Congratulations to Pony.ai on Its Hong Kong Stock Exchange Listing! | 5Y News
A new era of large-scale commercial autonomous driving begins.
On November 6, Pony.ai officially listed on the main board of the Hong Kong Stock Exchange under ticker symbol 2026. In this Hong Kong IPO, the company fully exercised the over-allotment adjustment option, issuing approximately 48.25 million shares in total. If the underwriters' greenshoe option is exercised in full, the total fundraising could reach HK$7.7 billion, making it the largest IPO in the global autonomous driving industry in 2025 and the highest-grossing new stock in Hong Kong's AI sector for the year.
In November 2024, Pony.ai successfully listed on the Nasdaq under the ticker "PONY," becoming the "world's first Robotaxi stock." Less than a year later, its Hong Kong listing marks the formal establishment of a dual-primary-listing structure spanning both U.S. and Hong Kong markets.
At this milestone moment, Pony.ai founder and CEO Peng Jun said: "After nearly nine years of persistence and exploration, Pony.ai now stands on the eve of large-scale commercialization of autonomous driving. The accumulation of technology, the deployment of scenarios, the construction of ecosystems — everything we've prepared for is now reaching its moment of harvest. The Hong Kong listing is a critical step in our global capital strategy and an important milestone for us to face the global market and connect with broader resources. We thank every fellow traveler who has helped make history with us."
Pony.ai founder and CTO Lou Tiancheng said: "Today's bell at the Hong Kong Stock Exchange bears witness to our critical leap from technology exploration to a fully driverless commercial closed loop. What we are building is not just autonomous driving technology and products, but a scalable new paradigm for mobility services. This listing is a new starting point for us to reshape human mobility through autonomous driving. This is not merely a victory of technology — it will be a life revolution about efficiency and safety."
5Y Capital co-led Pony.ai's Series B financing in early 2018 and subsequently participated in its Series C and D rounds. We have witnessed Pony's journey from technology exploration to commercial closed loop, and seen a Chinese autonomous driving company continuously expand its boundaries on the global stage.
Driverless mobility is widely considered the most imaginative "killer application" of the AGI era. It represents not only cutting-edge technological breakthroughs but also a fundamental reshaping of how humans travel. With deep engineering accumulation and systematic capabilities, Pony.ai has been the first in China to achieve dual breakthroughs in both technology and commerce. This Hong Kong listing is another critical step forward for Pony.ai. We congratulate Pony on embarking on an even grander next chapter in global markets.
5Y Capital will continue to support entrepreneurs who push the world forward through long-term thinking, technological insight, and decisive action. We believe that if the "crazy" you in others' eyes begins to be believed in, the world will become a different place.
Founded in 2016, Pony.ai is dedicated to providing autonomous driving technology and solutions for global mobility and logistics markets. Its core business spans three segments: autonomous mobility services (Robotaxi), autonomous trucking services (Robotruck), and technology licensing and application. As a leader in the large-scale commercialization of autonomous mobility, Pony.ai is the only autonomous driving technology company to have obtained all available and required regulatory permits to offer public-facing autonomous mobility services in four of China's tier-one cities.
In April 2025, Pony.ai launched three seventh-generation Robotaxi models, co-developed with Toyota, BAIC Group, and GAC respectively. The new generation achieves major breakthroughs in cost efficiency: the bill of materials (BOM) cost for the autonomous driving kit decreased by 70% compared to the previous generation, with the autonomous driving compute unit (ADC) cost down 80% and solid-state LiDAR cost down 68%, laying a solid foundation for large-scale commercial deployment.
Furthermore, Pony.ai is actively expanding its global strategic footprint, seeking opportunities in key growth markets across Europe, East Asia, and the Middle East. By partnering with local governments, industry leaders, and technology innovators, it is building robust localized collaboration ecosystems to jointly drive the local development, deployment, and commercial application of L4 autonomous driving technology.
The dual-primary listing opens a new chapter for Pony.ai. It is both a critical step in the company's capital strategy and a firm commitment to future development. Leveraging its leading technological advantages and the rich experience accumulated through fully driverless operations, Pony.ai will accelerate the large-scale commercialization of autonomous driving and blaze a clear, sustainable path to profitability for the entire industry.
5Y Capital seeks out, supports, and inspires lonely entrepreneurs, providing them with support ranging from the spiritual to all aspects of business operations. We believe that if the "crazy" you in others' eyes begins to be believed in, the world will become a different place.
BEIJING · SHANGHAI · SHENZHEN · HONG KONG
