On 17 October 2024, Bloomberg reported that Pony.ai, the autonomous driving startup, may file for IPO “as soon as this week”. It is looking at raising $300m.

That’s great news for China Merchants China Direct Investments (CMCDI, 133 HK), which owns ~0.6% stake in Pony.ai.

On 30 September 2024, CMCDI marked its Pony.ai position at US$ 11m, accounting for 1.4% of its total assets. That implies valuation of US$ 1.7 billion.

Interestingly, in October 2023, Pony.ai raised US$ 100m from Saudi Arabia at post-money valuation of US$ 8.8 billion, or 5x of CMCDI’s valuation.

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2024年10月17日,彭博报道称,自动驾驶初创公司小马智行可能“最早于本周”申请IPO。该公司计划融资3亿美元。

这对拥有小马智行約0.6%股权招商局中国基金(招商局基金, 133 HK)来说是一个好消息。截至2024年9月30日,招商局基金对小马智行投资的账面价值为1,100万美元,占其总资产的1.4%。这意味着其内部估值为17亿美元。

有趣的是,2023年10月,小马智行从沙特阿拉伯融资1亿美元,投后估值为88亿美元,是招商局基金对其估值的5倍。

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One response to “🚗 Pony.ai may file for IPO “as soon as this week” / 小马智行或“最快本周”上市”

  1. Pony ai has now filed for it’s IPO. The IPO price range is $11 to $13 for a market cap of $4.0bn to $4.5bn, which implies a value for CMCDI’s stake of about US$25m. This is well above the latest carrying cost of US$11m at Sep 2024. Once the company is listed the shares held by CMCDI should be valued at a mark-to-market price – no need for any illiquidity discont. In addition to this revaluation, and possible upside if investors like the stock, as a listed company it will also be much easier for CMCDI to sell the shares.

    https://secfilings.nasdaq.com/filingFrameset.asp?FilingID=17974230&View=html

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