Pony AI, a Chinese self-driving car firm, recently made headlines with its initial public offering (IPO) in the United States, raising US$413.4 million. However, the company's shares fell 7.7% on their trading debut, as they sold 20 million American depositary shares (ADS) at a price of US$13 each, totaling US$260 million. This decline came after a week-long delay in pricing the IPO, which was necessary to address regulatory questions [7101512d].
The market value of Pony AI now exceeds US$4 billion, reflecting the growing interest in the autonomous vehicle sector despite the recent downturn in share prices. The company operates over 250 robotaxis and 190 robotrucks in China, with limited testing conducted in the United States [7101512d].
In the broader context, Chinese companies have raised approximately US$1.2 billion through US IPOs this year, indicating a resurgence in interest from investors in the tech sector [7101512d]. This follows WeRide's recent filing for a US$119 million IPO, which is also indicative of the evolving landscape for Chinese tech firms amidst regulatory scrutiny and market fluctuations [cb28ae8f].
WeRide's IPO plans include offering 6.5 million ADS priced between US$15.5 and US$18.5 each, aiming for a valuation of up to US$5.02 billion. The company has received approval from the California Public Utilities Commission (CPUC) to test its driverless vehicles with passengers, although it cannot charge fares yet [cb28ae8f][6ad6a09c].
Meanwhile, Didi Global continues to navigate its recovery from regulatory challenges faced in 2021, with plans to list publicly in Hong Kong this year after its delisting from the New York Stock Exchange [752f11b8]. As the autonomous vehicle market grows, the performance of companies like Pony AI and WeRide will be closely watched as indicators of investor confidence in this sector [7101512d].