Mainland China-based autonomous driving startup Pony.ai has launched its initial public offering (IPO) process in the United States, with a maximum valuation of $4.48 billion (approximately HK$34.944 billion). According to the prospectus, Pony.ai plans to issue 15 million American Depositary Receipts (ADRs), with a price range of $11 to $13 per share, raising up to $195 million in total proceeds. According to the prospectus, two cornerstone investors, BAIC Group and Singaporean taxi giant ComfortDelGro, plan to subscribe for $70.35 million and $4.5 million worth of shares respectively, totaling $74.85 million in issued shares. In addition, several investors including JSC International, Guangzhou Nansha Chicheng Future Industrial Investment Fund, GAC Capital and others have also agreed to purchase shares with a total value of $153.4 million. Pony.ai had a valuation of $8.5 billion during a private equity financing round in 2022. In September this year, the company's board of directors agreed to cut the minimum listed market capitalization from $8.5 billion to $4 billion, and lowered the fundraising target from $425 million to $200 million. As a global leader in the large-scale commercialization of autonomous driving ride-hailing services, according to data from Frost & Sullivan, Pony.ai is one of the first Chinese companies to obtain fully autonomous driving robot taxi operation licenses in all four first-tier cities in China, namely Beijing, Shanghai, Guangzhou and Shenzhen. It is also the only autonomous driving technology company that has obtained all the regulatory permits required to provide public-facing robot taxi services in these first-tier cities. Its investors include Toyota, Sequoia Capital, Ontario Teachers' Pension Plan Board of Canada, IDG Capital, Five Source Capital, Legend Capital, China Merchants Capital, CPE Source Peak, Carlyle and others. © 2021 Meishun (Hong Kong) Management Consulting Co., Ltd. and Meishun (Hangzhou) Management Consulting Co., Ltd. All rights reserved. Meishun Meiyin (Hangzhou) Consulting & Management Co., Ltd. is the domestic subsidiary of Hong Kong Meishun Management Consulting Co., Ltd. under the same actual controller. Both companies share the same actual controller and are under the same Chinese management, and both comply with the laws of Hong Kong and mainland China.