中国经济网北京11月6日讯 小马智行(02026.HK)今日在港交所上市，开盘即破发，下跌10.79%报 124.00港元。截至收盘，该股报126.10港元，跌幅9.28%。 公司港股最终发售价为139.00港元，所得款项总额为67.07亿港元，所得款项净额64.54亿港元。 | | 公司資料 | | --- | --- | | 股份代號 | 2026 | | 股份簡稱 | PONY-W | | 開始買賣日 | 2025年11月6日* | | 價格資料 | | | --- | --- | | 最終公開發售價及國際發售價(「發售價」) | 139.00港元 | | 最高公開發售價 | 180.00港元 | | 所得款項 | | | --- | --- | | 所得款項總額(附註) | 6,706.61百萬港元 | | 減：基於最終發售價的估計應付上市開支 | 252.25 百萬港元 | | 所得款項淨額 | 6.454.36百萬港元 | 小马智行全球发售的发售股份数目为48,249,000股发售股份(经计及发售量调整权获悉数行使及视乎 超额配股权行使与否而定，其中香港发售股份数目为4,195,600股发售股份， ...

Core Insights - Pony.ai officially listed on the Hong Kong Stock Exchange on November 6, 2024, under the stock code 2026, marking a significant milestone in the autonomous driving industry [1] - The IPO raised approximately HKD 7.7 billion, making it the largest IPO in the global autonomous driving sector for 2025 and the highest fundraising in the AI field on the Hong Kong market for the same year [1] - The company has established a dual primary listing structure with its previous listing on NASDAQ under the stock code "PONY" [3] Company Overview - Founded in 2016, Pony.ai focuses on providing autonomous driving technology and solutions for the global transportation and logistics sectors [3] - The company has R&D centers in Silicon Valley, Beijing, Shanghai, Guangzhou, Shenzhen, and Luxembourg, and is expanding its product and business layout in Europe, the Middle East, and Asia [3] - Pony.ai's core business includes three main segments: autonomous ride-hailing services (Robotaxi), autonomous trucking services (Robotruck), and technology licensing and application [3] Market Position - Pony.ai is the first company in China to obtain autonomous driving service permits in all four first-tier cities: Beijing, Shanghai, Guangzhou, and Shenzhen [3] - It is also the only company in China to operate fully autonomous Robotaxi services commercially in these major cities [3] - The recent IPO is expected to provide critical resources to accelerate the mass production and commercialization of autonomous driving technology, transitioning from "technically feasible" to "operationally verifiable" [3]

Core Insights - Xiaoma Zhixing (2026.HK) officially listed on the Hong Kong Stock Exchange on November 6, following the launch of its seventh-generation Robotaxi, which has reduced the total cost of the autonomous driving suite by 70% compared to the previous generation, facilitating large-scale production and operation [2][4] - The company aims to establish a mature ecosystem to attract more partners, with plans to scale its Robotaxi fleet to 1,000 vehicles by the end of 2025 [2][3] Group 1 - The seventh-generation Robotaxi was globally launched in April and began road testing in June, demonstrating the company's commitment to rapid deployment [2] - The Robotaxi features advanced user interaction capabilities, allowing passengers to adjust settings via an app and initiate trips using voice commands [2] - Xiaoma Zhixing emphasizes quality over low pricing, aiming for customers to pay for high-quality travel experiences [2] Group 2 - The company currently operates a fleet of over 720 autonomous taxis, with expectations to reach 1,000 by year-end, achieving operational self-sufficiency but requiring more time to reach overall profitability [3] - The IPO raised approximately HKD 6.7066 billion, with potential to reach HKD 7.7 billion through the green shoe option, focusing on funding for operations and R&D in L4 autonomous driving technology [4] - The company is committed to creating a "model room" to demonstrate efficient large-scale fleet operations and validate its business model, while also welcoming partnerships [4]

Core Viewpoint - The dual listing of domestic autonomous driving companies Pony.ai and WeRide on the Hong Kong Stock Exchange marks a significant milestone, establishing a "US + HK" dual primary listing structure for both companies [1] Group 1: Listing Details - Pony.ai and WeRide officially listed on the Hong Kong Stock Exchange on November 6, 2024, following their US listings in October and November 2024 respectively [1] - WeRide's IPO price was set at HKD 27.10 per share, raising a total of HKD 2.39 billion (before the "greenshoe" option), while Pony.ai's IPO price was HKD 139 per share, with a total fundraising of HKD 7.7 billion (after the "greenshoe" option) [1] Group 2: Stock Performance - As of November 6, WeRide's stock price was HKD 23.50, reflecting a decline of 13.28% from its IPO price, while Pony.ai's stock price was HKD 120.3 [4] - Both founders expressed confidence in their companies' future despite initial stock price fluctuations, attributing the volatility to broader market conditions [4] Group 3: Revenue Growth and Business Focus - Pony.ai operates a fleet of over 750 Robotaxis and plans to expand to 1,000 vehicles by year-end, while WeRide has over 1,400 L4 autonomous vehicles globally [5] - WeRide's revenue from Robotaxi and related services was USD 667.7 million in 2024, increasing to USD 865.9 million in the first half of the current year, with the revenue share rising from 13.2% to 31% [5] - Pony.ai reported USD 726.6 million in autonomous driving service revenue for 2024, with a 9.4% share of total revenue, and USD 325.6 million in the first half of the year, maintaining a 9.2% share [5] Group 4: Market Dynamics and Competition - The Robotaxi sector is entering a critical phase driven by both capital and commercialization, with projections indicating significant market growth by 2030 [9] - The cost of sensors and computing units for Robotaxis has significantly decreased, enhancing the competitive landscape [12] - Companies like Xiaopeng Motors and Yuanrong Qixing are also entering the Robotaxi market, intensifying competition [12] Group 5: Strategic Focus and Future Plans - Pony.ai aims to achieve profitability by 2028-2029, with a focus on scaling operations and expanding its fleet [8] - WeRide plans to invest the funds raised from the IPO in recruiting top AI and autonomous driving talent, enhancing GPU infrastructure, and expanding its global Robotaxi fleet [13]

Core Insights - The global capital is increasingly investing in autonomous driving, marking a transition from technology validation to large-scale commercialization, with Pony.ai's Hong Kong listing serving as a significant milestone for the industry [2][17] - Pony.ai's successful IPO in Hong Kong on November 6, 2025, is the largest in the global autonomous driving sector for the year and reflects a strategic move towards a dual-market presence in both the US and Hong Kong [2][4] Investment Trends - Cathie Wood's ARKQ fund has made significant investments in Pony.ai, reminiscent of her early investments in Tesla, indicating a renewed interest from international capital in the autonomous driving sector [4][5] - Major international investment firms, including Baillie Gifford and Fidelity, have also increased their stakes in Pony.ai, positioning it as a core investment target in the autonomous driving industry [5][6] Financial Performance - Pony.ai reported a revenue of $35.43 million (approximately 254 million RMB) for the first half of 2025, a year-on-year increase of 43.3%, with its Robotaxi segment showing a remarkable growth of 178.8% [4][12] - The company is expected to achieve operational breakeven for its Robotaxi services by the end of 2025, indicating a clear path towards profitability [12][16] Technological Advancements - Pony.ai's seventh-generation Robotaxi, which utilizes self-developed vehicle-grade domain controllers, has significantly reduced production costs by 70% compared to previous models, enhancing its competitive edge [10][11] - The company has developed a "world model" for autonomous driving, which serves as a robust technical barrier, allowing for extensive simulation training and rapid iteration of its autonomous systems [13][15] Market Outlook - The global Robotaxi market is projected to reach $10 trillion by 2030, with a total industry valuation of $34 trillion, highlighting the disruptive potential of this sector [7][8] - The current macroeconomic environment, characterized by low interest rates and advancements in AI technology, is favorable for the growth of technology-driven companies like Pony.ai [6][8]

Group 1 - The core viewpoint of the articles is that Xiaoma Zhixing has successfully listed on the Hong Kong Stock Exchange, establishing a dual listing structure with its upcoming NASDAQ listing, which enhances its market presence and investor base [1][2] - Xiaoma Zhixing's IPO raised approximately HKD 7.7 billion, with around 48.25 million shares issued at an offering price of HKD 139 per share [1] - The net proceeds from the IPO will be used for the large-scale commercialization of L4 autonomous driving technology, covering business development, production, sales and marketing, customer service, and collaborations with industry participants [1] Group 2 - Since its establishment, Xiaoma Zhixing has focused on developing L4-level autonomous driving technology, particularly in the autonomous ride-hailing service sector [2] - The company also offers autonomous truck services and technology licensing, demonstrating the adaptability and scalability of L4 autonomous driving technology across different commercial scenarios [2] - Xiaoma Zhixing's Robotaxi fleet has surpassed 720 vehicles, indicating significant growth in its operational capacity [2]

Core Viewpoint - The year 2025 is anticipated to be a pivotal year for AI applications, with the Robotaxi sector emerging as a leading area of growth, highlighted by the significant IPO of Pony.ai, which raised 7.7 billion HKD, marking the largest scale IPO in the global autonomous driving industry since 2022 [1][3]. Group 1: Company Overview - Pony.ai officially listed on the Hong Kong Stock Exchange on November 6, 2025, with strong institutional investor interest, raising a total of 7.7 billion HKD through the issuance of 48.25 million shares [1]. - The company has established a dual listing in both Hong Kong and the US, enhancing its global commercialization strategy for Robotaxi services [1][4]. - Pony.ai is the only company authorized to conduct fully autonomous Robotaxi services in major Chinese cities, having achieved commercial revenue and operating a fleet of over 720 Robotaxi vehicles, with plans to exceed 1,000 by year-end [4][5]. Group 2: Financial Performance - In the first half of 2025, Pony.ai reported total revenue of 35.43 million USD, a year-on-year increase of 43.3%, with Robotaxi revenue growing significantly by 178.8% [5]. - The company aims to allocate 90% of the funds raised from the IPO towards L4 autonomous driving research and large-scale commercialization [1][11]. Group 3: Market Potential - The global autonomous ride-hailing market is projected to reach 67.3 billion USD by 2030, with China expected to account for over half of this market [4]. - The Robotaxi sector is entering a phase of large-scale commercialization, attracting significant interest from institutional investors and industry giants like Uber, which plans to invest 100 million USD in Pony.ai's stock [3][4]. Group 4: Technological Advancements - Pony.ai has developed a differentiated core technology combining "virtual driver" and "world model," achieving over 500,000 hours of fully autonomous operation across various scenarios [7]. - The seventh-generation Robotaxi model has seen a 70% reduction in the total cost of the autonomous driving kit compared to previous generations, enhancing its commercial viability [8][9]. Group 5: Strategic Positioning - The dual listing strategy is expected to reshape Pony.ai's valuation, attracting more investors and enhancing financial stability, which is crucial for scaling its core business [12]. - The company is well-positioned for significant growth in the coming years, with expectations of explosive expansion starting in 2027 as it leverages data accumulation and algorithm iteration to create a self-reinforcing business model [12][13].

Core Insights - A new company named Zhuangfeng Intelligent Technology (Shenzhen) Co., Ltd. has been established with a registered capital of 28 million yuan [1] - The company is involved in manufacturing smart instruments and meters, wholesale and retail of auto parts, sales of charging piles, and centralized fast charging stations [1] - Zhuangfeng Intelligent Technology (Shenzhen) is wholly owned by Zhuangfeng Intelligent Technology (Guangzhou) Co., Ltd., which is jointly held by Pony.ai, Toyota Motor (China) Investment Co., Ltd., and GAC Toyota Motor Co., Ltd. [1] Company Overview - Zhuangfeng Intelligent Technology (Shenzhen) Co., Ltd. has a registered capital of 28 million yuan [1] - The company’s business scope includes smart instrument manufacturing, auto parts wholesale and retail, and charging station sales [1] Ownership Structure - Zhuangfeng Intelligent Technology (Shenzhen) is fully owned by Zhuangfeng Intelligent Technology (Guangzhou) [1] - Zhuangfeng Intelligent Technology (Guangzhou) is co-owned by Pony.ai, Toyota Motor (China) Investment Co., Ltd., and GAC Toyota Motor Co., Ltd. [1]

（原标题：创纪录IPO背后：小马智行(02026.HK/PONY.US)与中国AI的"智造"突围） 2025年11月6日，小马智行在香港联合交易所完成挂牌上市，成为年内全球自动驾驶行业规模最大的IPO，同时创下2025年港股AI领域最大融资纪 录。 此举不仅为小马智行的全球化布局注入关键的发展资本，更向市场释放了一个明确信号：中国自动驾驶行业正从技术验证阶段，驶向规模化商业 应用的新纪元。 在这一里程碑时刻，小马智行创始人兼首席执行官彭军表示："经过近九年的坚持和探索，小马智行已经站在自动驾驶大规模商业化的前夜。技术 的积累、场景的落地、生态的构建——一切准备正迎来收获的时刻。港股上市是我们全球资本战略的关键一步，更是我们面向全球市场、链接更 广泛资源的重要里程碑。感谢每一位与我们共创历史的同行者。" 小马智行创始人兼首席技术官楼天城则表示："今天港交所的钟声，见证了我们从技术探索到全无人商业闭环的关键跨越。我们打造的不只是自动 驾驶技术和产品，更是可规模化的出行服务新范式。此次上市是我们以自动驾驶重塑人类出行的新起点，这不仅是技术的胜利，更将是一场关于 效率与安全的生活革命。" 一、产业双轮驱动：智能驾驶的 ...

Core Insights - The article highlights the significant growth and commercialization of the Robotaxi sector, with Pony.ai's recent IPO marking a pivotal moment in the industry [1][3][14] - The company aims to leverage its dual listing in Hong Kong and the U.S. to enhance liquidity and accelerate its global expansion in the autonomous driving market [1][5][14] Group 1: Company Overview - Pony.ai officially listed on the Hong Kong Stock Exchange on November 6, 2025, raising a total of HKD 7.7 billion, making it the largest IPO in the global autonomous driving sector for 2025 [1][3] - The company plans to allocate 90% of the raised funds towards L4 autonomous driving research and large-scale commercialization [1][6] - As of 2025, Pony.ai has over 720 Robotaxi vehicles, with expectations to exceed 1,000 by year-end, aiming for a "thousand-vehicle fleet" operational goal [5][6] Group 2: Market Potential - The global autonomous ride-hailing market is projected to reach USD 67.3 billion by 2030, with China accounting for over half of this market [5] - The company has received significant interest from institutional investors, with cornerstone investors committing a total of USD 120 million during the IPO [3][14] Group 3: Technological Advancements - Pony.ai has developed a differentiated core technology combining "virtual driver" and "world model," enabling full-scene, all-weather, and fully autonomous driving operations [8][9] - The seventh-generation Robotaxi model has seen a 70% reduction in the total cost of the autonomous driving kit compared to previous generations, enhancing its commercial viability [9][10] Group 4: Commercialization Strategy - The company has initiated fully autonomous paid operations in cities like Guangzhou and Shenzhen, integrating its services into the Robotaxi app [10][14] - Approximately 50% of the raised funds will be used to promote large-scale commercialization of L4 autonomous driving technology in markets where it operates [6][13] Group 5: Future Outlook - The company is well-positioned for significant growth in the coming decade, with a robust technological foundation and a clear path to commercialization [14][15] - Analysts predict that Pony.ai will experience explosive growth starting in 2027, with the potential for fleet expansion as new vehicle models are introduced [14][15]