Pony AI surged 16% in pre-market trading! Reports indicate that the company will conduct a secondary listing in Hong Kong, and the founder's lock-up period has been extended by 540 days

On Wednesday, before the US stock market opened, Pony AI surged over 16%, with reports indicating that the company plans to apply for a listing in Hong Kong confidentially. As of the market close on May 13, Pony AI has rebounded 336.7% from its low on April 22.

In response, Pony AI stated to Wall Street Watch that they would not comment. However, it is worth mentioning that in March this year, there were also market rumors indicating that Pony AI planned a secondary listing in Hong Kong, which was still in the early discussion stage at that time.

Previously, the Hong Kong Stock Exchange and the Hong Kong Securities and Futures Commission announced that specialized technology companies and biotechnology companies could apply for listings confidentially. This means that they can submit their listing applications secretly before going public, and only need to disclose the prospectus later in the application process, such as after the listing hearing. This format aims to help these companies prepare for listing more efficiently.

At the same time, Pony AI announced that its chairman of the board, co-founder, and CEO Peng Jun, as well as co-founder and CTO Liu Tiancheng, have each signed voluntary agreements to extend their share lock-up period. According to the agreement, all shares and related securities held by the two founders will continue to be locked for 540 days from the expiration date of the company's initial public offering lock-up period.

CEO Peng Jun stated that the company is currently at a critical stage of scaling up the production and deployment of Robotaxi. Analysts believe that the founders' voluntary extension of the lock-up period enhances investors' confidence in the long-term development of the autonomous driving industry.

Peng Jun: The company is at a critical stage of scaling up Robotaxi production

Analysts believe that the founders' voluntary extension of the lock-up period reflects the founding team's firm belief in the company's long-term value and sends a positive signal to the market about the deep binding of management and shareholder interests, enhancing investors' confidence in the long-term development of the autonomous driving industry. On one hand, it effectively alleviates market concerns about pre-IPO investors reducing their holdings; on the other hand, the 540-day lock-up period covers multiple key business milestones, fully demonstrating the management's commitment to deepening industry value and sharing long-term development results with investors.

Pony AI co-founder and CEO Peng Jun stated:

This voluntary extension of the lock-up period reflects our full confidence in Pony AI's long-term strategy and commercialization prospects. Currently, the company is at a critical stage of scaling up the production and deployment of Robotaxi, and we hope to strengthen trust between shareholders and the market through this commitment, driving the company towards sustainable growth.

Pony AI co-founder and CTO Liu Tiancheng emphasized:

Pony AI's technological strength in the field of autonomous driving is continuously breaking boundaries. Our seventh-generation autonomous driving system uses 100% automotive-grade components and has achieved significant cost optimization, making it ready for mass production. This extension of the lock-up period is based on our full validation of the technological route and business model. We will continue to innovate and promote the application of autonomous driving technology globally Currently, Pony AI has not yet achieved profitability, with an operating loss of $286 million in 2024. Pony AI's revenue for 2024 is $54.8 million, an increase of 4.3% compared to $71.9 million in the same period last year. Peng Jun previously stated that when Pony AI becomes profitable depends on the number of Robotaxis deployed, and the company expects to break even around 2028 or 2029.

"The world's first Robotaxi stock," accelerating commercialization

As a leading autonomous driving company in China, Pony AI was established in 2016 and focuses on providing autonomous driving technology and solutions for the mobility and logistics sectors in the global market. In November 2024, Pony AI successfully listed on NASDAQ, becoming one of the first publicly traded companies in the global Robotaxi sector.

Pony AI has formed three major business segments: autonomous driving mobility services (Robotaxi), autonomous driving trucks (Robotruck), and technology licensing and application services. Financial reports show that Pony AI's revenue reached $68.39 million, $71.9 million, and $24.72 million in 2022, 2023, and the first half of 2024, respectively, totaling over $165 million (approximately 1.2 billion RMB), making it the highest revenue-generating L4 autonomous driving company in China.

Pony AI's commercialization is also accelerating, as it is one of the first companies in China to obtain permits for unmanned mobility services in Beijing, Shanghai, Guangzhou, and Shenzhen. As of June 2024, the "Pony AI" app has over 220,000 registered users, with about 70% being repeat users. On average, each fully unmanned Robotaxi receives more than 15 orders per day, peaking at 25 orders, validating its commercial viability.

Pony AI has also established strategic partnerships with several mainstream automakers, including Toyota, GAC, FAW, SAIC, BAIC New Energy, and SANY Group. In collaboration with Toyota, the two parties have jointly established a joint venture called "Zhuifeng Intelligent Technology," investing over 1 billion RMB, with plans to deploy over 1,000 Robotaxis in first-tier cities by 2025-2026. Additionally, the partnership with GAC Aion will focus on creating commercially competitive Robotaxi models based on global vehicle platforms, while the collaboration with BAIC New Energy will involve the development of fully unmanned Robotaxis based on the Arcfox Alpha T5 model.

Furthermore, Pony AI is actively expanding into international markets. Last Tuesday, Uber announced a partnership with Pony AI to enter the Middle Eastern market, and Pony AI has now built a global business footprint spanning China, Europe, East Asia, and the Middle East