VMS Group’s portfolio company, Pony AI, officially submitted its NASDAQ listing filing under the ticker symbol “PONY”. Goldman Sachs, Bank of America Merrill Lynch, Deutsche Bank, and Huatai Securities are the underwriters for the offering. The IPO is rumored to be raising up to US$300 million.

Since its establishment in 2016, Pony AI has completed 7 rounds of financing, raising over US$1.3 billion and achieving a highest valuation exceeding US$8.5 billion. Its investors include leading automakers like Toyota and FAW Group, and global investment firms such as Sequoia China, IDG Capital, 5Y Capital, Fidelity Investments, Carlyle Group, along with capital support from the Middle East. VMS Group has strategically positioned itself in the technology sector since 2010, with AI and autonomous driving being a focus vertical. Pony AI is an enterprise VMS has been following, and in April 2018, VMS participated in its Series B financing and continued to support the company in subsequent rounds in July 2018 and April 2019.

Pony AI is a global leader in autonomous driving, established in 2016 and dedicated to providing autonomous driving technologies and solutions for mobility and logistics. The company:

• is among the first in China to obtain licenses to operate fully driverless robotaxis in all four Tier-1 cities in China (namely Beijing, Shanghai, Guangzhou and Shenzhen), and is the only autonomous driving technology company that has obtained all available regulatory permits essential for providing public-facing robotaxi services within these Tier-1 cities.
• operates a fleet of over 250 autonomous taxis and has commenced fully unmanned commercial operations in Beijing, Guangzhou and Shenzhen. It has accumulated over 33.5 million kilometers of autonomous driving mileage, including over 3.9 million kilometers of driverless mileage.

• have formed a joint venture with Toyota and GAC Toyota Motor Co. (GTMC) to advance the mass production and large-scale deployment of fully driverless robotaxis in China. In addition, Pony AI has partnered with other leading original equipment manufacturers (OEMs), such as SAIC, GAC and FAW, to co-develop and mass produce robotaxi vehicles.

• is empowered by strong partnerships with leading Transnational Corporations (TNCs), such as OnTime Mobility, Amap and Alipay, and is among the first to offer fully driverless fare-charging, public-facing robotaxi services with substantial safety benefits and compelling passenger experience. Its average daily orders received per robotaxi exceeded 15 in the six months ended June 30, 2024, setting a key milestone towards large-scale commercialization of Level 4 robotaxis.

• operates a fleet of over 190 robotrucks, both independently and in collaboration with Sinotrans, China’s largest freight logistics company, which has amassed approximately 5.0 million kilometers of autonomous driving mileage. Over the course of its commercial operations, Pony AI’s robotruck fleet offers hub-to-hub long-haul freight transportation across China, accumulating over 767 million freight ton-kilometers. In addition, the company is collaborating with SANY, China’s leading truck manufacturer, to co-develop Level 4 robotrucks.

For more details, please refer to Pony AI’s prospectus available at:

https://www.sec.gov/Archives/edgar/data/1969302/000110465924109475/tm2310344-12_f1.htm#tOHA