香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 Trunk Technology (Beijing) Co., Ltd. 主線科技（北京）股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向本公司、其獨家保薦人、整體協調人、顧問或包銷團成員表示同意： 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前，不會 向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據 於香港公司註冊處處長登記的本公司招股章程作出投資決定；該文件的文本將於發售期內向公眾人士刊發。 (a) 本文件僅為向香港公 ...

Pony AI Inc. 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 小馬智行* （於開曼群島註冊成立並以不同投票權方式控制的有限責任公司） （股份代號：2026） 自願公告 業務更新 本公告乃由Pony AI Inc.（「本公司」，連同其附屬公司統稱「本集團」）按自願性基 準作出，以向本公司股東及有意投資者提供有關本集團最新業務發展的資料。 本公司欣然宣佈與三一重卡、東風柳汽達成合作，將聯合打造第四代自動駕駛卡 車家族。 董事會主席兼首席執行官 彭軍博士 小馬智行第四代自動駕駛卡車套件將採用100%車規級零部件，複用全新一代 Robotaxi自動駕駛套件所採用的絕大部分零部件，單車自動駕駛套件BOM成本較 上一代大幅下降約70%。以「頭車有人、後車無人」的「1+4」編隊自動駕駛方案為 例，按現有示範場景測算，其單公里貨運成本相較傳統貨運將下降29%，貨運利 潤將提升195%，將實現貨運物流的大幅降本、提質和增效。 第四代自動駕駛卡車通過複用全新一 ...

Market Overview - The Hang Seng Index is expected to fluctuate around 26,000 points due to the Federal Reserve's hawkish stance on interest rate cuts and ongoing uncertainties in the US-China trade relations [1] - The third quarter economic performance in mainland China has further cooled, prompting a focus on expanding domestic demand and promoting technological self-reliance as outlined in the 14th Five-Year Plan [1] Company News - Pony.ai (2026) has set its share offering price at HKD 139 [3] - Geely has acquired a 26.4% stake in Renault's Brazilian operations, allowing it to benefit from production and sales at the Brazilian factory [3] - Chow Tai Fook (1929) has adjusted prices for some gold products starting today [3] - Sa Sa International (0178) has issued a profit warning, expecting a mid-term profit increase of over 50% [3] Economic Indicators - The US Federal Reserve announced a 0.25% interest rate cut, lowering the target range to 3.75% to 4.00%, and plans to end balance sheet reduction starting December [4] - The Hang Seng Index closed at 26,158 points, up 0.97%, with a trading volume of HKD 228.7 billion [5] - The manufacturing PMI in China fell to 50.6 in October, below expectations, indicating a slowdown in economic activity [7] Sector Focus - The insurance sector is seeing improved investment returns in Q3 due to strong performance in A-shares [6] - AI concept stocks are benefiting from accelerated applications of "Artificial Intelligence+" in mainland China, with breakthroughs in chip development [6] - Macau gaming stocks reported October gaming revenue exceeding expectations, reaching a nearly six-year monthly high [6] Regulatory Developments - The Hong Kong Monetary Authority has launched the "FinTech 2030" initiative, focusing on over 40 projects across four key areas to enhance the financial technology landscape [8] - The Securities and Futures Commission has issued new guidelines to facilitate licensed virtual asset trading platforms, allowing them to merge trading instructions with affiliated overseas platforms [8]

Market Performance - Hang Seng Index (恒指) rose by 273 points or 1%, closing at 26,433 points[1] - Shanghai Composite Index (滬指) increased by 46 points or 1.2%, ending at 3,996 points[1] - S&P 500 gained 83 points or 1.2%, closing above 6,800 points for the first time[2] Economic Indicators - Overall exports in Hong Kong increased by 16.1% year-on-year, reaching 462.3 billion HKD in September[3] - Imports also rose by 13.6% year-on-year, totaling 512.5 billion HKD in September[3] - Trade deficit recorded at 50.2 billion HKD, equivalent to 9.8% of import value[3] Monetary Policy - People's Bank of China conducted a 337.3 billion RMB reverse repurchase operation at a rate of 1.4%[1] - Net injection of 148.3 billion RMB on the day due to 189 billion RMB reverse repos maturing[1] Corporate Updates - China Coal Energy (中煤能源) reported Q3 revenue of 36.148 billion RMB, down 23.8% year-on-year[4] - Net profit attributable to shareholders was 4.78 billion RMB, a decrease of 1% year-on-year[4]

Market Overview - The Hang Seng Index is expected to hold around 25,000 points, reflecting a forecasted P/E ratio of 12 times over the next 12 months, amid uncertainties in U.S. monetary policy and ongoing U.S.-China trade tensions [2] - The U.S. Federal Reserve's recent hawkish stance on interest rate cuts has led to reduced expectations for future rate reductions, with only one cut anticipated in 2026, which is lower than market expectations [5][10] Corporate News - Anta (2020) reported low single-digit growth in retail sales for its brand products in Q3 [12] - Cansino (6185) benefited from sales of its meningitis vaccine, with net profit increasing 842% year-on-year in Q3 [5] - China Aluminum (2600) achieved a net profit of 3.8 billion RMB in Q3, marking a 90.3% increase [5] - Meituan (3690) announced that its rider social security subsidies will now cover the entire country, becoming the first to establish a comprehensive protection system for all riders [12] - Pony.ai plans to raise over 7.56 billion HKD through its IPO, with a focus on expanding its autonomous driving services [12] - WeRide (0800) aims to raise over 3.09 billion HKD in its IPO, positioning itself as a leader in L4 autonomous driving solutions [12] Macro Focus - In September, profits of large-scale industrial enterprises in China increased by 21.6% year-on-year, with a cumulative growth of 3.2% for the first three quarters [10] - The Chinese government is set to deepen reforms in the ChiNext board to optimize financing and regulatory systems [10][11] - The Hong Kong government reported a 16.1% increase in exports and a 13.6% increase in imports in September, both exceeding market expectations [11] Sector Insights - The insurance sector is expected to benefit from strong A-share performance, leading to improved investment returns in Q3 [8] - AI concept stocks are gaining traction as mainland China accelerates the application of "Artificial Intelligence+" [8] - The report indicates that Alibaba and Baidu hold the top two positions in China's AI cloud market, with market shares of 30.2% and 22.5% respectively [11]

Pony AI Inc. 股份代號 : 2026 （於開曼群島註冊成立並以不同投票權方式控制的有限責任公司） 全球發售 聯席保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示：閣下如對本招股章程的任何內容存有任何疑問，應徵詢獨立專業意見。 Pony AI Inc. 小馬智行* （於開曼群島註冊成立並以不同投票權方式控制的有限責任公司） 全球發售 | 全球發售的發售股份數目 : 41,955,700股發售股份（視乎發售量 | | --- | | 調整權及超額配股權行使與否而定） | | 香港發售股份數目 : 4,195,600股發售股份（可予重新分配） | | 國際發售股份數目 : 37,760,100股發售股份（可予重新分配 | | 及視乎發售量調整權及超額配股權 | | 行使與否而定） | | 最高公開發售價 每股發售股份180.00港元，另加1.0% : | | 經紀佣金、0.0027%證監會交易 | | 徵費、0.00015%會財 ...