Deloitte China assists listings of Pony AI and Vigonvita Life Sciences on SEHK
Pony AI is HK’s largest China concept stock listing and biggest autonomous driving technology IPO year-to-date
Deloitte China supported the listings of Pony AI Inc. - W (“Pony AI”, Stock Code: 02026.HK, Nasdaq. PONY) and Vigonvita Life Sciences Co. - H Shares - B (“Vigonvita”, Stock code: 02630.HK) on the Stock Exchange of Hong Kong (SEHK) on 6 November 2025.
Pony AI made a dual primary listing with a weighted voting rights structure. It became HK’s largest China concept stock listing and biggest autonomous driving technology IPO of 2025 so far by funds raised.
Pony AI - W
In its global offering, Pony AI offered 42.0 million shares and will issue and allot 6.3 million additional new shares, at HKD139.0 each, raising around HKD6.71 billion. This far exceeds the total funds of USD413 million the company raised in 2024 Nasdaq listing, demonstrating the importance of the Hong Kong capital market in financing for China concept stocks seeking a return listing.
Representatives of Pony AI, Deloitte China, and other professional intermediaries attend Pony AI’s listing ceremony at Hong Kong Stock Exchange.
(From left) Ricky To, Northern Region Offering Services partner of Deloitte China’s Capital Market Services Group (CMSG); Wei Zhang, NR and WR A&A Deputy leader and National US Offering leader of CMSG; Leo Wang, CFO of Pony AI; James Peng, Founder and CEO of Pony AI; Tiancheng Lou, Co-Founder and CTO of Pony AI; and Chris Wang, CMSG’s Northern Region Offering Services partner of Deloitte China attend Pony AI’s listing ceremony at Hong Kong Stock Exchange.
Client overview
Pony AI is an autonomous driving technology company, which aims to achieve mass commercialisation of revolutionary autonomous driving. It is the 1st provider to have obtained licenses to operate fully driverless robotaxis in all four tier-1 Chinese cities (Beijing, Shanghai, Guangzhou and Shenzhen), and the only autonomous driving technology company with all available regulatory permits essential for providing public-facing robotaxi services in these cities. Currently, the company operates a fleet of over 720 self-owned robotaxis.
In December 2024, Pony AI became the 1st company in China to receive approval for Level 4 driverless robotruck platooning tests on cross-provincial highways. It currently operates a fleet of over 170 self-owned and leased robotrucks.
Its business mainly includes robotaxis, robotrucks, licensing and applications.
Source: Pony AI’s IPO prospectus filed on 28 October 2025
Vigonvita – H Shares - B
Vigonvita offered about 17.6 million H shares at HKD33.37 each, raising around HKD587 million.
Dr. Shen Jingshan, Founder of Vigonvita (tenth from the right); Dr. Tian Guanghui, executive director and CEO of Vigonvita (tenth from the left); Ernest Lee, Deloitte China’s Technical partner and a member of the Listing Committee of the SEHK (ninth from the right); Bobby Yu (first from the left) and Jimmy Zhou (eighth from the right), Deloitte China’s Eastern Region Offering Services partner of CMSG and representatives of other professional intermediaries attend Vigonvita‘s listing ceremony at SEHK.
(From left) Jimmy Zhou; Anne Huang, A&A’s senior auditor of Deloitte China; Beryl Chen, A&A senior manager; Flora Dai, A&A manager and Bobby Yu attend Vigonvita’s listing ceremony at SEHK.
Client overview
Vigonvita is a biopharmaceutical company engaged in the discovery,acquisition, development and commercialisation of small-molecule drugs in its strategically focused therapeutic areas, namely neuropsychiatry and reproductive health. Vigonvita has acquired and developed two core products, LV232 and TPN171. Vigonvita also has four candidates in clinical stage and three candidates in pre-clinical stage.
Source: Vigonvita’s IPO prospectus published on 28 October 2025
Deloitte's role
As a core service institution of these new listing engagements, Deloitte China was deeply involved in the entire process of offering reporting, offering and fundraising of Pony AI and Vigonvita. During these efforts, our teams worked closely with various professional parties, provided high-quality services with rich industry experience and excellent professional capabilities and assisted both clients in their Hong Kong IPO filings to the SEHK. This demonstrates Deloitte's professional service capabilities in serving clients in different, diverse capital markets.
To meet Pony AI's challenging listing timetable and Hong Kong's dual-primary listing requirements, Deloitte China formed a multidisciplinary professional services engagement team, with members from A&A, Engagement Quality Control and Technical, Information Technology & Specialised Assurance, Tax Review and Valuation Review to support the dual-primary listing work. The team was made up of partners, managers and key members with extensive experience in Hong Kong and U.S. capital markets, high-tech and emerging industries, and proficiency in the U.S. Generally Accepted Accounting Principles and International Financial Reporting Standards.
Deloitte China congratulates Pony AI and Vigonvita on their successful listing on the SEHK. We will continue to provide high quality professional services and outstanding resources integration to assist more clients to take one-step ahead in today's increasingly competitive and complex business environment.
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