On the evening of November 27th, Xiaoma Zhixing was officially listed on NASDAQ with the stock code "PONY". After expanding the issuance scale, if all the underwriters' over allotment rights are exercised, Xiaoma Zhixing will issue a total of 23 million American Depositary Shares (ADS) at the upper limit of the issuance range price of $13 per share, with each ADS corresponding to one ordinary share, and the financing amount can reach $299 million. In addition, through the synchronous private placement of common stocks worth approximately $153.4 million, the IPO fundraising amount of Little Ma Zhixing can reach approximately $452 million (approximately RMB 3.29 billion).
Xiaoma Zhixing launched Robotaxi service in 2018, and its successful listing will accelerate the commercial landing of Xiaoma Zhixing's autonomous driving on a large scale. The listing on NASDAQ is just the beginning of how autonomous driving technology is changing the world. Our journey is far from over. AI can not only provide safer and more efficient services, but also bring unprecedented experiences, completely subverting human understanding of driving, "said Lou Tiancheng, co-founder and CTO of Xiaoma Zhixing
Xiaoma Zhixing has received seven rounds of financing before its IPO, including participation from Toyota Motor, FAW Group, Sequoia China, Wuyuan Capital, IDG Capital, and China Merchants Capital, with a total amount exceeding 1.3 billion US dollars. Toyota is the strategic investor with the highest shareholding ratio, while Sequoia is the earliest and highest financial investor.
The institutions participating in the subscription for this IPO include not only the publicly announced BAIC Group and Kangfu Gao, but also multiple old shareholders of Xiaoma Zhixing and several top international investment institutions. At the same time, four investors including Guangzhou Automobile Group subscribed to Class A common stocks with a total value of approximately 153.4 million US dollars through private placement.
In the first three quarters of 2024, among the three major business pillars of Xiaoma Zhixing, the revenue from autonomous driving travel services was 4.7 million US dollars, a year-on-year increase of 422.2%; The revenue from autonomous freight services was 27.4 million US dollars, a year-on-year increase of 56.5%; The revenue from technology licensing and application services was 7.4 million US dollars, a year-on-year increase of 155.2%. From 2022 to the first three quarters of 2024, the company's cumulative revenue exceeded 180 million US dollars (approximately 1.3 billion yuan).
Xiaoma Zhixing has deployed over 250 Robotaxi vehicles nationwide and has launched fully unmanned Robotaxi commercial charging in Beijing, Guangzhou, and Shenzhen. It is expected that the Robotaxi business will achieve a shift from negative to positive gross profit for single vehicle operations by 2025.
Xiaoma Zhixing, Toyota China, and GAC Toyota jointly established a joint venture company called "Fengfeng" in April this year, investing over 1 billion yuan to launch thousands of Platinum 4X Robotaxi vehicles in first tier cities in China from 2025 to 2026. We have announced a technology cooperation agreement with BAIC New Energy for the development of L4 autonomous driving vehicles. Both parties will deploy at least a thousand units of BAIC New Energy Robotaxi vehicles based on the Arctic Fox Alpha T5 model to the domestic market.
In terms of autonomous driving trucks, Xiaoma Zhixing is operating a fleet of more than 190 autonomous driving trucks, with a cumulative autonomous driving mileage of about 5 million kilometers. During its commercial operation, it has transported over 767 million tons of kilometers cumulatively. Meanwhile, Xiaoma Zhixing is also collaborating with Sany Group to jointly develop L4 level autonomous driving trucks.
Since the beginning of this year, the field of autonomous driving has experienced a wave of market launches. In July, Ruqi Chuxing (09680. HK) was listed on the Hong Kong Stock Exchange. In August, the autonomous driving computing chip company Black Sesame Intelligence was listed on the Hong Kong Stock Exchange. In October, Horizon (9660. HK) became the largest technology IPO in Hong Kong stocks of the year. On the evening of October 25th, Wenyuan Zhixing WeRide was listed on the NASDAQ Stock Exchange.