根据小马智行 10 月 24 日 18.46 美元（现汇率约合 131.3 元人民币）的美股收盘价，其募集资金上限对应约 10.2 亿美元（IT之家注：现汇率约合 72.55 亿元 人民币）。小马智行预计于 11 月 6 日在港交所挂牌上市。 IT之家 10 月 28 日消息，自动驾驶企业小马智行于今天在香港启动招股程序，本次 IPO 拟发售约 4196 万股股份，其中香港公开发售约 420 万股，占比 10%，国际配售约 3776 万股，占比 90%，另有 15% 发售量调整权和 15% 超额配股权。每股发售价不超过 180.00 港元（现汇率约合 164.8 元人民币），每 手 100 股。 ...

Core Viewpoint - Tesla has showcased its internal World Model, a neural network-driven virtual world generator that synthesizes high-resolution videos from eight camera perspectives based on vehicle states and control inputs, enabling real-time environmental predictions and closed-loop validation [2][6]. Group 1: Tesla's World Model - Tesla's World Model allows for the replay of historical problem scenarios and the injection of new adversarial events in a virtual environment for testing and reinforcement learning [2]. - The model learns a general mapping of "perception-action-world change," making it applicable to other platforms like robotics, thus forming a basis for general physical intelligence [2]. Group 2: TeraSim World Framework - A research team from the University of Michigan, SaferDrive AI, the University of Hong Kong, and Tsinghua University has developed TeraSim World, an open-source framework that achieves similar generation and evaluation capabilities as Tesla's World Model without requiring real maps or sensor backgrounds [5][6]. - TeraSim World is designed to automatically generate city environments and traffic behaviors using AI, creating a fully data-driven, reproducible, and scalable world model platform [5]. Group 3: System Features - TeraSim World features a modular, fully automated data synthesis pipeline for generating realistic and safety-critical data for end-to-end autonomous driving [7]. - The system retrieves real-world road maps and converts them into simulation-ready formats, allowing for the automatic generation of digital maps based on user input [10][11]. - It can simulate realistic traffic conditions by automatically obtaining real-time traffic data, thus reflecting local traffic patterns [13]. Group 4: Agent and Sensor Simulation - The agent simulation component enables virtual vehicles, pedestrians, and cyclists to behave like their real-world counterparts, incorporating human driving characteristics [16]. - TeraSim World introduces safety-critical scenarios based on real-world accident probabilities, ensuring the generated events are both risky and realistic [17]. - The sensor simulation aspect generates realistic camera inputs and can be extended to other sensor types, utilizing NVIDIA's open-source Cosmos models for high-resolution, time-synchronized multi-view video generation [19][22][25]. Group 5: Automated Stress Testing - TeraSim World supports automated full-stack stress testing, generating and validating various risk scenarios to assess the stability and safety boundaries of autonomous driving systems [30]. - The framework can inject dynamic and static risks, such as sudden stops or environmental changes, to evaluate system responses under diverse conditions [30]. Group 6: Conclusion and Future Plans - TeraSim World combines agent and sensor simulation to provide a comprehensive data generation process for training and testing autonomous driving systems without the need for real-world data collection [31]. - The system aims to create a large-scale synthetic driving dataset and expand to multi-modal sensor simulations, establishing an open virtual testing ground for researchers and developers [32].

Group 1 - The company, Pony.ai, plans to conduct a global offering of 41.9557 million shares from October 28 to November 3, 2025, with a maximum public offering price of HKD 180.00 per share [1] - Approximately 50% of the net proceeds from the global offering, estimated at HKD 7.1936 billion, will be allocated to market entry strategies for large-scale commercialization of L4 autonomous driving technology [2] - Pony.ai is recognized as a leader in the commercialization of autonomous driving services, being the only company to have obtained all necessary regulatory approvals to provide public autonomous driving services in four first-tier cities [2] Group 2 - The company achieved revenues of USD 71.899 million and USD 75.025 million in 2023 and 2024, respectively, with gross profits of USD 16.884 million and USD 11.403 million [3] - In the first half of 2025, the company reported revenues of approximately USD 35.434 million and gross profits of USD 5.779 million [3]

Core Viewpoint - The company, Pony.ai, is set to launch an initial public offering (IPO) with a global offering of approximately 41.96 million shares, aiming to raise around HKD 7.1936 billion for the commercialization of L4 autonomous driving technology [1][2]. Group 1: IPO Details - The IPO will take place from October 28 to November 3, 2025, with a public offering price not exceeding HKD 180.00 per share [1]. - The offering consists of 10% for public sale in Hong Kong and 90% for international sale, with an additional 15% over-allotment option [1]. - The shares are expected to start trading on the Hong Kong Stock Exchange on November 6, 2025 [1]. Group 2: Use of Proceeds - Approximately 50% of the net proceeds will be allocated to market entry strategies for large-scale commercialization of L4 autonomous driving services, including business development and customer service [2]. - About 40% of the funds will be invested in ongoing research and development of L4 autonomous driving technology and solutions [2]. Group 3: Company Performance - In 2023 and 2024, the company reported revenues of USD 71.899 million and USD 75.025 million, with gross profits of USD 16.884 million and USD 11.403 million, respectively [3]. - For the first half of 2025, the company achieved revenue of approximately USD 35.434 million and gross profit of USD 5.779 million [3].

Core Viewpoint - The article discusses the ambitious plans for Tesla's Cybercab, highlighting the challenges and uncertainties surrounding its production and the viability of fully autonomous driving technology [2][10][17]. Group 1: Cybercab Production and Technology - Elon Musk has announced that the Cybercab is set to begin production in the second quarter of next year, with current testing underway in Fremont [2][10]. - The Cybercab is designed without traditional controls, raising questions about the feasibility of mass production and operation given the current state of autonomous driving technology [2][4]. - Tesla's Full Self-Driving (FSD) system is crucial for the Cybercab's success, but its commercial rollout remains behind schedule despite accumulating significant real-world driving data [5][8]. Group 2: Safety and Operational Challenges - Current Robotaxi operations in Austin and San Francisco require safety monitors, indicating that the FSD technology is not yet fully autonomous [7][10]. - There have been multiple incidents involving Tesla's Robotaxi during testing, highlighting safety concerns and the limitations of the current technology [7][10]. - The reliance on a purely visual detection system may limit the vehicle's ability to operate safely in adverse weather conditions, necessitating further development and testing [8][10]. Group 3: Cost and Market Potential - Musk projects that the operational cost of the Cybercab could be as low as $0.1 per mile, significantly undercutting current transportation costs [11][13]. - If successful, this cost advantage could disrupt the ride-hailing market, making Cybercab a competitive option for cost-sensitive consumers [13][14]. - The business model includes a mix of Tesla's own fleet and shared vehicles from individual owners, with potential profits estimated at $759 billion over ten years if 1 million Robotaxis are operational [14][15]. Group 4: Industry Context and Future Outlook - The article suggests that the race to lower costs in the autonomous vehicle sector is intensifying, with competitors like Waymo and Baidu also pursuing cost reduction strategies [16]. - Tesla's aggressive cost target of $0.1 per mile sets a high bar for the industry, but achieving this goal will require overcoming significant technological and regulatory hurdles [16][17]. - The future success of the Cybercab may depend not only on technological advancements but also on public trust in Musk's promises, given past instances of unmet expectations [17].

Core Viewpoint - Pony.ai is planning a global offering of 41.96 million shares, with a maximum public offering price of HKD 180.00 per share, aiming to raise approximately HKD 7.1936 billion for the commercialization of L4 autonomous driving technology and other strategic initiatives [1][4]. Group 1: Company Overview - Pony.ai is a leader in the large-scale commercialization of autonomous driving services, being the only L4 autonomous driving technology company with all necessary regulatory permits to provide public autonomous ride-hailing services in four major cities [1][2]. - The company operates a fleet of over 720 self-owned autonomous taxis and over 170 self-owned and leased autonomous trucks, with plans to conduct L4 autonomous truck platooning tests on interprovincial highways by December 2024 [1][2]. Group 2: Offering Details - The global offering consists of 41.96 million shares, with 4.20 million shares available in Hong Kong and 37.76 million shares for international investors, subject to reallocation and adjustments [1]. - The offering period is from October 28 to November 3, 2025, with the expected pricing date on November 4, and trading on the Hong Kong Stock Exchange set to begin on November 6 [1]. Group 3: Use of Proceeds - The estimated net proceeds of approximately HKD 7.1936 billion will be allocated as follows: about 50% for market entry strategies in key markets, 40% for ongoing investment in R&D of L4 autonomous technology, and 10% for working capital and other general corporate purposes [4]. Group 4: Cornerstone Investment - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling USD 120 million (approximately HKD 932 million), assuming the indicative offering price of HKD 180.00 per share [3].

其本次IPO已成功引入包括Eastspring在内的多家国际顶级投资机构作为基石投资者，基石认购总额达到 1.2亿美元，同时将获多家战略投资方参与锚定认购。2024年11月，小马智行在纳斯达克上市，成为全 球Robotaxi第一股。此次成功挂牌后，小马智行将构建起"美股+港股"双重主要上市架构，为自动驾驶 领域的长远竞赛注入关键资本动力。 智通财经APP获悉，10月28日，中国头部自动驾驶企业小马智行(02026)在香港启动招股程序。本次IPO 拟发售约4196万股股份，其中香港公开发售约420万股，占比10%，国际配售约3776万股，占比90%， 另有15%发售量调整权和15%超额配股权。每股发售价不超过180.00港元，每手100股。根据小马智行10 月24日18.46美元的美股收盘价，其募集资金上限对应约10.2亿美元。小马智行预计于11月6日在港交所 挂牌上市。 ...

其本次IPO已成功引入包括Eastspring在内的多家国际顶级投资机构作为基石投资者，基石认购总额达到 1.2亿美元，同时将获多家战略投资方参与锚定认购。2024年11月，小马智行在纳斯达克上市，成为全 球Robotaxi第一股。此次成功挂牌后，小马智行将构建起"美股+港股"双重主要上市架构，为自动驾驶 领域的长远竞赛注入关键资本动力。 10月28日，中国头部自动驾驶企业小马智行(02026)在香港启动招股程序。本次IPO拟发售约4196万股股 份，其中香港公开发售约420万股，占比10%，国际配售约3776万股，占比90%，另有15%发售量调整权 和15%超额配股权。每股发售价不超过180.00港元，每手100股。根据小马智行10月24日18.46美元的美 股收盘价，其募集资金上限对应约10.2亿美元。小马智行预计于11月6日在港交所挂牌上市。 ...

来源：格隆汇APP 格隆汇10月28日丨小马智行-W(02026.HK)发布公告，公司拟全球发售4195.57万股发售股份，中国香港 发售股份419.56万股，国际发售股份3776.01万股(以上可予重新分配及视乎发售量调整权及超额配股权 行使与否而定)；2025年10月28日至11月3日招股，预期定价日为11月4日；公开发售价将不会超过每股 发售股份180.00港元，A类普通股将以每手100股A类普通股进行交易，高盛、BOfA SECURITIES、 Deutsche Bank、华泰国际为联席保荐人；预期A类普通股11月6日于联交所开始买卖。 ...

智通财经APP讯，小马智行-W(02026)于2025年10月28日-2025年11月3日招股，拟全球发售4195.57万股 股份，香港公开发售占10%，国际发售占90%，另有15%超额配股权。公开发售价将不会超过每股发售 股份180.00港元，每手100股，预计A类普通股将于2025年11月6日(星期四)上午九时正开始在联交所买 卖。 ...