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Core Viewpoint - Xiaoma Zhixing is set to launch its IPO in Hong Kong, aiming to become the first autonomous driving company listed on the Hong Kong Stock Exchange, with significant market interest and backing from cornerstone investors [3][10]. Group 1: IPO Details - Xiaoma Zhixing has initiated its IPO process in Hong Kong, with plans to list on November 6, offering approximately 41.96 million shares, of which 4.2 million shares are for public sale and 37.76 million for international placement, with a maximum price of 180 HKD per share [3]. - The IPO has attracted substantial attention, securing cornerstone investments totaling 120 million USD [3]. Group 2: Business Positioning - Xiaoma Zhixing has established a comprehensive autonomous driving ecosystem, achieving a leading market position in China's L4 autonomous driving sector within just ten years since its founding in 2016 [5]. - The company is the only one in China to have obtained full autonomous taxi operation licenses in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen, which reflects its technical strength and regulatory trust [5]. Group 3: Technological Advantages - The company has made significant technological advancements, with its core technologies, including World Model™ and Virtual Driver™, enabling stable driving in adverse conditions and reducing testing costs [7]. - As of June 30, 2025, Xiaoma Zhixing holds 552 global patents and 185 software copyrights in China, showcasing its strong technological barriers [7]. Group 4: Market Potential - The Chinese autonomous driving market is rapidly developing, with the passenger travel market projected to reach 1.449 trillion USD by 2024 and 1.924 trillion USD by 2035 [9]. - In the autonomous trucking sector, the long-distance land transport market is expected to grow from 547.7 billion USD in 2024 to 860.9 billion USD by 2035, with autonomous trucks offering significant cost savings and efficiency improvements [9]. Group 5: Long-term Value - The dual listing strategy in both the US and Hong Kong is expected to enhance Xiaoma Zhixing's international influence and financing capabilities [10]. - The involvement of prominent cornerstone investors, including Eastspring and potential interest from Uber, indicates strong market confidence in the company [10].