Pony.ai-W (02026.HK) dips over 10% below issue price on debut, with robotaxi revenue accounting for less than 10%

ZC Asia has learnt that Pony.ai (Stock Code: 02026) commenced trading on the Hong Kong Stock Exchange today, with its share price underperforming expectations on its first day. The company opened at HK$124, down 10.79% from its issue price of HK$139. Intraday losses widened to 14.17% at HK$119.3 per share, with turnover exceeding HK$600 million.

While the Hong Kong public offering portion of Pony.ai's IPO was oversubscribed by 15.88 times, the international offering saw only 7.72 times subscription, indicating relative caution among institutional investors. This divergence in subscription structure foreshadowed the risk of a price dip below the IPO level on the first trading day.

From a fundamental perspective, Pony.ai remains in a state of persistent losses. Financial reports indicate pre-tax losses of US$148 million, US$125 million, and US$275 million for the years 2022 to 2024 respectively. The net loss for the first half of 2025 widened by 75.07% year-on-year.

Regarding business development, Pony.ai CEO Peng Jun previously stated profitability would only be achievable once the Robotaxi fleet reached 50,000 vehicles. However, by the second quarter of 2025, the company's total Robotaxi fleet had just surpassed 500 vehicles, with plans to reach 1,000 by the end of 2025 – a significant gap from the profitability target. Concurrently, despite a 75.9% year-on-year increase in total revenue during Q2 2025, core Robotaxi service revenue accounted for less than 10% of the total.

Nevertheless, the company is actively advancing its business development. Its seventh-generation Robotaxi autonomous driving suite reportedly achieved a 70% cost reduction compared to its predecessor, with gross margin rebounding to 16.1% in Q2 2025. Furthermore, the company has entered into a strategic partnership with Shenzhen Xihu Group, planning to deploy over 1,000 Robotaxis in Shenzhen. As of 30 June 2025, the company held total cash and cash equivalents amounting to US$747.7 million. Combined with the net proceeds of approximately HK$6.454 billion raised from its Hong Kong listing, this provides a solid financial foundation for future development.

As one of the ‘first Robotaxi stocks’ to list, Pony.ai's debut performance reflects market concerns regarding the commercialisation trajectory of autonomous driving enterprises. While securing capital market backing, accelerating scalable commercial deployment and balancing investment-output dynamics will constitute significant future challenges for the company.

Disclaimer: The content herein is for reference only and does not constitute any form of investment advice. Should any information contained herein prove inaccurate, incomplete, or potentially misleading, please refer to the company's official announcements. Market risks exist; investment requires caution.