小马智行港股上市：发行价139港元 最高募资77亿港元

Core Viewpoint - Xiaoma Zhixing (2026.HK) has made a significant step in the capital market by finalizing the offer price for its international and Hong Kong public offerings at HKD 139 per share [1] Group 1: Offering Details - Due to strong demand from institutional and market investors, Xiaoma Zhixing exercised its over-allotment option, issuing approximately 6.29 million additional shares, which represents 15% of the initially available shares for global subscription [3] - If the over-allotment option is fully exercised, the total fundraising could reach up to HKD 7.7 billion [3] Group 2: Cornerstone Investors - The IPO attracted several investment institutions, including Eastspring, with cornerstone subscriptions totaling USD 120 million [3] - Specific subscriptions include Eastspring at USD 20 million, Ghisallo at USD 50 million, Athos at USD 25 million, HelVed at USD 15 million, and OceanArete at USD 10 million, accounting for approximately 12.34% of the total issuance [3] Group 3: Fund Utilization - Xiaoma Zhixing has a clear plan for the use of raised funds, with approximately 50% allocated for market entry strategies and large-scale commercialization of L4 autonomous driving technology [3] - About 40% will be used for the development of L4 autonomous driving technology and solutions, while 10% is designated for working capital needs and other general corporate purposes [3] Group 4: Market Expectations - Xiaoma Zhixing's shares are set to begin trading on the Hong Kong Stock Exchange on November 6, with expectations for performance in the secondary market [3]