On November 14, 2024, the holding company Pony AI Inc., a self-driving company from Guangzhou, Guangdong, Guangzhou Xiaoma Xing Technology Co., Ltd., updated its prospectus with the Securities and Exchange Commission (SEC) in the United States, planning to list on the NASDAQ with the stock code PONY. It submitted the confidential filing to the SEC on March 27, 2023, and later publicly disclosed the prospectus on October 17, 2024.

Pony AI Inc. received a notification from the International Cooperation Department of the China Securities Regulatory Commission on April 22, 2024, with the overseas issuance and listing record (Guohe Han [2024] No. 840), allowing it to issue 98.1495 million common shares and be listed on the NASDAQ or New York Stock Exchange in the United States.

According to the prospectus, Pony AI Inc. plans to issue 15 million American Depositary Receipts (ADRs) priced between $11 and $13 per ADR, aiming to raise up to $0.195 billion.

According to the prospectus, two cornerstone investors, Beiqi Group and Singapore taxi giant ComfortDelGro, plan to subscribe for $70.35 million and $4.5 million worth of shares, respectively, totaling $74.85 million; JSC International, Guangzhou Nansha Chicheng Future Industry Investment Fund, and GAC Capital, along with several other investors, also agree to purchase shares worth a total of $0.1534 billion.

Pony AI Inc. prospectus link:

sec.gov/Archive...

Main Business

小马智行，作为一家实现自动驾驶出行大规模商业化的全球领导者，根据弗若斯特沙利文的数据，小马智行是中国首批获得在中国所有四个一线城市(即北京、上海、广州和深圳)运营全自动驾驶机器人出租车牌照的公司之一，也是唯一一家获得在这些一线城市提供面向公众的机器人出租车服务所必需的所有监管许可的自动驾驶技术公司。

小马智行目前运营着一支由250多辆自动驾驶出租车组成的车队，累计自动驾驶里程逾33.5 million公里(其中包括逾3.9 million公里的无人驾驶里程)。2024上半年每辆自动驾驶出租车的平均每日订单量超过15份，为实现 4级自动驾驶出租车的大规模商业化奠定了重要里程碑。

公司已与丰田、GTMC成立合资企业，以推进全自动驾驶机器人出租车在中国的量产和大规模部署。此外，公司还与上汽、广汽和一汽等合作，共同开发和量产机器人出租车车辆。

根据弗若斯特沙利文的数据，凭借与OnTime Mobility、高德地图和支付宝等领先跨国公司的强大合作伙伴关系，小马智行成为首批提供完全无人驾驶收费、面向公众的自动驾驶出租车服务的公司之一，该服务具有显着的安全优势和令人信服的乘客体验。

小马智行目前运营着一支由190多辆自动驾驶卡车组成的车队，既有独立运营的，也有与中国外运合作运营的，根据CIFA的数据中国外运是中国最大的货运物流公司(已积累了自动驾驶里程约为5 million公里)。在商业运营过程中，公司的自动驾驶卡车车队在中国各地提供枢纽到枢纽的长途货运服务，累计货运里程超过 0.767 billion吨公里。此外，公司还与中国领先的卡车制造商三一集团合作开发了 4级机器人卡车。

Building on the initial market success in China, Pony.ai is firmly committed to providing safe, sustainable, and accessible self-driving cars globally. Up to now, Pony.ai's business scope has expanded to Europe, East Asia, the Middle East, and other regions outside of China, ensuring that our advanced technology can be widely utilized. With these milestones, Pony.ai is poised to achieve mass commercialization of the virtual driver technology. Specifically, Pony.ai aims to develop a commercially viable and sustainable business model that enables mass production and deployment of vehicles equipped with our virtual driving technology, applying them to various transportation scenarios to provide autonomous mobility services to people and businesses worldwide.

Shareholder Structure

According to the prospectus, in the shareholder structure prior to the listing of Pony.ai,

Dr. Jun Peng, holding 19.1%;

Dr. Tiancheng Lou, holding 6.7%;

Mr. Fei Zhang, Dr. Haojun Wang, Mr. Ning Zhang, Mr. Hengyu Li, Dr. Luyi Mo, Esq. Tian Gao, each holding less than 1%;

Toyota Motor Corporation holds 13.4% of the shares;

Entities affiliated with HongShan hold 10.2% of the shares;

2774719 Ontario Limited, a subsidiary of the Ontario Teachers' Pension Plan Board of Canada, holds 6.8% of the shares;

IDG entities hold 5.8% of the shares;

5Y Capital entities hold 5.7% of the shares.

Company institutions.

The prospectus shows the structure of XiaoMa Zhixing as follows:

Management Team

The prospectus shows that the management team of Pony.ai is as follows:

Corporate Performance

The prospectus shows that in the past 2022, 2023, and the first six months of 2024, Pony.ai's revenue was $68.386 million, $71.899 million, and $24.72 million respectively, with corresponding net losses of $0.148 billion, $0.125 billion, and $0.05132 billion.

Intermediary institutions.

Didi Chuxing's main intermediary team for this IPO includes: Goldman Sachs, Merrill Lynch, Deutsche Bank, HTSC, and Tiger Securities as its joint underwriters; Deloitte as its auditor; Haiwen and Davis Polk as its company's Chinese lawyers, company's American lawyers respectively; Jingtian & Gongcheng, JiaLing as its underwriters' Chinese lawyers, underwriters' American lawyers respectively.