China's leading autonomous driving company Pony.ai has launched its sprint towards listing on the Hong Kong stock market.
On October 17, the Hong Kong Stock Exchange (HKEX) announced that Pony.ai had officially passed its Hong Kong Stock Exchange hearing, launching its efforts to list on the Hong Kong stock market. Previously, on October 14, Pony.ai's Hong Kong stock listing filing was approved by the China Securities Regulatory Commission, with the company planning to issue no more than 102 million ordinary shares.
This also means the company is on track to achieve dual primary listings on both the Hong Kong and US stock markets. In November 2024, Pony.ai completed its IPO on the Nasdaq under the ticker symbol "PONY." On October 16, Pony.ai closed at $20.415 per share, up over 57% from its US IPO price of $13 per share.
Robotaxi business revenue increased by 178.8% in the first half of the year
According to its prospectus, Pony.ai, founded in 2016, provides autonomous driving technology and solutions for mobility and logistics. Pony.ai launched China's first Robotaxi service in 2018 and has since expanded into three business lines: autonomous mobility services (Robotaxi), autonomous truck logistics (Robotruck), and technology licensing and application services. Pony.ai has accumulated over 55 million kilometers in autonomous driving road tests.
The prospectus disclosed by Pony.ai shows that the company's revenue scale has been in a continuous upward trend in recent years, especially in the first half of 2025, with a significant growth rate of 43.3% year-on-year.
Specifically, Pony.ai's revenue in 2022, 2023, and 2024 is projected to be $68.386 million, $71.899 million, and $75.025 million, respectively; its net losses are projected to be $148 million, $125 million, and $275 million, respectively. Revenue for the first half of 2025 is projected to be $35.434 million, a year-on-year increase of 43.3%, while its net loss is projected to be $90.64 million, compared to a net loss of $51.76 million in the same period last year. Its revenue in the second quarter of 2025 is projected to increase further to $21.45 million, a year-on-year increase of 75.9% and a quarter-on-quarter increase of 53.5%.
Pony.ai's Robotaxi business, which has attracted much market attention, has performed particularly well. In the first half of 2025, its Robotaxi business revenue reached US$3.256 million (approximately RMB 23.32 million), a year-on-year increase of 178.8%.
It is worth noting that passenger fare revenue increased by approximately 800% and over 300% in the first and second quarters of 2025, respectively, demonstrating the accelerated commercialization of this business. This significant growth is attributed to the expansion of user coverage, rising user demand in first-tier cities, and the growth of the Robotaxi fleet.
The company expects the Robotaxi fleet to exceed 1,000 units by the end of the year
Regarding operations, Pony.ai explained that since launching China's first Robotaxi service at the end of 2018, Pony.ai has become the only company to operate fully unmanned Robotaxi charging services in four first-tier cities (Beijing, Shanghai, Guangzhou, and Shenzhen), covering a total area of over 2,000 square kilometers. To date, the PonyPilot app has over 500,000 registered users.
The prospectus disclosed that the commercialization of Pony.ai's Robotaxi business is accelerating.
In April 2025, Pony.ai released three Robotaxi models equipped with its seventh-generation autonomous driving system, developed in partnership with Toyota, BAIC, and GAC. Currently, several of these seventh-generation models have obtained Level 4 autonomous driving testing permits in Beijing, Shanghai, Guangzhou, and Shenzhen, and have accumulated over 3.5 million kilometers of public road testing.
Pony.ai said it has formed a diversified profit model through cooperation with OEMs, travel platforms, etc.
Pony.ai said that with the acceleration of vehicle model approval and testing processes, the size of the Robotaxi fleet has continued to rise. The total number of vehicles has now exceeded 680 and is expected to exceed 1,000 by the end of the year.
The expansion of Chinese Robotaxi companies overseas has become a major trend in the autonomous driving industry this year. Pony.ai has significantly accelerated its globalization efforts in 2025, expanding its business network to eight countries across Asia, Europe, the Americas, and the Middle East, and has successfully obtained Robotaxi testing licenses in six of these countries.
In addition, the prospectus shows that before listing on the Hong Kong stock market, Pony.ai co-founder and CEO Peng Jun held 15.57% of the shares, co-founder and CTO Lou Tiancheng held 5.5%; Toyota held 11.02%, Sequoia China held 5.87%, and 5Y Capital held 4.04%.
