Autonomous-driving pioneer targets up to HK$180 per share ahead of dual-listing on Hong Kong Stock Exchange
Chinese autonomous-driving firm Pony AI Inc. announced on 27 October 2025 that it is launching a Hong Kong initial public offering of 41,955,700 Class A ordinary shares, with a maximum offering price set at HK$180 per share (equivalent to US$23.17).
The company will retain its American depositary shares listed on Nasdaq under the ticker PONY and is presenting the Hong Kong listing via a dual-primary structure on The Stock Exchange of Hong Kong under stock code “2026”.
Under the offering structure, approximately 4.2 million shares will be allocated to the Hong Kong public (about 10%), with the remaining 37.8 million shares reserved for the international tranche subject to reallocation and over-allotment options.
Final pricing is scheduled on or around 3 November, and cannot exceed the HK$180 ceiling.
Pony AI is targeting the net proceeds for large-scale commercialisation of its Level 4 autonomous-driving technology, expansion of research and development, and general working-capital purposes.
Cornerstone investors have already committed to roughly US$120 million in the international segment of the offering.
The Hong Kong listing aligns with the approval issued by China’s securities regulator, and follows the firm’s Nov 2024 Nasdaq debut.
Investors will not be able to convert the Hong Kong shares into American depositary shares during a 40-day distribution-compliance window, after which fungibility will be enabled.
While the firm has outlined strong growth ambitions, observers note the capital-intensive nature of autonomous-driving deployment and rising competition in the sector.
Nonetheless, the IPO marks a significant milestone for Pony AI’s expansion and for China’s driverless-mobility industry more broadly.
The company will retain its American depositary shares listed on Nasdaq under the ticker PONY and is presenting the Hong Kong listing via a dual-primary structure on The Stock Exchange of Hong Kong under stock code “2026”.
Under the offering structure, approximately 4.2 million shares will be allocated to the Hong Kong public (about 10%), with the remaining 37.8 million shares reserved for the international tranche subject to reallocation and over-allotment options.
Final pricing is scheduled on or around 3 November, and cannot exceed the HK$180 ceiling.
Pony AI is targeting the net proceeds for large-scale commercialisation of its Level 4 autonomous-driving technology, expansion of research and development, and general working-capital purposes.
Cornerstone investors have already committed to roughly US$120 million in the international segment of the offering.
The Hong Kong listing aligns with the approval issued by China’s securities regulator, and follows the firm’s Nov 2024 Nasdaq debut.
Investors will not be able to convert the Hong Kong shares into American depositary shares during a 40-day distribution-compliance window, after which fungibility will be enabled.
While the firm has outlined strong growth ambitions, observers note the capital-intensive nature of autonomous-driving deployment and rising competition in the sector.
Nonetheless, the IPO marks a significant milestone for Pony AI’s expansion and for China’s driverless-mobility industry more broadly.







































