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IPO Plus - IPO

To-be Listed
Name▼
/
Code▼
 Industry Offer Price Lot Size Entry Fee Closing Date
Grey Market Date▼
Listing Date▲
Mininglamp-W
02718.HK		 Advanced hardware and software 141 40 5,696.88 2025/10/28 2025/10/31 2025/11/03
Ocean One Hold
09876.HK		 Packaged Foods N/A 2,000 N/A N/A Not applicable 2025/11/03
Seres
09927.HK		 Automobile Manufacturers N/A 100 13,282.62 2025/10/31 2025/11/04 2025/11/05
Joyson Electronic
00699.HK		 Auto Parts & Equipment N/A 500 11,919.01 2025/11/03 2025/11/05 2025/11/06
WeRide-W
00800.HK		 Trucking N/A 100 3,535.30 2025/11/03 2025/11/05 2025/11/06
Pony-W
02026.HK		 Trucking N/A 100 18,181.54 2025/11/03 2025/11/05 2025/11/06
Vigonvita-B
02630.HK		 Biotechnology - Pharmaceuticals 32-34 200 6,868.57 2025/11/03 2025/11/05 2025/11/06
Pony-W (02026.HK)
Summary
Pony is a leader in achieving large-scale commercialization of autonomous mobility, being (i) 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 as of the Latest Practicable Date, operating a fleet of over 680 self-owned robotaxis as of the same date; and (ii) the first in China to receive approval for Level 4 driverless robotruck platooning tests on cross-provincial highways in December 2024, operating a fleet of over 170 self-owned and leased robotrucks as of the Latest Practicable Date.

We are the first Level 4 autonomous driving technology company to launch robotaxi services in China in late 2018, several months ahead of our peers. The robotaxi services that we offer enable passengers to travel autonomously on a ride-hailing basis in vehicles powered by our proprietary Virtual Driver technology. According to Frost & Sullivan, we were among the first in China to secure licenses for fully Level 4 driverless robotaxi operations in designated areas of all four Tier-1 cities and remain the only autonomous driving technology company to have obtained all regulatory permits available and required to provide public- facing robotaxi services in these cities as of the Latest Practicable Date; where our peers currently have not yet obtained all such permits in these cities. In addition, we are also the first company in China to receive regulatory approval for driverless robotruck platooning tests on cross-provincial highways in December 2024.

OUR COMMERCIALIZATION MODELS AND SERVICE OFFERINGS

Since inception, we have been devoted to developing cutting-edge Level 4 autonomous driving technologies, with a primary focus on robotaxi services. We also operate robotruck services and licensing and application businesses to validate the adaptability and scalability of our core Level 4 autonomous driving technologies across diverse commercial scenarios.

Robotaxi Services

We provide robotaxi services to drive passengers autonomously on a ride-hailing basis in vehicles integrated with our Virtual Driver. As of the Latest Practicable Date, we operated a fleet of over 680 self-owned robotaxis, with over 47.9 million kilometers of autonomous driving mileage cumulatively. Out of these autonomous driving mileage, over 26.6 million kilometers are attributable to the operation of our public-facing robotaxi services, which include mileage accumulated by our robotaxis driving on the road while waiting for passenger orders and during pick-up and drop-off of passengers. The remaining autonomous driving mileage are attributable to vehicle testing.

We generate robotaxi revenues primarily by (a) providing a comprehensive suite of AV engineering solutions, including AV software deployment and maintenance, vehicle integration and engineering and road testing, to OEMs and TNCs, helping them integrate our Level 4 autonomous driving technology with their vehicle platforms, and to a much lesser extent, and (b) charging passengers fare for their rides with our robotaxis. We currently offer fare-charging robotaxi services, both with and without safety drivers, in designated areas of all four Tier-1 cities in China, namely Beijing, Guangzhou, Shenzhen and Shanghai, and we intend to introduce such services to broader geographies in China in the future through self-owned fleets and/or fleets owned and operated by fleet companies. Under our AV engineering solutions services, we may procure customized passenger vehicles from OEMs, and then integrate our Autonomous Driving Kits (ADKs) with such customized passenger vehicles as a robotaxi. We had in the Track Record Period sold and may continue to sell such robotaxis to TNCs and may later expand to robotaxi operations, Virtual Driver software licensing, and technical support for safety operators. In 2022, 2023 and 2024 and six months ended June 30, 2025, we recognized revenue from sales of robotaxis (including vehicle platforms, ADKs and integration services) of US$4.8 million, US$5.1 million, nil and nil, respectively.

Robotruck Services

Building upon a common set of underlying technology, we rolled out our hub-to-hub autonomous freight solutions in March 2021 in China to capture tremendous opportunities in the truck freight market. We have obtained autonomous driving public road testing permits in Beijing and Guangzhou, and we operated a fleet of over 170 robotrucks, comprising both self-owned and leased from Sinotrans, as of the Latest Practicable Date, consisting of both Level 2+ trucks and Level 4 driverless trucks, covering all major commercially active areas (such as Yangtze River Delta, Pearl River Delta, and the Beijing-Tianjin-Hebei Region) and key transportation routes (including key cargo transportation corridors such as those between Beijing and Tianjin, Guangzhou and Shanghai, Shenzhen and Qingdao, and Qingdao and Shanghai) throughout China. Over the course of its commercial operations, our robotruck fleet has accumulated approximately 65 million kilometers of driving mileage. Through its commercial operations, our robotrucks have facilitated long-haul freight transportation across China, accumulating over 1,065 million freight ton-kilometers. To validate our technology and business model in anticipation of large-scale commercialization in the future, we are also running our robotrucks in a variety of business scenarios, such as long-haul, port and container transportation.

We generate robotruck revenues mainly by using our robotruck fleets to provide paid transportation services to logistics platforms. We charge them service fees by mileage depending on specific transport routes and/or by tonnage. As we continue to scale our robotruck fleets, we expect such revenues to grow in the near future. Currently, we also generate a minor portion (less than 5% in each year/period during the Track Record Period) of our robotruck revenues from offering our Virtual Driver to truck OEMs, who integrate our technology into their vehicle platforms to enable autonomous driving functionality.


Source: Pony-W (02026) Prospectus (IPO Date : 2025/10/28)
Listing Market MAIN
Industry Trucking
Background Others
Major Business Area China
Corporate Information
Substantial Shareholders Jun Peng (Total share: 14.04%)
Toyota Motor Corporation (Total share: 9.94%); (Class A share: 12.26%)
Neil Nanpeng Shen (Total share: 5.29%); (Class A share: 6.53%)
Tiancheng Lou (Total share: 5.08%); (Class A share: 0.18%)
2774719 Ontario Limited (Total share: 5.07%); (Class A share: 6.25%)
Directors Jun Peng (Chairman and Chief Executive Officer and Executive Director)
Tiancheng Lou (Chief Technology Officer and Executive Director)
Fei Zhang (Non-Executive Director)
Takeo Hamada (Non-Executive Director)
Asmau Ahmed (Independent Non-Executive Director)
Jackson Peter Tai (Independent Non-Executive Director)
Mark Qiu (Independent Non-Executive Director)
Company Secretary Tian Gao
Tung Ching Raphael Ng
Principal Bankers China Merchants Bank Co., Ltd.
Solicitors Haiwen & Partners
Walkers (Hong Kong)
Sheppard Mullin Richter & Hampton
Davis Polk & Wardwell
Hogan Lovells International LLP
Auditors Deloitte Touche Tohmatsu
Registered Office 46/F, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong
Share Registrars Computershare Hong Kong Investor Services Ltd. [Tel: (852) 2862-8628]
Share Registrars Tel No (852) 2862-8628
Internet Address http://www.pony.ai
Email Address pony@christensencomms.com
Tel No
Fax No
 
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