Shares of Pony AI Inc (PONY) plummeted 5.01% in pre-market trading on Thursday, following reports that the robotaxi operator has confidentially filed for a Hong Kong initial public offering (IPO). The move comes just six months after the company's New York IPO, raising questions about its motivations and potential risks.

According to Bloomberg News, citing unnamed sources, Pony AI is exploring an offering in Hong Kong that could take place this year. While the size of the potential offering remains unknown, the news has seemingly rattled investors. The company's decision to seek a dual listing so soon after its U.S. debut has sparked speculation about underlying concerns regarding U.S.-China tensions and the possibility of forced delistings from American exchanges.

Analysts suggest that Pony AI's move aligns with a growing trend among U.S.-listed Chinese companies seeking to establish a presence on Asian exchanges as a safeguard against geopolitical risks. The company's November IPO prospectus had flagged delisting risks if U.S. regulators were to decide they lacked full access to the company's audits. While a Hong Kong listing could provide a solid "Plan B" for Pony AI, the rapid pursuit of this option appears to have unsettled some investors, contributing to today's significant stock decline.