong Kong public offering accounts for 10% of the total, while the international offering makes up 90%, with an additional 15% over-allotment option. The maximum offer price is set at HK$180.00 per share, with each board lot comprising 100 shares. Trading of Class A ordinary shares is expected to begin on the Hong Kong Stock Exchange at 9:00 AM on November 6, 2025.

The company has secured cornerstone investments totaling approximately $120 million from Eastspring, Ghisallo, Hel Ved, and Ocean Arete. Assuming no exercise of the over-allotment option and at the maximum offer price of HK$180.00 per share, the net proceeds from the global offering are estimated to be around HK$7.1936 billion.

Approximately 50% of the proceeds will be allocated over the next five years to advance the company's market entry strategy, focusing on large-scale commercialization of Level 4 autonomous driving technology in key markets, including autonomous ride-hailing and trucking services. This includes business development, production, sales, marketing, customer service, and industry collaborations.

Another 40% will be dedicated to ongoing research and development of Level 4 autonomous driving technology and solutions.

Pony AI is a leader in autonomous driving commercialization, being the only Level 4 autonomous driving technology company to have obtained all necessary regulatory approvals for public autonomous ride-hailing services in four major Chinese cities as of the latest practicable date. The company operates a fleet of over 720 autonomous taxis. Additionally, it was the first in China to receive approval for Level 4 autonomous truck platooning tests on cross-provincial highways in December 2024, with a fleet of over 170 owned and leased autonomous trucks.

Financially, the company reported revenues of $71.899 million and $75.025 million in 2023 and 2024, respectively, with gross profits of $16.884 million and $11.403 million. For the first half of 2025, revenue stood at approximately $35.434 million, with a gross profit of $5.779 million.