"Pony AI" passes the listing hearing on the Hong Kong Stock Exchange

Chinese autonomous driving company XPeng (PONY.US) will go public in Hong Kong with a dual-class share structure after its listing hearing on the Stock Exchange, with Goldman Sachs, Bank of America Securities, Deutsche Bank, and Huatai International serving as joint sponsors.

Preliminary information after the hearing shows that as of October this year, XPeng is the only L4 autonomous driving technology company that has obtained all available and necessary regulatory licenses to provide autonomous driving mobility services to the public in all four major first-tier cities in China. It currently operates a fleet of over 680 self-owned autonomous taxis and a truck fleet consisting of over 170 self-owned and leased autonomous trucks.

As of the end of June this year, XPeng recorded revenue of approximately $35.434 million, a year-on-year increase of 43.3%, with a net loss attributable to shareholders of $96.086 million, widening from $51.317 million in the same period last year. The adjusted net loss under non-GAAP for the first half of this year was $74.423 million, also an increase from the loss of $55.932 million in the first half of 2024. The company attributed this to increased employee salaries and benefits due to investments in the mass production of the seventh-generation autonomous taxi and enhanced technical capabilities, although part of the increase was offset by investment income.

XPeng plans to use the proceeds from its Hong Kong listing to commercially scale L4 autonomous driving technology in the market and for the research and development of L4 autonomous driving technologies and solutions.

XPeng went public on the Nasdaq in the United States last November and had introduced over 30 investors, including Japan's Toyota Motor and Wuyuan Capital, through multiple rounds of investment before its U.S. listing, raising over $1.3 billion