Gembax Link is showing strong performance. This is interpreted as being influenced by the news that Pony AI, a Chinese autonomous driving company with which it is establishing a joint venture, has received approval from Chinese authorities for listing on the U.S. stock market.
As of 11:14 AM on the 25th, Gembax Link is trading at 2,905 KRW, up 4.5% compared to the previous day.
According to the China Securities Regulatory Commission (CSRC) on the previous day, Pony AI plans to list on the U.S. Nasdaq or New York Stock Exchange by selling up to 98 million of its own shares. Chinese securities authorities announced on the 19th that they plan to support overseas listings of technology companies.
Founded in 2016 and headquartered in Fremont, California, Pony AI develops and operates autonomous vehicles in both the U.S. and China. It launched autonomous robot taxis in Guangzhou in 2018 and started related services in Irvine, California, a year later.
Japanese automaker Toyota invested $400 million (approximately 548.8 billion KRW) in 2020, and the company also received support from a Saudi Arabian investment firm. According to a report by Chinese economic media Caixin in October last year, the company was valued at $8.5 billion (approximately 11.662 trillion KRW) during its most recent funding round.
Meanwhile, on the 14th, Gembax Link signed a memorandum of understanding (MOU) with the National Bus Transport Business Association Federation and Pony AI to create a safe and sustainable future environment for route bus transportation business. Additionally, they are in the process of establishing a joint venture with Pony AI in Korea. Through the joint venture and Gembax Link, the two companies plan to develop integrated autonomous driving solutions in Korea and introduce Level 4 autonomous driving technology not only to buses but also to taxis and freight vehicles.
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