Core Viewpoint - Pony AI Inc. (小马智行) is preparing for a public listing on the Hong Kong Stock Exchange after filing its prospectus, following its previous IPO on NASDAQ in February 2023, where it achieved a market capitalization of approximately $6.854 billion as of October 17, 2025 [1][2]. Business Overview - Founded in 2016, Pony AI provides autonomous driving technology and solutions in the mobility and logistics sectors, focusing on three main business areas: Robotaxi services, Robotruck logistics, and technology licensing [3]. - The company has achieved significant milestones in autonomous driving, including over 55 million kilometers of road testing and being the only company to operate fully autonomous Robotaxi services in major Chinese cities [3][4]. Financial Performance - Pony AI's revenue has shown consistent growth, with a reported revenue of $35.43 million for the first half of 2025, representing a year-on-year increase of 43.3% [3][12]. - The Robotaxi segment has been particularly strong, generating $3.256 million in revenue in the first half of 2025, a remarkable increase of 178.8% year-on-year [3][12]. Market Expansion - In 2025, Pony AI accelerated its global expansion, establishing operations in eight countries across Asia, Europe, the Americas, and the Middle East, successfully obtaining Robotaxi testing permits in six of these countries [5][6]. Shareholder Structure - The company has a dual-class share structure, with Dr. Peng Jun holding 15.57% of the shares but controlling approximately 53.81% of the voting rights, making him the majority shareholder [8]. Management Team - The board of directors consists of seven members, including two executive directors: Dr. Peng Jun (Chairman and CEO) and Dr. Lou Tiancheng (CTO) [10].

一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 小马智行 美股｜挂牌上市 事实上，鉴于投资者对小马智行IPO的认购热情空前高涨，小马智行本次在发行过程中扩大了IPO规 模。另据「IPO早知道」从接近本次小马智行IPO的投行人士处获悉，小马智行启动IPO招股后实现 超额认购，参与认购的机构除了已公开的北汽集团和康福德高，还包括小马智行多个老股东以及多家 国际顶尖投资机构。 成立于2016年的小马智行主要为全球市场提供出行和物流领域的自动驾驶技术和解决方案，开发可 适用于不同车型和应用场景的"虚拟司机"（Virtual Driver）技术。基于此，小马智行的营收也主要 来自于自动驾驶出行服务（Robotaxi）、自动驾驶卡车（Robotruck）以及技术授权与应用服务。 目前，小马智行自动驾驶路测总里程累计近4000万公里。 2018年12月，小马智行推出了中国首个自动驾驶出行服务（Robotaxi）小马智行（PonyPilot）， 并成为全球极少数实现全无人驾驶，真正引领全球Robotaxi向大规模量产和商业化进程的公司。根 据弗若斯特沙利文的报 ...