自动驾驶独角兽小马智行启动招股：美股+港股双重上市，拟募资72亿

Core Viewpoint - The company, Xiaoma Zhixing, is preparing for an IPO in Hong Kong, aiming to raise approximately HKD 7.1936 billion to fund its expansion in autonomous driving technology and services [5][6][40]. Business Overview - Xiaoma Zhixing, established in 2016, focuses on autonomous driving services, including Robotaxi and technology licensing [7][8]. - The company has expanded its Robotaxi operations to over 2,000 square kilometers in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen, marking a significant step towards commercialization [8][10]. Financial Performance - In Q2 2025, Xiaoma Zhixing reported a total revenue of CNY 154 million, a year-on-year increase of 75.9% and a quarter-on-quarter increase of 53.5%, primarily driven by the rapid expansion of its Robotaxi business [18]. - The company's revenue from Robotaxi services reached CNY 10.9 million in Q2 2025, reflecting a year-on-year growth of 157.8% [20]. - Despite strong revenue growth, the company remains unprofitable, with a net loss of USD 275 million in 2024, widening from USD 125 million in 2023 [21]. Strategic Partnerships - Xiaoma Zhixing has formed a strategic partnership with Stellantis to develop L4 autonomous vehicles for the European market, combining Stellantis's AV-Ready platform with Xiaoma's technology [13][15][40]. Shareholder Structure - The company is primarily controlled by its founders, with CEO Peng Jun holding 17.1% of shares and 55.4% of voting rights, while CTO Liu Tiancheng holds 6% of shares and 19.4% of voting rights [24][26]. - Major institutional investors include Toyota Motor Corporation, Sequoia China, and Ontario Teachers' Pension Plan, reflecting a diverse capital base [27][28]. Management Team - The management team is led by technology-driven founders, with Peng Jun focusing on overall strategy and Liu Tiancheng overseeing R&D [32][34]. - The team is actively pushing for the commercialization of Robotaxi services, having initiated mass production of the seventh-generation Robotaxi [36][40]. IPO Process - Xiaoma Zhixing's IPO process has progressed rapidly, with the company passing the Hong Kong Stock Exchange hearing shortly after receiving regulatory approval [38][40]. - The company aims to leverage its dual listing on NASDAQ and the Hong Kong Stock Exchange to enhance its global presence and capital access [40].