Pony.ai Lists on HKEX, Ushering in a New Era of Scaled Commercialization in Autonomous Driving

Rhea-AI Summary

Pony.ai (HKEX:2026 / NASDAQ:PONY) listed on the Main Board of the Hong Kong Stock Exchange on November 6, 2025, establishing a dual-primary listing across U.S. and Hong Kong markets.

The company issued ~48.25 million shares via the Hong Kong IPO; if the over-allotment is fully exercised, proceeds are expected to reach HK$7.7 billion, making it the largest autonomous-driving IPO in 2025 and the biggest AI-sector fundraising among Hong Kong new issues this year.

Pony.ai reported > 55 million km autonomous mileage, holds fully driverless Level 4 commercial robotaxi permits in Beijing, Shanghai, Guangzhou, and Shenzhen, and says its Gen-7 Robotaxi BOM cost fell > 70% (computing unit -80%; solid-state LiDAR -68%), supporting large-scale commercialization plans.

Positive

• HK IPO proceeds expected HK$7.7 billion if over-allotment exercised
• Dual-primary listing on NASDAQ (PONY) and HKEX (2026)
• Gen-7 BOM cost reduced by >70%
• Computing unit cost down 80%
• Solid-state LiDAR cost down 68%
• Autonomous mileage exceeded 55 million km

Negative

• None.

Insights

Capital markets analyst

Dual-primary IPO raises funding and positions Pony.ai to scale commercialization of Level 4 autonomous services.

Pony.ai completed a Hong Kong Main Board listing on Nov. 6, 2025, issuing ~48.25 million shares and stating total proceeds could reach HK$7.7 billion if the over-allotment is fully exercised. The firm now operates a dual-primary listing after its Nov. 2024 NASDAQ listing, creating direct access to both U.S. and Hong Kong capital pools.

The cash infusion supports expansion of fully driverless Level 4 operations and production scale-up, building on the April 2025 Gen-7 rollout and reported BOM cost reductions (> 70%, computing unit down 80%, solid-state LiDAR down 68%). Execution depends on converting listings into deployable capacity and on realizing stated cost gains at production volumes.

Watch whether underwriters exercise the over-allotment and whether proceeds reach HK$7.7 billion, the pace of Gen-7 production and deployments in the four Tier-one Chinese cities, and early revenue or utilization metrics in the next few quarters.

HONG KONG, Nov. 6, 2025 /PRNewswire/ -- Pony.ai (2026. HK) today officially listed on the Main Board of the Hong Kong Stock Exchange. In its Hong Kong IPO, the company has fully exercised the offer size adjustment option, issuing approximately 48.25 million shares. Should the underwriters fully exercise the over-allotment option, total proceeds are expected to reach HK$7.7 billion — making it the world's largest IPO in the autonomous driving sector in 2025, as well as the largest fundraising among Hong Kong's new share offerings in the AI industry this year.

Following its successful NASDAQ listing in November 2024 under the ticker "PONY," today's Hong Kong listing marks the company's establishment of a dual-primary listing structure across the U.S. and Hong Kong capital markets.

At this milestone moment, Dr. James Peng, Founder and CEO of Pony.ai, stated:"After nearly nine years of relentless innovation and exploration, Pony.ai stands on the brink of large-scale commercialization in autonomous driving. Years of technological advancement, real-world deployment, and ecosystem building are now coming to a moment of fruition. Our Hong Kong listing represents not only a critical step in our capital strategy but also a significant milestone in connecting with global markets and resources. We are deeply grateful to everyone who has walked this journey with us."

Tiancheng Lou, Founder and CTO of Pony.ai, added: "The ringing of the gong at HKEX today marks our pivotal leap from technological exploration to full-scale autonomous commercial operations. What we've built is not merely an autonomous driving system, but a new, scalable paradigm for mobility services. This listing is the starting point of a new chapter — a revolution in efficiency and safety that will redefine the way people move."

Founded in 2016, Pony.ai is dedicated to delivering autonomous driving technologies and solutions for the global mobility and logistics markets. As an industry leader in large-scale commercialization of autonomous driving mobility, Pony.ai is the only company with fully driverless Level 4 commercial robotaxi service permits in all four of China's Tier-one cities—Beijing, Shanghai, Guangzhou and Shenzhen. To date, Pony.ai has accumulated more than 55 million kilometers of autonomous driving mileage across diverse geographies.

In April 2025, Pony.ai unveiled three Gen-7 Robotaxi models jointly developed with Toyota, BAIC, and GAC, marking a major leap in cost efficiency. The bill-of-materials (BOM) cost of the Gen-7 autonomous driving system dropped by more than 70% compared with the previous generation — with the computing unit cost down by 80%, and the solid-state LiDAR cost reduced by 68%, laying a solid foundation for large-scale production and commercial deployment.

Pony.ai is also actively expanding its global footprint, seeking growth opportunities across key international markets in Europe, East Asia, and the Middle East. By partnering with local governments, industry leaders, and technology innovators, the company is building a strong, localized ecosystem to advance the development, deployment, and commercialization of Level 4 autonomous driving technologies.

The company's dual-primary listing marks the beginning of a new chapter for Pony.ai. This milestone not only represents a pivotal step in its capital strategy, but also reaffirms its commitment to long-term development. Leveraging its leading technological capabilities and extensive experience in fully driverless operations, Pony.ai is accelerating the large-scale commercialization of autonomous driving and paving a clear, sustainable path to profitability for the entire industry.

View original content:https://www.prnewswire.com/news-releases/ponyai-lists-on-hkex-ushering-in-a-new-era-of-scaled-commercialization-in-autonomous-driving-302606543.html

SOURCE Pony.ai

FAQ

When did Pony.ai (PONY / 2026) list on the Hong Kong Stock Exchange?

Pony.ai listed on the HKEX Main Board on November 6, 2025.

How much could Pony.ai raise from the Hong Kong IPO (HKEX:2026)?

If the over-allotment is fully exercised, total proceeds are expected to reach HK$7.7 billion.

What cost reductions did Pony.ai report for its Gen-7 Robotaxi system?

Pony.ai reported the Gen-7 BOM cost fell by > 70%, with computing unit cost down 80% and solid-state LiDAR down 68%.

Does Pony.ai operate fully driverless services in China and where?

Pony.ai holds fully driverless Level 4 commercial robotaxi service permits in Beijing, Shanghai, Guangzhou, and Shenzhen.

What operational scale has Pony.ai achieved in autonomous mileage?

Pony.ai has accumulated more than 55 million kilometers of autonomous driving mileage.

What is the significance of Pony.ai’s dual-primary listing for shareholders?

The dual-primary listing links U.S. and Hong Kong markets, potentially broadening investor access and capital strategy for Pony.ai.