Core Viewpoint - Xiaoma Zhixing, a leading autonomous driving company in China, has initiated its IPO process in Hong Kong, aiming to raise up to $1.02 billion, marking a significant step in its dual listing strategy with plans to also list on NASDAQ in November 2024 [2][9]. Company Overview - Founded in 2016, Xiaoma Zhixing focuses on large-scale production and commercialization of autonomous driving technology, with a mission to transform future transportation [6][9]. - The company operates R&D centers in multiple locations including Silicon Valley, Beijing, and Luxembourg, and aims to expand its product and business layout globally [6]. IPO Details - The IPO will offer approximately 41.96 million shares, with 10% allocated for public sale in Hong Kong and 90% for international placement, including a 15% over-allotment option [2]. - The maximum share price is set at 180.00 HKD, with a total fundraising cap of about $1.02 billion based on the recent U.S. stock price [2][9]. Market Position and Performance - Xiaoma Zhixing has established extensive partnerships with major automotive and tech companies, including Toyota and NVIDIA, to accelerate the commercialization of autonomous driving technology [7]. - The company currently operates over 720 Robotaxis and 170 Robotrucks, accumulating over 55 million kilometers in global autonomous driving testing, with more than 10 million kilometers of fully autonomous testing [7]. Future Projections - The global mobility market is projected to reach $4.5 trillion by 2025, with the Robotaxi service market expected to grow significantly, particularly in China, which is anticipated to become the largest market for Robotaxi services [10]. - Xiaoma Zhixing aims to achieve operational breakeven for its Robotaxi services by 2025, with a focus on scaling operations in major cities [9][10].
小马智行，启动港股招股