Chinese autonomous driving startup Pony AI has finalized the pricing for its Hong Kong secondary listing at HK$139 ($17.90) per share, according to a filing with the Hong Kong Stock Exchange on Monday.
The move marks a key step for the company as it strengthens its footing in both U.S. and Chinese capital markets amid accelerating global interest in self-driving technologies.
The offering price, which had been earlier reported by Reuters, citing sources familiar with the matter, represents a 4.2 percent discount to Pony AI’s Friday close of $18.68 per share on the Nasdaq. The company’s dual listing underscores its strategy to attract a broader investor base and increase liquidity for its shares, as Chinese technology firms continue to balance listings between U.S. and Hong Kong exchanges due to regulatory complexities.
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Pony AI confirmed in the filing that it had exercised an option to allot and issue an additional 6.3 million new shares, expanding the size of the offering. In total, the company expects to raise gross proceeds of about HK$6.71 billion ($863.86 million). The listing involves roughly 42 million shares, priced well below the maximum offer price of HK$180 indicated in the firm’s earlier prospectus.
Trading in Pony AI’s shares on the Hong Kong Stock Exchange is scheduled to commence on November 6, marking one of the most closely watched tech listings in Asia this quarter. The listing also comes at a time when Hong Kong’s capital markets are seeing a revival of large technology offerings, following a period of subdued investor sentiment due to global economic uncertainty.
Founded in 2016 by former Baidu and Google engineers, Pony AI has emerged as one of China’s leading autonomous vehicle developers, competing with rivals such as Baidu’s Apollo Go and AutoX. The company, backed by Toyota Motor Corporation, is developing Level 4 autonomous driving systems — technology capable of operating vehicles without human intervention under specific conditions.
Pony AI has already conducted extensive trials of its self-driving cars in major Chinese cities, including Beijing, Guangzhou, and Shanghai, as well as in parts of California. Earlier this year, the company announced that it had received a permit to operate fully driverless robotaxis in Beijing’s Yizhuang district, making it one of the first firms to achieve this milestone.
In its prospectus, Pony AI said the proceeds from the Hong Kong listing will be used to advance research and development, expand its commercial robotaxi fleet, and accelerate deployment of its autonomous driving technology in logistics and ride-hailing services.
The listing also reflects the growing investor appetite for artificial intelligence and autonomous mobility firms, as global automakers and technology companies race to commercialize self-driving technology. According to Pony AI’s filing, the company sees its technology as “the foundation for the next generation of intelligent transportation systems,” positioning itself as a key player in China’s push toward smart mobility infrastructure.
Pony AI’s decision to list in Hong Kong mirrors similar moves by other Chinese AI and electric vehicle startups that are seeking to hedge against geopolitical and regulatory risks tied to their U.S. listings. Analysts say the Hong Kong debut could help stabilize the company’s valuation while allowing more Chinese investors to participate in its growth story.
With trading set to begin on November 6, Pony AI’s Hong Kong listing will be a major test of market confidence in the autonomous driving sector. The sector has been both highly promising and capital-intensive, as firms navigate the path to commercialization through technological, regulatory, and safety hurdles.