Good News on Listing | Frost & Sullivan Assists Pony.ai to Successfully Go Public in Hong Kong (2026.HK)

Xiaomai Zhihang was successfully listed on November 6, 2025. The company plans to issue 4.19557 billion shares globally, of which 90% will be allocated internationally and 10% publicly offered in Hong Kong. The issue price per share is HK$139.00, raising a net amount of approximately HK$6.71 billion.

During the process of listing in Hong Kong this time, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, and other important chapters), facilitating communication between the issuer and the Exchange and investors, helping investors quickly understand the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Exchange.

Frost & Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport's big data (statistical data as of September 30, 2025), from January to September 2025, as well as during the past 12 and 36 months, Frost & Sullivan provided listing industry advisory services to 47 (market share 72%), 62 (market share 69%), and 162 (market share 70%) Hong Kong-listed IPOs respectively, ranking first in terms of number. It has a wealth of industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related institutions.

• Xiaomao Intelligent Mobility is a leader in the large-scale commercialization of autonomous driving travel.

   

• Xiaomao Intelligent Mobility became the first autonomous driving technology company in China to launch autonomous driving travel services at the end of 2018.

   

• Xiaomao Zhihang became one of the first companies in August 2023 to offer public charging and fully driverless L4 autonomous driving travel services, providing passengers with a safe and satisfactory riding experience.

   

• Xiaomai Zhihang became the first company in China to obtain regulatory approval to conduct driverless autonomous truck convoy tests on cross-provincial highways in December 2024.

   

• Xiaomao Zhihang has achieved large-scale fee-based operations in China's core first-tier cities and is deeply integrated with top global automakers and travel platforms, with a clear commercialization path in sight.

According to a report by Frost & Sullivan:

• As of December 2024, Pony.ai ranked second in the market share and fleet size-based rankings of autonomous driving travel (L4) services in China;

   

• As of December 2024, Pony.ai ranked second in the market share and fleet size of autonomous trucks (L2+ and L4) in China;

   

• As of December 2024, Pony.ai ranked first in the market share and fleet size-based rankings of autonomous trucks (L4) in China.

Driverless technology (i.e., L4 and L5 autonomous driving) is expected to revolutionize road traffic in various usage scenarios. This includes autonomous taxis for passenger travel, autonomous trucks for road freight, autonomous minibuses, and other autonomous vehicles involved in various transportation scenarios. Among them, autonomous taxis and trucks account for the majority of market share and have the greatest market potential. In addition, autonomous technology licensing and applications are expected to generate substantial revenue, especially during the commercialization phase.

Over the past decade, driven by the rise of online car-hailing services and regional economic expansion, shared mobility (including online car-hailing and traditional taxi services) has experienced rapid growth. The shared mobility market size refers to the total amount of travel expenses paid by passengers for shared mobility services, with the total amount measured by the Gross Vehicle Value (GTV) of those trips. Especially in China, driven by increased affluence, increased commercial activities, rapid urbanization, consumption upgrading, and growth in discretionary travel spending, passenger travel demand is strong and growing continuously. However, China's private car ownership rate (calculated as the number of private cars per thousand people) is still far lower than that of major developed countries. According to Frost & Sullivan's data, as of 2024, China's private car ownership rate was 190 vehicles per thousand people, compared to 801 vehicles per thousand in the United States. This has led to a high adoption of shared mobility services among Chinese consumers, making its market size far exceed that of other countries. According to Frost & Sullivan's data, in 2024, China's shared mobility market size was $115 billion, with an expected growth to reach $2324 billion by 2035. According to Frost & Sullivan's data, in 2024, China's shared mobility market accounted for about 40% of the global market, approximately twice the size of the US market.

According to Frost & Sullivan's data, the market size of autonomous driving travel services in China is expected to reach $700 million by 2025 and grow exponentially, further increasing to $394 billion by 2030 and $183 billion by 2035. In other regions of the world, the market size of autonomous driving travel services is expected to reach $700 million by 2025 and further grow to $279 billion by 2030 and $1767 billion by 2035.

With substantial investment in research and development and an ever-changing regulatory environment, the deployment scale of autonomous taxis in China will continue to expand through the coordinated operation of fully driverless autonomous taxis and those equipped with safety officers. With continuous capacity improvement and unparalleled advantages in terms of cost, affordability, and efficiency, the deployment scale of autonomous taxis is expected to rapidly expand. According to Frost & Sullivan's data, it is estimated that by 2035, autonomous taxis will account for the vast majority of shared passenger vehicles operating in China, making China the largest autonomous mobility service market and holding more than half of the global market share. Among all cities in China, first-tier cities such as Beijing, Shanghai, Guangzhou, and Shenzhen are the main locations for the initial development of autonomous taxis. It is expected that by 2030, the number of autonomous taxis in first-tier cities will reach 340,000 units and further increase to 1520,000 units by 2035. As the application of autonomous taxis expands to second-tier cities (including 31 cities), the number of autonomous taxis in second-tier cities is expected to reach 680,000 units by 2030 and further increase to 2.71 million units by 2035. In terms of overseas markets, the number of autonomous taxis is expected to reach 170,000 units by 2030 and further increase to 950,000 units by 2035.

●Customers' acceptance of autonomous driving technology is continuously increasing.

Automated driving highlights the advantages of safety, efficiency, and user experience. Consumers show a strong interest in vehicles equipped with advanced automation functions, which in turn encourages the entire automotive industry to increase investment in developing automotive-grade software and hardware in pursuit of higher levels of automation.

●The rapid development of vehicle electrification provides a broad application platform for autonomous driving

Compared to fuel vehicles, electric vehicles have advantages such as high control accuracy, low latency, and more complete redundant systems. Therefore, electric vehicles are considered the best carriers for autonomous driving technology. The rapid development of automotive electrification provides a foundation for the widespread deployment of autonomous driving vehicles in the future.

●The progress of software and hardware lays the foundation for achieving autonomous driving

Benefiting from the progress and popularization of automotive-grade sensors and chipsets in recent years, including processors that improve computing power while reducing power consumption, leading autonomous driving technology companies equipped with advanced software computing power can use multi-layered sensors and other hardware to achieve more precise and comprehensive perception, prediction, planning, and control of vehicles.

●Industrial deep cooperation drives the commercialization of autonomous driving

The realization of autonomous driving cannot be separated from the deep integration of vehicle software and hardware, which requires in-depth cooperation among companies. For example, autonomous driving companies can integrate autonomous driving hardware and software into vehicles during the vehicle design and production phase through close collaboration with OEMs, eliminating the need for post-production modifications to vehicles. This effectively improves the reliability of vehicle integration and reduces costs.

●Customers' acceptance of autonomous driving technology is continuously increasing.

Automated driving highlights the advantages of safety, efficiency, and user experience. Consumers show a strong interest in vehicles equipped with advanced automation functions, which has encouraged the entire automotive industry to increase investment in developing automotive-grade software and hardware to strive for a higher level of automation.

●The rapid development of vehicle electrification provides a broad application platform for autonomous driving

Compared to fuel vehicles, electric vehicles have advantages such as high control accuracy, low latency, and more complete redundant systems. Therefore, electric vehicles are considered the best carriers for autonomous driving technology. The rapid development of automotive electrification provides a foundation for the widespread deployment of autonomous driving vehicles in the future.

●The progress of software and hardware lays the foundation for achieving autonomous driving

Benefiting from the progress and popularization of automotive-grade sensors and chipsets in recent years, including processors that improve computing power while reducing power consumption, leading autonomous driving technology companies equipped with advanced software computing power can use multi-layered sensors and other hardware to achieve more precise, comprehensive perception, prediction, planning, and control of vehicles.

●Industrial deep cooperation drives the commercialization of autonomous driving

The realization of autonomous driving cannot be separated from the deep integration of vehicle software and hardware, which requires in-depth cooperation among companies. For example, autonomous driving companies can integrate autonomous driving hardware and software into vehicles during the vehicle design and production phase through close collaboration with OEMs, eliminating the need for post-production modifications to the vehicles. This effectively improves the reliability of vehicle integration and reduces costs.