Pony AI Inc (NASDAQ: PONY), the Chinese robotaxi operator, saw its stock price plummet 5.71% in Thursday's intraday trading following reports that the company has confidentially filed for a potential initial public offering (IPO) in Hong Kong. The news comes just six months after Pony AI's debut on the Nasdaq, raising questions about the company's strategic moves and investor sentiment.

According to multiple sources, including Bloomberg News, Pony AI has submitted documents for a possible Hong Kong listing. While the exact timing and size of the offering remain unknown, the IPO could take place as early as this year. This move aligns with a growing trend among U.S.-listed Chinese companies seeking secondary listings in Hong Kong as a hedge against potential delisting risks amid ongoing U.S.-China tensions.

The sharp decline in Pony AI's stock price suggests that investors may be concerned about several factors. These could include potential share dilution, uncertainty surrounding the company's future plans, and worries about the impact of geopolitical tensions on U.S.-listed Chinese stocks. Additionally, some market participants might view the quick pursuit of a Hong Kong listing as a sign of underlying issues or a lack of confidence in the U.S. market. However, it's worth noting that dual listings have become increasingly common for Chinese tech companies, with giants like Alibaba and Baidu having successfully implemented this strategy to mitigate risks and expand their investor base.