Pony.ai is an autonomous car.
Pony.ai
On Thursday, China’s Poni.ay. Its shares were up more than 12% on Thursday, however, as Whirligene began trading in Hong Kong.
Pony.ai again ChickListed in the US, 6.71 billion Hong Kong dollars (about 860 million dollars) and 2.39 billion Hong Kong dollars, respectively 2.39 billion dollars.
As companies try to keep up with larger competitors BadapApollo goes to China and Don’t hang upUS-based Waymo is interested in autonomous technologies.
Headquartered in Guangzhou, China, the China-based company also said the funds will go toward efforts to scale and drive Level 4 autonomous driving, a measurement of driving that does not require human supervision or intervention in the real environment.
Verdi CEO Tony C. Han told CNBC that proceeds from the crowdfunding will be used to increase the company’s artificial intelligence capabilities and data center capacity.
The Hong Kong-listed companies are looking to expand beyond China, where they have already launched fully autonomous robotax in some cities.
New regions include countries in the Middle East, Europe and Asia, such as Singapore. They still need to get full approval to operate their robots in most of these areas.
In the US, both companies are pursuing a California-based partnership Uber Allowing Robertaxis to be placed on the firm’s walkway after receiving regulatory approval.
However, their plans for the US will be abandoned at the beginning of this year’s government effectively ended the rule Dumping Chinese technology in connected vehicles, including self-driving systems.
“With the uncertainty in global markets and trying to enter the U.S. market, there could be intense scrutiny on the pony or the chick, these two listings are a lot about mitigating risks,” said Tu Le, founder and managing director of Sino Auto Insights.
He said the listings were also highly capitalized, which is the pony of the market outside the US.
In US trading on Wednesday, shares Poni.Aai closed up about 2%, while the chick fell 5.3%.
Hong Kong IPO Shift
The rival listings of Poni.ai and Veri reflect a recent trend of Chinese companies seeking two listings in Hong Kong, which is a year into the city’s IPO market.
The companies received dual-listing approval from Hong Kong regulators in mid-October.
“For HK stock exchange, listing clustering, listing at the same time will help boost tech adoption for ‘Asia-focused’ tech companies,” New Street research told CNBC.
In May, Chinese battery maker and technology company CATL completed its second listing in Hong Kong, Raising $5.2 billion In the world’s largest IPO this year.
Geopolitical tensions and regulatory uncertainty have emerged in the US
Hong Kong’s listings for the bulk of New Street research Pony.aI and Veri help companies access capital in Asia and expand their presence in China and the region.
“However, this does nothing to allow for the advancement and regulation of their technology stack and technology agreements in Western markets. If for approval in the Western markets, it may be difficult with the second listing of HC,” he said.
Listings help firms, for example, to work with competitors BadapApollo goes to China and Don’t hang upWe currently have a large fleet of Wardmo in the US.
“Ponies and Cubs are among the world leaders,” said Sino Auto Insights’ Le. “Veri has diversified their service portfolio a bit, but both see Uber and the Middle East as two viable partners.”
“Investors should pay particular attention to how their technology evolves with AI and other new tools and engage with other new tools,” Le said.
— CNBC’s Elaine Yu contributed to this report.