My Little Pony Zhixing (02026) completed a dual listing of US stocks and Hong Kong stocks, and the largest IPO for autonomous driving in the world was born in 2025

The Zhitong Finance App learned that on November 6, 2025, the world's leading autonomous driving company My Little Pony (02026, PONY.US) was officially listed on the main board of the Hong Kong Stock Exchange. In the current Hong Kong stock IPO, the company has fully exercised the right to adjust the sales volume, issuing a total of about 48.25 million shares. After Green Shoe, the capital raised can reach HK$7.7 billion, making it the largest IPO in the global autonomous driving industry in 2025, and the new stock with the highest amount of capital raised in the Hong Kong stock AI field in 2025.

In November 2024, My Little Pony was successfully listed on the US NASDAQ under the stock code “PONY” and became the “first Robotaxi share in the world”; less than a year later, it was listed on the Hong Kong stock market, marking the formal establishment of the “US Stock+Hong Kong Stock” dual main listing structure. This structure not only helps the company form cross-market collaboration in terms of pricing mechanisms, liquidity sources, and investor composition, but also lays the institutional foundation for future inclusion in the Hong Kong Stock Connect and attract mainland investors to participate.

As a pioneer in the field of autonomous driving, since its establishment in 2016, My Little Pony Zhixing has been committed to providing autonomous driving technology and solutions in the field of mobility and logistics to the global market. The company has now set up R&D centers in Silicon Valley, Beijing, Shanghai, Guangzhou, Shenzhen and Luxembourg, and is expanding its products and business layout to Europe, the Middle East and Asia. Its core business covers the three major segments of autonomous travel services (Robotaxi), autonomous truck service (Robotruck), and technology licensing and application business. It is not only the first company in China to obtain driverless travel service licenses in the four major first-tier cities of Beijing, Shanghai, Guangzhou, and Shenzhen, but also the only company in China to commercialize fully unmanned robotaxis in first-tier cities in the north. The Hong Kong stock listing will provide the company with key resources to further promote mass production, commercialization, and overseas implementation of vehicle specifications, and accelerate the shift of autonomous driving from “technically feasible” to “operationally verifiable.”

At this milestone, Peng Jun, founder and CEO of My Little Pony, said, “After nearly nine years of persistence and exploration, My Little Pony Zhixing is already on the eve of large-scale commercialization of autonomous driving. Accumulation of technology, implementation of scenarios, construction of ecology — all preparations are now in the midst of harvest. The Hong Kong stock listing is a key step in our global capital strategy, and an important milestone for us to target the global market and connect to a wider range of resources. Thank you to every one of our colleagues who have made history with us.”

Lou Tiancheng, founder and chief technology officer of Little Pony Zhixing, said, “Today's bell of the Hong Kong Stock Exchange has witnessed our critical leap from technological exploration to a closed loop of completely unmanned commerce. We have created not only autonomous driving technology and products, but also a new paradigm of mobility services that can be scaled up. This launch is a new starting point for us to reshape human mobility with autonomous driving. This will not only be a triumph of technology, but also a revolution in life efficiency and safety.”

The US and Hong Kong dual listing locks in the world's largest IPO for autonomous driving in 2025

This listing on the Hong Kong Stock Exchange marks that after completing the NASDAQ listing, My Little Pony has officially established a dual main listing structure of “US stocks plus Hong Kong stocks”. Compared with when it landed on the NASDAQ in 2024, the Hong Kong stock listing has further expanded the company's investor structure, introduced Asian capital more familiar with the Chinese scenario and policy context, and is expected to push the company's valuation to more fully reflect its long-term growth potential.

This home field advantage is also becoming more and more clear at the level of strategic collaboration, and was quickly verified in the capital market. The Hong Kong stock offering received a warm response. My Little Pony Zhixing Co., Ltd. was locked in advance by a number of top international investment institutions, and the cornerstone subscription amount reached 120 million US dollars. Furthermore, according to Bloomberg, mobility giant Uber has also become an anchor investor this time.

Based on strong demand from institutions and market investors, the company has all exercised the right to adjust the sales volume and issue about 6.29 million additional shares according to the final sale price, accounting for 15% of the total number of shares initially available for subscription in the global sale. This fully confirms that global capital is not only optimistic about autonomous driving tracks, but also has firm confidence in the leading position and commercialization ability of My Little Pony. With a total capital raised of up to HK$7.7 billion after Green Shoe, My Little Pony will become the largest IPO in the global autonomous driving industry and the Hong Kong stock AI field in 2025.

Behind market confidence is a solid business foundation and a clear growth logic. While continuing to increase R&D investment, the company's revenue has entered a rapid growth channel: revenue of US$35.43 million (approximately RMB 254 million) in the first half of 2025, an increase of 43.3% over the same period; R&D expenditure increased by 64.4% during the same period. This healthy structure of “accelerated revenue growth and continuous high investment in R&D” is the key for institutional investors to be optimistic about its long-term value.

This value is being continuously recognized by global capital. Since the US stock listing, My Little Pony has attracted many well-known long-term institutions such as Baillie Gifford (Baillie Gifford), Duke Capital (Baron Capital), ARK Invest (ARK Invest), Wellington Management (Wellington Management), and Fidelity Management & Research (Fidelity Management & Research). The company also became the first L4 autonomous driving company to be selected in the NASDAQ China Golden Dragon Index in June 2025, and its international influence and capital market attention increased simultaneously.

The dual main listing structure of “US stocks plus Hong Kong stocks” will not only improve the company's value discovery efficiency through a cross-market pricing mechanism, but will also build a more stable and diversified capital base for the next stage of Robotaxi mass production, large-scale deployment of a 1,000-vehicle fleet, and overseas business expansion. With the completion of this Hong Kong stock listing, the company is already eligible to be included in the Hong Kong Stock Exchange Standard, and mainland investors can directly invest through this mechanism. This will also significantly enhance southbound capital participation, continuously optimize the company's investor structure, and enhance the level of liquidity.

The seventh-generation Robotaxi was officially put into operation on the eve of My Little Pony Zhixing, leading the way in scale

My Little Pony Zhixing's core business path has always revolved around “operation-driven”, and is committed to transforming technical advantages into sustainable business results. As the only enterprise in China to commercialize fully unmanned robotaxis in the four major first-tier cities of northern Guangshen, the company has built a complete operating system from technical verification to closed service in a real urban environment.

Judging from the operating performance, the size of the Little Pony Zhixing Robotaxi fleet has exceeded 720 vehicles, the service area continues to expand, the number of registered users and orders has steadily increased, and 7×24 hours of service has been achieved in some cities. Its commercialization progress is directly reflected in financial data: in the first half of 2025, its Robotaxi revenue reached 3.256 million US dollars (approximately RMB 23.32 million), a sharp increase of 178.8% over the previous year. Among them, passenger fare revenue growth was particularly strong, achieving year-on-year increases of about 800% and over 300% in the first and second quarters of 2025, respectively. This operating trend shows that its technical reliability, scheduling efficiency, and safety system already have a foundation for large-scale commercial use. It also indicates that industry evaluation standards have moved from a single technology demonstration to a comprehensive capability system that can achieve continuous operation, scale expansion, and cost control.

About 50% of the net proceeds from the Hong Kong stock IPO will be used over the next five years to advance market entry strategies and promote large-scale commercialization of L4 autonomous driving technology, including business development, production, sales and marketing, customer service, and cooperation with industry participants to provide a more solid financial guarantee for fleet expansion and large-scale operation.

In terms of industrial collaboration, My Little Pony has carried out in-depth cooperation with mainstream car companies such as Toyota, BAIC Group, and Guangzhou Automobile Group to jointly promote the mass production process of L4 autonomous driving. In April 2025, three jointly developed seventh-generation Robotaxi models were officially unveiled. Among them, Robotaxi models based on the seventh-generation Extreme Fox Alpha T5 and Aeon Tyrannosaurus have recently been officially put into operation in Beijing, Guangzhou, and Shenzhen.

The new generation model uses 100% automotive-grade components, the total cost of the autonomous driving kit is 70% lower than the previous generation, and the design life span is 600,000 kilometers. It is the world's first system solution based on the Orin-X automotive-grade chip to achieve L4 level unmanned driving capability in all scenarios. According to the plan, the company will promote the operation of 1,000 seventh-generation Robotaxi fleets in first-tier cities between 2025 and 2026, and accelerate the commercialization of fully driverless services.

While steadily expanding its business in China, My Little Pony Zhixing is actively promoting a global layout. Currently, it has carried out autonomous driving tests in six countries, including South Korea, Luxembourg, and the United Arab Emirates. In the Middle East, the company achieved the first batch of Robotaxi road tests in Dubai, and plans to achieve fully unmanned commercial operation in 2026; in Europe, My Little Pony has officially launched Robotaxi road tests in Luxembourg; in Asia, the company obtained Korea's national autonomous driving test license and carried out 7×24 hour tests in Seoul. My Little Pony Zhixing's global layout not only verified the adaptability and reliability of its technical solutions in different markets and environments, but also seized opportunities for rapid commercialization in mature markets in the future.

Global consulting agency Frost & Sullivan predicts that according to GTV (transaction value), the global mobility market will reach about 4.5 trillion US dollars in 2025 and will remain operating at a high level by 2030; driven by technological progress, support policies, and falling hardware costs, Robotaxi services are expected to be commercialized around 2026. It is expected that around 2030, Robotaxi services will enter a mature commercialization stage and be deployed in major regions around the world. In other words, industry competition has moved from technical verification of “can you run” to large-scale competition of “how fast and how far”. At this stage, My Little Pony has built up a significant first-mover advantage with its multi-city fully unmanned operation experience, proven mass production platform, and forward-looking international layout.