Driverless Tech Firm Pony AI Raises $863 Million in HK Listing

A Pony.ai Inc. autonomous vehicle in Shanghai, China.

(Bloomberg) -- Pony AI Inc. raised HK$6.71 billion ($863 million) in its Hong Kong listing, pricing shares at HK$139 each.

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The company sold 42 million shares in the base offering and exercised the option to sell an additional 6.3 million, according to a filing Monday confirming an earlier Bloomberg News report. The price represents a discount of slightly over 4% to its Friday close of $18.68 per American depositary receipt on the Nasdaq.

Pony had set a maximum price of HK$180 per share for the offering, but the US-listed ADRs have fallen since then. The ADRs, which are equivalent to one ordinary share, fell as much as 4.4% in early trading Monday.

The robotaxi firm’s listing has attracted ride-hailing giant Uber Technologies Inc., which was in talks to invest about $100 million in the share sale, people familiar with the matter have said. Pony AI went public in the US just last year, shortly after rival autonomous driving firm WeRide Inc. made its US debut.

Both companies are now targeting listings in Hong Kong on Nov. 6. WeRide is looking to raise as much as HK$3.1 billion in its share sale.

The two robotaxi firms’ parallel offerings also underscore the ambitions of such Chinese companies, now that Beijing has set a policy goal for the country to become the world’s leader in driverless vehicles by 2035.

Pony AI is planning to use the proceeds from its Hong Kong listing for large-scale commercialization of its Level 4 autonomous driving technology in both robotaxi and robotruck services, as well as for research and development. The company has a goal to turn profitable in 2028 or 2029.

Pony AI’s American depositary receipts have climbed 44% since their debut in November 2024, giving the firm a market capitalization of $7.2 billion.

Goldman Sachs Group Inc., Bank of America Corp., Deutsche Bank AG, and Huatai International are joint sponsors for Pony AI’s Hong Kong listing.

(Updates with confirmation throughout.)

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