Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pony-ai-inc" target="_blank" data-smartkarma-citation="entities:44035:1" rel="noopener">Pony AI (PONY US)</a>  plans to raise around US$825m in its secondary listing in Hong Kong.</li>
<li>We have looked at the deal dynamics in our previous note.</li>
<li>In this note, we talk about the deal structure and updates since then.</li>
</ul>



Pony AI (PONY US)  plans to raise around US$825m in its secondary listing in Hong Kong.
We have looked at the deal dynamics in our previous note.
In this note, we talk about the deal structure and updates since then.


Pony AI Secondary HK Offering - Needs to Correct Some More

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
  <li>
<a href="https://smartkarma.com/entities/pony-ai-inc">Pony AI</a> is a leading autonomous vehicle (AV) technology company with a strategic dual focus on the US and Chinese markets, developing Level 4 autonomous driving systems for robotaxis and commercial trucking.</li>
  <li>The company is in a high-growth, pre-profitability phase, marked by surging revenues from its expanding robotaxi services and technology licensing, but also significant cash burn due to heavy R&amp;D and operational investments.</li>
  <li>Key catalysts include the mass production of its cost-efficient 7th-generation hardware, strategic partnerships with major automotive OEMs like Toyota and Stellantis, and a planned secondary listing in Hong Kong to fund future expansion.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Pony AI is a leading autonomous vehicle (AV) technology company with a strategic dual focus on the US and Chinese markets, developing Level 4 autonomous driving systems for robotaxis and commercial trucking.
  The company is in a high-growth, pre-profitability phase, marked by surging revenues from its expanding robotaxi services and technology licensing, but also significant cash burn due to heavy R&amp;D and operational investments.
  Key catalysts include the mass production of its cost-efficient 7th-generation hardware, strategic partnerships with major automotive OEMs like Toyota and Stellantis, and a planned secondary listing in Hong Kong to fund future expansion.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pony-ai-inc" target="_blank" data-smartkarma-citation="entities:44035:1" rel="noopener">Pony AI </a> , a leading autonomous mbility technology player based in China, proposes to issue no more than 102 million ordinary shares for a secondary listing on the HKEX.</li>
<li>From a commercialization standpoint, Pony is transitioning from pilot programs to scaled operations - 2025 could be a pivotal year of mass production for its 7th generation (Gen-7) Robotaxis.</li>
<li>Pony is also accelerating its global expansion - it recently announced a partnership with Stellantis, to develop Level 4 autonomous vehicles for the European market.</li>
</ul>



Pony AI  , a leading autonomous mbility technology player based in China, proposes to issue no more than 102 million ordinary shares for a secondary listing on the HKEX.
From a commercialization standpoint, Pony is transitioning from pilot programs to scaled operations - 2025 could be a pivotal year of mass production for its 7th generation (Gen-7) Robotaxis.
Pony is also accelerating its global expansion - it recently announced a partnership with Stellantis, to develop Level 4 autonomous vehicles for the European market.


Pony AI HK Listing: Turning Driverless Technology into a Commercial Reality

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pony-ai-inc" target="_blank" data-smartkarma-citation="entities:44035:1" rel="noopener">Pony AI (PONY US)</a> is a Chinese robotaxi operator and self-driving technology company. It is seeking to raise US$1 billion through a dual primary HKEx listing.     </li>
<li>It was listed on the Nasdaq on 27 November 2024, raising US$260 million at US$13.00 per ADS. Since listing, the shares are up 48%.</li>
<li>The investment case centres around Pony’s accelerating revenue growth and progress towards positive unit economics. However, the path to profitability is long-dated and the valuation is full. </li>
</ul>



Pony AI (PONY US) is a Chinese robotaxi operator and self-driving technology company. It is seeking to raise US$1 billion through a dual primary HKEx listing.     
It was listed on the Nasdaq on 27 November 2024, raising US$260 million at US$13.00 per ADS. Since listing, the shares are up 48%.
The investment case centres around Pony’s accelerating revenue growth and progress towards positive unit economics. However, the path to profitability is long-dated and the valuation is full. 


Pony AI HK Dual Primary Listing: The Investment Case

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pony-ai-inc" target="_blank" data-smartkarma-citation="entities:44035:1" rel="noopener">Pony AI (PONY US)</a> plans to raise around US$1bn in its secondary listing in Hong Kong.</li>
<li>The company won HK listing approval and filed its PHIP on 17th October 2025. It will look to launch its secondary offering soon.</li>
<li>In this note, we’ll take a look at the deal and talk about the impact of the raising.</li>
</ul>



Pony AI (PONY US) plans to raise around US$1bn in its secondary listing in Hong Kong.
The company won HK listing approval and filed its PHIP on 17th October 2025. It will look to launch its secondary offering soon.
In this note, we’ll take a look at the deal and talk about the impact of the raising.


Pony AI Secondary HK Offering - Stock Has Been Volatile, a Look at Possible Trading Setup

China

Pony AI Inc. operates as an autonomous vehicle technology company. The Company provides autonomous driving technology solutions to deliver safe, sustainable, and accessible mobility to people and businesses around the world. Pony AI serves customers globally.

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Pony AI (PONY US)

Pony AI Secondary HK Offering - Needs to Correct Some More

Pony AI (PONY US) plans to raise around US$825m in its secondary listing in Hong Kong. In this note, we talk about the deal structure and pricing.

Sumeet Singh

Primer: Pony AI (PONY US) - Oct 2025

Pony AI is a leading autonomous vehicle (AV) technology company with a strategic dual focus on the US and Chinese markets, developing Level 4...

αSK Primers

Pony AI HK Listing: Turning Driverless Technology into a Commercial Reality

Autonomous mobility is here, and Pony AI is ready to drive it forward with its advanced technology stack, strong OEM alliances, regulatory breadth,...

Devi Subhakesan

Pony AI HK Dual Primary Listing: The Investment Case

Pony AI is seeking to raise US$1 billion through a dual primary HKEx listing. In this note, I discuss the investment case.

Arun George

Pony AI Secondary HK Offering - Stock Has Been Volatile, a Look at Possible Trading Setup

Pony AI (PONY US) plans to raise around US$1bn in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics and possible...

Sumeet Singh

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