IPO Timeline
Broker Deadline
2025-11-03
Morning deadline
HKEX Deadline
2025-11-03
Noon deadline
Broker Results (T-2)
2025-11-04
Some brokers release in afternoon
Grey Market (T-1)
2025-11-05
Afternoon
HKEX Allotment (T-1)
2025-11-05
Evening
Registrar Allotment (T-1)
2025-11-05
Evening
Listing Day (T)
2025-11-06
First day of trading
Cross-Market Price Comparison
| Other Listed Market | To be extracted |
|---|---|
| Other Market Stock Code | To be extracted |
| H-Share Offer Price | HK$ 180.00 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | 小马智行－Ｗ |
|---|---|
| Stock Code | 02026 |
| Company Full Name | 小马智行－Ｗ |
| Industry | Information Technology |
| Principal Activities | Pony是實現自動駕駛出行大規模商業化的領導者，為(i)截至最後可行日期唯一一家獲得在四座一線城市提供面向公眾的自動駕駛出行服務全部可得及所需監管許可的L4自動駕駛科技公司，截至同日運營一支由超過720輛自有自動駕駛出租車組成的車隊；及(ii)中國首家於2024年12月獲准在跨省高速公路上進行L4無人駕駛的自動駕駛卡車編隊測試的公司，截至最後可行日期運營一支由超過170輛自有及租賃自動駕駛卡車組成的車隊。 |
| Listing Date | 2025-11-06 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | 8A不同投票权 |
| Weighted Voting Rights (WVR) | Yes |
| Registered Address (Mainland China) | 中國廣州市 南沙區 橫瀝鎮明珠一街1號 明珠發展大廈1301室 |
| Business Address (Hong Kong) | 香港灣仔 皇后大道東183號 合和中心46樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.pony.ai |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2862 8628 |
| A-Share/US Dual Listing | Yes (NASDAQ) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 180.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 18,000 |
| Par Value | RMB 0.0035 / shares |
| Offer Period | 2025-10-28 to 2025-11-03 |
| Global Offering Shares | 48,249,000 shares |
| HK Public Offer Shares (Initial) | 4,195,600 shares (8.7%) |
| Public Offer Lots (Initial) | 41,956lots (20,978lots, 20,978lots) |
| International Placing Shares (Initial) | 37,760,100 shares (91.3%) |
| Offer Ratio | ~11.29% |
| Total Shares Post-IPO | 427,248,253 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 13.9% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 8,684,820,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 18,000 |
| 2 lots | 200 | HK$ 36,000 |
| 3 lots | 300 | HK$ 54,000 |
| 4 lots | 400 | HK$ 72,000 |
| 5 lots | 500 | HK$ 90,000 |
| 6 lots | 600 | HK$ 108,000 |
| 7 lots | 700 | HK$ 126,000 |
| 8 lots | 800 | HK$ 144,000 |
| 9 lots | 900 | HK$ 162,000 |
| 10 lots | 1,000 | HK$ 180,000 |
| 15 lots | 1,500 | HK$ 270,000 |
| 20 lots | 2,000 | HK$ 360,000 |
| 25 lots | 2,500 | HK$ 450,000 |
| 30 lots | 3,000 | HK$ 540,000 |
| 35 lots | 3,500 | HK$ 630,000 |
| 40 lots | 4,000 | HK$ 720,000 |
| 45 lots | 4,500 | HK$ 810,000 |
| 50 lots | 5,000 | HK$ 900,000 |
| 60 lots | 6,000 | HK$ 1,080,000 |
| 70 lots | 7,000 | HK$ 1,260,000 |
| 80 lots | 8,000 | HK$ 1,440,000 |
| 90 lots | 9,000 | HK$ 1,620,000 |
| 100 lots | 10,000 | HK$ 1,800,000 |
| 200 lots | 20,000 | HK$ 3,600,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 300 lots | 30,000 | HK$ 5,400,000 |
| 400 lots | 40,000 | HK$ 7,200,000 |
| 500 lots | 50,000 | HK$ 9,000,000 |
| 600 lots | 60,000 | HK$ 10,800,000 |
| 700 lots | 70,000 | HK$ 12,600,000 |
| 800 lots | 80,000 | HK$ 14,400,000 |
| 900 lots | 90,000 | HK$ 16,200,000 |
| 1,000 lots | 100,000 | HK$ 18,000,000 |
| 2,000 lots | 200,000 | HK$ 36,000,000 |
| 3,000 lots | 300,000 | HK$ 54,000,000 |
| 4,000 lots | 400,000 | HK$ 72,000,000 |
| 5,000 lots | 500,000 | HK$ 90,000,000 |
| 6,000 lots | 600,000 | HK$ 108,000,000 |
| 7,000 lots | 700,000 | HK$ 126,000,000 |
| 10,000 lots | 1,000,000 | HK$ 180,000,000 |
| 15,000 lots | 1,500,000 | HK$ 270,000,000 |
| 20,978 lots | 2,097,800 | HK$ 377,604,000 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 76,904,685,540 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不適用（公司處於虧損狀態） |
| Profit/Loss Status | 虧損淨額約人民幣275.0百萬元（2024年） |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 126.1 |
|---|---|
| First Day Open | HK$ 124.0 |
| First Day Change | -9.28% |
| First Day Volume | 8679020.0 |
| First Day Turnover | 1056880000.0 |
Use of Proceeds
| Use of Proceeds | 1、約50%或約3,596.8百萬港元將于未來五年內分配作推行公司市場進入戰略，以在公司主要可觸及市場（包括自動駕駛出行服務及自動駕駛卡車服務）進行L4自動駕駛技術的大規模商業化； 2、約40%或約2,877.4百萬港元將于未來五年內分配作持續投資于L4自動駕駛技術及解決方案的研發； 3、約10%或約719.4百萬港元將用于營運資金需求及其他一般公司用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (4)
高盛（亚洲）有限责任公司 CE ACC536
Merrill Lynch (Asia Pacific) Limited CE AAC198
德意志证券亚洲有限公司 CE AAJ984
华泰金融控股（香港）有限公司 CE AOK809
Overall Coordinators (7)
高盛（亚洲）有限责任公司 CE ACC536
Merrill Lynch (Asia Pacific) Limited CE AAC198
德意志银行香港分行
华泰金融控股（香港）有限公司 CE AOK809
麦格理资本股份有限公司 CE AAC534
中信里昂证券有限公司 CE AAB893
中银国际亚洲有限公司 CE AET863
Joint Bookrunners (9)
高盛（亚洲）有限责任公司 CE ACC536
Merrill Lynch (Asia Pacific) Limited CE AAC198
德意志银行香港分行
华泰金融控股（香港）有限公司 CE AOK809
麦格理资本股份有限公司 CE AAC534
中信里昂证券有限公司 CE AAB893
中银国际亚洲有限公司 CE AET863
富途证券国际（香港）有限公司 CE AZT137
老虎证券（香港）环球有限公司 CE BMU940
Joint Lead Managers (9)
高盛（亚洲）有限责任公司 CE ACC536
Merrill Lynch (Asia Pacific) Limited CE AAC198
德意志银行香港分行
华泰金融控股（香港）有限公司 CE AOK809
麦格理资本股份有限公司 CE AAC534
中信里昂证券有限公司 CE AAB893
中银国际亚洲有限公司 CE AET863
富途证券国际（香港）有限公司 CE AZT137
老虎证券（香港）环球有限公司 CE BMU940
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Athos Capital Limited | 194,224,700 HKD | — | 2.90% | — | 6 months | 2026-05-06 |
| 2 | Eastspring Investments (Singapore) Limited | 155,374,200 HKD | — | 2.32% | — | 6 months | 2026-05-06 |
| 3 | Ghisallo Fund Master Ltd. | 388,449,400 HKD | — | 5.79% | — | 6 months | 2026-05-06 |
| 4 | Hel Ved Master Fund | 116,537,600 HKD | — | 1.74% | — | 6 months | 2026-05-06 |
| 5 | Ocean Arete Limited | 77,687,100 HKD | — | 1.16% | — | 6 months | 2026-05-06 |
Directors & Management
| Chairman | 彭軍 |
|---|---|
| Company Secretary | 高天 |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | 彭博士通過其控制的60,000,000股B類普通股，佔已發行股份約15.57%，並擁有約53.81%的投票權（保留事項除外），為控股股東。 |
|---|
AI
AI Analysis
Market Sentiment
The IPO was oversubscribed by 15.88 times, indicating moderate market enthusiasm. With a hit rate of 57.8%, over half of the applicants received at least one lot, suggesting the offering was accessible to retail investors compared to hotter IPOs where hit rates are often in the single digits. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
An unusual tier distribution occurred where 20,000 A-tail applicants expected 0.6584 lots each, while 30,000 B-head applicants expected only 0.5842 lots each. This inversion means crossing into the B-pool did not confer a proportional allocation advantage, potentially making higher broker fees for B-head less efficient. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic data such as mainland China participation rate, gender, or regional distribution is not available in the provided dataset, preventing any analysis of investor composition. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Offering Structure
Subscription Tiers
IPO Timeline
