Linklaters Advises BAIC Group on $70M Investment in Autonomous Driving Leader Pony.ai
Linklaters served as US and international legal counsel to Beijing Automotive Group Co., Ltd. (BAIC Group) in its strategic investment in Pony AI Inc. (NASDAQ: PONY). BAIC Group participated in Pony.ai’s public offering of American Depositary Shares (ADS), investing over US$70 million.
Founded in 2016 in Silicon Valley, Pony.ai has swiftly emerged as a global leader in autonomous mobility, pioneering advancements in self-driving technologies and services. With a rapidly growing presence across the globe, the company has solidified its position at the forefront of this transformative industry. On November 27, 2024, Pony.ai achieved a major milestone by successfully completing its US$260 million initial public offering (IPO) on the NASDAQ stock exchange, marking the largest IPO in the U.S. autonomous driving sector to date.
BAIC Group, one of China’s largest state-owned automobile conglomerates, specializes in vehicle and parts manufacturing, R\&D, automotive services, travel solutions, finance, and investments. Its strategic investment in Pony.ai further solidifies BAIC’s leadership in the cutting-edge autonomous driving industry.
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).”
