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Investing.com-- Chinese autonomous driving firm Pony AI (NASDAQ:PONY) has launched its Hong Kong initial public offering, issuing about 41.96 million Class A ordinary shares, the company said on Monday.
The proposed maximum offer price is HK$180 ($23.17) per share, with final pricing expected around November 3. Cornerstone investors have already committed about US$120 million to the international tranche, according to the company’s filing.
Pony AI, which is also listed in New York, said proceeds from the Hong Kong listing will be used to advance its Level 4 autonomous driving technology, expand research and development, and bolster working capital.
The move underscores a broader trend among Chinese technology companies seeking dual listings in Hong Kong amid tightening regulatory oversight and geopolitical tensions between the United States and China.
The IPO is jointly underwritten by Goldman Sachs, Bank of America Securities, Deutsche Bank, Huatai Securities, and Macquarie Group.
