Linklaters advises BAIC Group on its investment in Nasdaq-listed Pony AI

Linklaters acted as the US and international legal counsel for Beijing Automotive Group Co., Ltd. (BAIC Group) on its strategic investment in Pony AI Inc. (Pony.ai, NASDAQ: PONY), subscribing for over US$70m of its public offering of American Depositary Shares (ADS). 

Founded in 2016 in Silicon Valley, Pony.ai has quickly become a global leader in autonomous mobility and is a pioneer in extending autonomous mobility technologies and services at a rapidly expanding footprint of sites around the world. Pony.ai successfully completed its US$260m initial public offering (IPO) on the NASDAQ stock exchange on 27 November 2024, establishing itself as the largest IPO in the autonomous driving industry in the US. 

BAIC Group is one of the largest Government-owned automobile groups in China covering R&D and manufacturing of vehicles, parts, automobile service trade, comprehensive travel services, finance, and investment, amongst others. This investment in Pony.ai further strengthens BAIC's position in the innovative autonomous driving sector. 

The Linklaters cross-jurisdictional team was led by corporate partner Donnelly Chan, with support from capital markets counsel Joseph Wolpin and corporate solicitor Jade Lai. 

Linklaters corporate partner Donnelly Chan commented:

“We are grateful for the opportunity to support BAIC Group in this strategic investment in the US. We take pride in assisting our clients as they navigate the intricate landscape of cross-border investments, playing our part in the transformative developments within industries that are shaping the future. This deal has also strengthened our longstanding relationship with BAIC Group (including its listed affiliates).”