Pony AI Inc. (02026.HK) has launched its Hong Kong IPO. The subscription period is from October 28 to November 3, with a global offering of 41,955,700 shares and a 15% over-allotment option. The maximum offer price is HK$180.00 per share, with a minimum purchase of 100 shares and an entry fee of approximately HK$18,181.54. The shares are expected to be listed on the Hong Kong Stock Exchange on November 6. The joint sponsors are Goldman Sachs (Asia), Huatai Financial, Deutsche Securities, and Merrill Lynch Asia-Pacific.

Pony AI: China's Leading Provider of L4 Autonomous Driving Solutions

Offer Ratio: 10% for Hong Kong public offering (4,195,600 shares), 90% for international placement (37,760,100 shares).

Offer Price: Maximum HK$180.00 per share; minimum 100 shares; entry fee approximately HK$18,181.54.

Subscription Dates: October 28 to November 3 (pricing date is expected to be November 4).

Listing Date: November 6.

IPO Sponsors: Goldman Sachs (Asia), Huatai Financial, Deutsche Securities, Merrill Lynch Asia-Pacific.

Company Overview

Pony AI focuses on the research and commercialization of L4-level autonomous driving technology, offering autonomous transportation services, autonomous truck services, and technology licensing and applications. According to Frost & Sullivan, based on 2024 revenue, Pony AI is China's largest L4 autonomous driving solutions provider. The company has obtained all necessary regulatory approvals in China’s four first-tier cities and operates over 720 autonomous taxis and more than 170 autonomous trucks.

Financial Information

The prospectus reveals that Pony AI's revenue for 2022-2024 was approximately USD 68.39 million, USD 71.90 million, and USD 75.03 million, respectively, with net losses of USD 148.25 million, USD 125.33 million, and USD 275.01 million, respectively. In the first half of 2025, the company generated revenue of approximately USD 35.43 million, with a net loss of approximately USD 90.64 million. Based on the maximum offer price of HK$180.00, assuming no exercise of the over-allotment option, the company expects to raise a net amount of approximately HK$7.19 billion. The funds will be used for market entry strategy and large-scale commercialization (around 50%), R&D for L4 autonomous driving technology (around 40%), and working capital and general corporate purposes (around 10%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$10 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 20 May 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for Pony AI via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select Pony AI, tap "Public Offer," enter your subscription quantity, and submit your order.

(Image source: uSMART HK App)