Five law firms, including Davis Polk and Haiwen & Partners, advised Pony AI’s USD413 million Nasdaq debut, in this year’s third-largest Chinese company IPO in the US following two debutants Amer Sports and Zeekr.
Davis Polk acted as the driverless tech company’s US law counsel, with its team led by co-head of Asia He Li, and partners James Lin and Michael Kaplan.
Haiwen & Partners counselled on PRC law with its team led by partners Jackson Tang and Ma Chenling. Partner Yang Jianyuan advised the issuer on data compliance.
Walkers acted as the issuer’s Cayman Islands law counsel.
Cleary Gottlieb provided US law advice to the five underwriters — Goldman Sachs, Merrill Lynch, Deutsche Bank, Huatai Securities and Tiger Brokers — while Jingtian & Gongcheng acted as PRC law counsel.
On the NYSE, China electric car brand Zeekr debuted on 10 May 2024, raising USD441 million, while Amer Sports raised USD1.37 billion on its 1 February listing.
Pony AI operates a fleet of 250 robotaxis in China and has formed a joint venture with Toyota and Guangzhou Toyota Motor to advance mass production. The company is among the first in China to obtain licences to operate driverless robotaxis in Beijing, Shanghai, Guangzhou and Shenzhen. In 2022, it recorded a net loss of USD148 million and USD125 million in 2023.
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