Hedge funds are buying these two big tech stocks while selling two rivals
Pony.ai listed on the Hong Kong Stock Exchange Main Board on November 6, 2025, establishing a dual-primary listing structure alongside its existing NASDAQ listing under ticker "PONY."
The autonomous driving company issued approximately 48.25 million shares in its Hong Kong IPO after fully exercising its offer size adjustment option. Total proceeds are expected to reach HK$7.7 billion if underwriters fully exercise the over-allotment option, according to the company’s statement.
Founded in 2016, Pony.ai operates robotaxi services and has accumulated more than 55 million kilometers of autonomous driving mileage. The company holds fully driverless Level 4 commercial robotaxi service permits in Beijing, Shanghai, Guangzhou and Shenzhen.
In April 2025, Pony.ai introduced three Gen-7 Robotaxi models developed with Toyota, BAIC, and GAC. The company reported that the bill-of-materials cost of the Gen-7 autonomous driving system decreased by more than 70% compared to the previous generation, with computing unit costs down 80% and solid-state LiDAR costs reduced by 68%.
The company previously completed its NASDAQ listing in November 2024. Pony.ai is expanding operations internationally across Europe, East Asia, and the Middle East through partnerships with local governments and industry participants.
"After nearly nine years of relentless innovation and exploration, Pony.ai stands on the brink of large-scale commercialization in autonomous driving," said Dr. James Peng, founder and CEO, in the company’s statement.