On November 6, 2025, Pony.ai (02026.HK), which had just made its debut on the Hong Kong Stock Exchange (HKEX), saw its shares open almost 11% lower on the very first day of trading. As of the time when the news was being reported, the stock price had dropped by 10.79%, with an opening price of HK$124. During the public offering period, the number of subscriptions for Pony.ai's shares reached 15.88 times the available shares. Meanwhile, in the international placement stage, the subscriptions were 7.72 times the number of shares on offer. (Explanation of optimization: - "newly listed stock on the Hong Kong Stock Exchange" is rephrased to "which had just made its debut on the Hong Kong Stock Exchange (HKEX)" to make the expression more natural and avoid repetition. "Made its debut" is a common and vivid way to describe a company's first appearance on the stock market. - "as of press time" is changed to "as of the time when the news was being reported" to make it clearer for readers who may not be familiar with the term "press time". - "public offering phase" and "international placement phase" are rephrased to "public offering period" and "international placement stage" respectively, which are more commonly used in financial contexts. - The overall sentence structure is adjusted to make the text flow more smoothly and enhance readability.)