02026 小馬智行－Ｗ
PONY-W
PONY-W
| Listing Date | 2025/11/06 |
| Listing Price | 139.000 |
Subscription Result
- Subscription Rate15.88x
- Guarantee One Lot Size--
- One Lot Success Rate55%
|
|
|
|
|
|
|
|
|
|
IPO Detail
COMPANY PROFILE
Pony AI Inc. has been devoted to developing cutting-edge Level 4 autonomous driving technologies, with a primary focus on robotaxi services. The robotaxi services that the Group offers enable passengers to travel autonomously on a ride-hailing basis in vehicles powered by its proprietary Virtual Driver technology. The Group also operates robotruck services and licensing and application businesses.
--
As of October 10, 2025, the Group is the only Level 4 autonomous driving technology company to have obtained all regulatory permits available and required to provide public-facing robotaxi services in all four Tier-1 cities. PonyPilot had over 512,000 registered users.
--
The Group operated a fleet of over 680 self-owned robotaxis, with over 47.9 million kilometers of autonomous driving mileage cumulatively and a fleet of over 170 self-owned and leased robotrucks, with over 65 million kilometers of driving mileage.
--
The Group’s customers consist primarily of OEMs and TNCs with respect to its robotaxi services, OEMs and logistics platforms with respect to its robotruck services, and sensor and hardware component suppliers and other industry participants with respect to its licensing and applications business.
BASIC INFORMATION
| Market | Hong Kong (Main Board) |
| Business Nature | Transportation |
| Major Business Area | China |
| Board Lot | 100 |
GLOBAL OFFERING
| No. of Offer Shares | 48.25M shares |
| No. of International Offer Shares | 44.05M shares |
| No. of HK Offer Shares | 4.20M shares |
| Offer Price | $180.00 |
| Stock Code | 2026 |
| Sponsor(s) | Goldman Sachs (Asia) L.L.C., Merrill Lynch (Asia Pacific) Limited, Deutsche Securities Asia Limited, Huatai Financial Holdings (Hong Kong) Limited |
| Underwriter(s) | Goldman Sachs (Asia) L.L.C., Merrill Lynch (Asia Pacific) Limited, Deutsche Bank AG, Hong Kong Branch, Huatai Financial Holdings (Hong Kong) Limited, Macquarie Capital Limited, CLSA Limited, BOCI Asia Limited, Futu Securities International (Hong Kong) Limited, Tiger Brokers (HK) Global Limited |
TIME TABLE
| Application Period | Oct 28 (Tue) - noon, Nov 03 (Mon) |
| Price Determination Date | Nov 04 (Tue) |
| Result Announcement Date | On or before Nov 05 (Wed) |
| Result Announcement Date | On or before Nov 05 (Wed) |
| Result Announcement Date | On or before Nov 06 (Thu) |
| Dealings in Shares commence on | Nov 06, 2025. (Thu) |
Reallocation of Shares Offered
Sales Statistics (HKD)
| Offer Price | $180.00 |
| Capitalization | 76.90B |
| NAV / share ($) | $32.32 (Unaudited pro forma adj NAV / share) |
Use Of Proceeds
| Assuming the offer price being at HKD 180.00, the net proceeds raised would be HKD 7.19B, of which |
| 50% : Large-scale commercialization of Level 4 autonomous driving technology, including for business development, production, sales and marketing, customer services |
| 40% : Investments in research and development of Level 4 autonomous driving technology and solutions |
| 10% : Working capital |
IPO NEWS
| 06/11/2025 16:09 |
| {New Stock}PONY-W(02026) ends down 9.28% at HK$126.1 |
| 06/11/2025 09:20 |
| {New Stock}PONY-W(02026) opens down 10.79% at HK$124 |
| 05/11/2025 18:35 |
| {New Stock}PONY-W(02026) ends down 11.15% on grey market |
| 05/11/2025 16:20 |
| {New Stock}PONY-W down 14.03% at HK$119.5 on grey market |
Related Document
| Prospectus |  Chinese Version | English Version |
| Remark： | The above information is referenced from the prospectus. |
| All data is calculated from the non- exercise rights(if applicable). |
Name︰
--
--
--
Subscription --
Result Announcement --
Listing --Offer Price︰--
| Currency | : |
| Listing Price | : |
| Board Lot | : |
| Admission Fee* |
: |
| Subscribing Lot | : |
| Subscribing Fee | : |
| Subscribing Amount | : |
*Admission fees include brokerage of 1%, SFC transaction levy of 0.0027%, Stock Exchange trading fee of 0.005% and FRC transaction levy of 0.00015% (i.e. 1.0077% in total).