Pony.ai (Xiaoma Zhixing 小马智行) Clears Hong Kong Exchange Hearing; Robotaxi Fleet Could Surpass 1,000 Vehicles by Year‑End

Key Points

 

Overview — Pony.ai (Xiaoma Zhixing 小马智行) Hong Kong listing and Robotaxi growth

Pony.ai (Xiaoma Zhixing 小马智行) has officially cleared the Hong Kong Stock Exchange hearing and is moving forward with a Hong Kong primary listing.

The company aims to become a dual primary‑listed company alongside its Nasdaq listing (ticker: PONY).

The prospectus and filings show accelerating commercial traction in its Robotaxi business and a fast‑growing fleet.

Management expects the Robotaxi fleet to top 1,000 vehicles by the end of 2025.

 

What cleared the hearing — listing milestones and offering size

On October 17, 2025 the Hong Kong Exchange posted that Pony.ai passed the exchange’s hearing process and moved forward in its Hong Kong listing effort.

Earlier, on October 14, 2025, Pony.ai received approval from the China Securities Regulatory Commission (CSRC) to file for a Hong Kong listing.

The Hong Kong offering proposes to issue up to 102 million ordinary shares in the Hong Kong offering.

 

Market context — Nasdaq performance and investor access

Pony.ai completed its U.S. IPO in November 2024 on the Nasdaq under the ticker PONY.

As of October 16, 2025, Pony.ai’s Nasdaq share price closed at $20.415 USD per share, up more than 57% from its $13.00 IPO price.

The dual listing strategy supports broader investor access across Asia and the U.S., which is a common path for Chinese tech companies expanding their investor base.

 

Financial performance — rising revenue, widening losses

The prospectus shows sustained revenue growth and an acceleration in the first half of 2025.

• Revenue (2022): ¥489,985,690 RMB ($68,386,000 USD)
• Revenue (2023): ¥515,156,335 RMB ($71,899,000 USD)
• Revenue (2024): ¥537,554,125 RMB ($75,025,000 USD)
• Revenue (H1 2025): ¥253,884,610 RMB ($35,434,000 USD), up 43.3% year‑over‑year

Net losses show a mixed trend as Pony.ai scales operations.

• Net loss (2022): ¥1,060,420,000 RMB ($148,000,000 USD)
• Net loss (2023): ¥895,625,000 RMB ($125,000,000 USD)
• Net loss (2024): ¥1,970,375,000 RMB ($275,000,000 USD)
• Net loss (H1 2025): ¥649,435,600 RMB ($90,640,000 USD)

Prior‑year H1 net loss was ¥370,860,400 RMB ($51,760,000 USD), showing higher absolute losses in H1 2025 as the company scales.

Quarterly progress: Q2 2025 revenue reached ¥153,689,250 RMB ($21,450,000 USD), up 75.9% year‑over‑year and 53.5% quarter‑over‑quarter.

What this means:

• Revenue momentum: The H1 2025 jump implies faster monetization from Robotaxi and related services.
• Scaling costs: Rising net losses reflect investment in hardware, software, fleet deployment, and regulatory compliance.
• Investor focus: Expect market attention on unit economics per ride, utilization rates, and how quickly per‑vehicle losses narrow.

 

Robotaxi business — fast growth from a small base

Pony.ai reports its Robotaxi business is moving quickly through commercialization.

In H1 2025, Robotaxi revenue was ¥23,320,000 RMB ($3,256,000 USD), a 178.8% increase year‑over‑year.

Passenger fare revenue showed strong quarter‑to‑quarter growth.

Fare revenue rose roughly 800% in Q1 2025 and more than 300% in Q2 2025 versus prior periods.

Why that matters:

• From R&D to real rides: The sharp percentage increases are riding a small base effect, but they still indicate rapid commercialization.
• Monetization signals: Passenger fare growth suggests user adoption and improved vehicle availability.
• Key metric watch: Investors will look for sustained ARPU, utilization, and marginal cost reductions as fleet scales.

 

Operations, licensing and product lineup — Gen‑7 stack and partnerships

Founded in 2016, Pony.ai provides autonomous driving technologies for passenger mobility and logistics.

The company launched China’s first Robotaxi service in 2018.

Today it operates three main business lines: autonomous ride‑hailing (Robotaxi), autonomous truck logistics (Robotruck), and technology licensing & application services.

Pony.ai reports cumulative autonomous road testing of more than 55 million kilometers.

In April 2025 Pony.ai introduced three Robotaxi models developed with Toyota (丰田 Fēngtián 丰田), BAIC (北汽 Běiqì 北汽), and GAC (广汽 Guǎngqì 广汽).

These models integrate Pony.ai’s seventh‑generation autonomous driving stack (Gen‑7).

Several Gen‑7 models have obtained L4 autonomous driving testing permits in Beijing, Shanghai, Guangzhou and Shenzhen.

Public road testing for the new models has exceeded 3.5 million kilometers.

Product and partnership insight:

• OEM collaboration: Working with Toyota, BAIC and GAC de‑risks vehicle supply and speeds certification.
• Gen‑7 adoption and regulatory permits across major cities are practical milestones for scaling driverless services.

 

Fleet scale and international expansion — coverage, users, and global reach

Pony.ai says it is the only company conducting fully driverless (no safety driver) paid Robotaxi operations across China’s four first‑tier cities — Beijing, Shanghai, Guangzhou and Shenzhen.

These operations cover more than 2,000 square kilometers.

The PonyPilot app has surpassed 500,000 registered users.

Fleet growth is a key driver of commercial momentum.

As of the prospectus, Pony.ai’s vehicle count had exceeded 680 Robotaxis.

The company projects the fleet will top 1,000 vehicles by the end of 2025.

Global expansion accelerated in 2025.

Pony.ai says its operations now touch eight countries across Asia, Europe, the Americas and the Middle East.

The company has obtained Robotaxi testing permits in six of those countries.

Operational takeaway:

• Scale matters: Fleet size drives unit economics for Robotaxi networks.
• Registered users: Half a million registered users is a meaningful demand pool to convert to paid rides.
• International permits: Testing permits in multiple jurisdictions lower the barrier to global commercial launches.

 

Ownership snapshot ahead of Hong Kong listing

Before the Hong Kong offering, key shareholdings reported in the prospectus included:

• Peng Jun (彭军 Péng Jūn) — co‑founder and CEO: 15.57%
• Lou Tiancheng (楼天城 Lóu Tiānchéng) — co‑founder and CTO: 5.50%
• Toyota (丰田 Fēngtián 丰田): 11.02%
• Sequoia China (红杉中国 Hóngshān Zhōngguó): 5.87%
• Wuyuan Capital (五源资本 Wǔyuán Zīběn): 4.04%

Why this matters for investors:

• Founder ownership: Significant founder stakes align management incentives with long‑term execution.
• Strategic investors: Toyota’s ownership signals deep OEM collaboration and commercial validation.

 

Why it matters — commercialization, listing strategy, and what to watch

Pony.ai’s move to secure a Hong Kong primary listing while maintaining its Nasdaq listing reflects a broader trend among Chinese tech companies seeking dual listings to broaden investor access.

Operationally, the company’s rapidly increasing Robotaxi fleet, higher passenger fare growth rates and expanded geographic footprint point to faster commercialization.

Rising revenues have so far been accompanied by sizable net losses as Pony.ai scales hardware, software and operations.

Key things investors and founders should watch next:

• Fleet growth vs. utilization: How quickly average rides per vehicle rise as the fleet crosses key thresholds (680 to 1,000+).
• Unit economics: Trends in fare revenue per ride, maintenance costs, and AV‑specific operating costs.
• Regulatory permits: Expansion of L4 permits to more cities and countries to widen addressable markets.
• Partnerships: OEM alliances (like Toyota (丰田 Fēngtián 丰田)) and logistics clients for Robotruck revenue diversification.
• Capital and margin trajectory: How the Hong Kong offering helps fund scaling and narrows per‑vehicle losses.

 

Linking opportunities

• Internal link ideas: “Autonomous vehicle investments,” “Robotaxi unit economics,” “China EV and AV partnerships.”
• External anchor ideas: Link to Pony.ai press pages, Nasdaq quote pages, and regulatory guidance on AV testing permits.
• SEO anchors: Use phrases like “Pony.ai Hong Kong listing,” “Robotaxi fleet growth,” and “Gen‑7 autonomous stack” for link text.

 

Bottom line

Pony.ai (Xiaoma Zhixing 小马智行) has cleared a major regulatory step toward a Hong Kong primary listing and is scaling a paid, fully driverless Robotaxi network across China’s largest cities.

The company’s revenue acceleration, rapid Robotaxi monetization from a small base, and strategic OEM partnerships set a clear commercialization path, even as net losses expand during heavy investment and scaling.

Investors, founders, and product teams should watch fleet scale, utilization, unit economics, and regulatory permits as the clearest near‑term indicators of whether Pony.ai can convert growth into durable profitability.

 

References

• 小马智行通过港交所聆讯，预计Robotaxi车队年底有望超千台 – 澎湃新闻
• Pony.ai official site – Pony.ai
• PONY (Pony.ai) Nasdaq quote and company information – Nasdaq

 

Pony.ai (Xiaoma Zhixing 小马智行) is now positioned to scale its Robotaxi operations as it pursues a Hong Kong primary listing and global expansion.