PONY-W (02026) announced that the stabilization period related to its global offering concluded on Wednesday, December 3, 2025 (the 30th day after the deadline for applications under the Hong Kong public offering). The overall coordinators (acting on behalf of the international underwriters) did not exercise the over-allotment option during the stabilization period, and the option lapsed on December 3, 2025. Goldman Sachs (Asia) LLC (as the stabilization agent) or its affiliates or any persons acting on their behalf undertook the following stabilization actions during the period: (1) Over-allotted a total of 7.2373 million Class A ordinary shares in the international offering, representing 15% of the total shares offered under the global offering (after accounting for the full exercise of the greenshoe option and before any exercise of the over-allotment option); (2) Goldman Sachs International (an affiliate of the stabilization agent) borrowed a total of 7.2373 million Class A ordinary shares from Morningside China TMT Fund IV, L.P., Morningside China TMT Special Opportunity Fund II, L.P., and Morningside China TMT Fund IV Co-investment, L.P. (collectively, the "lenders") under a share borrowing agreement to cover the over-allotment in the international offering. These shares will be returned to the lenders in accordance with the terms of the agreement; and (3) Purchased a total of 7.2373 million Class A ordinary shares in the market during the stabilization period at prices ranging from HK$85.70 to HK$126.10 per share to facilitate the return of the 7.2373 million Class A ordinary shares borrowed from the lenders. The last market purchase by the stabilization agent or its affiliates or any persons acting on their behalf occurred on Wednesday, December 3, 2025, at a price of HK$112.40 per Class A ordinary share.