Shares of Chinese self-driving car startup Pony.ai fell 7.7% below their issuance price following the company’s debut on the Nasdaq stock exchange on Wednesday, as it notched a valuation of $5.25 billion in its long-awaited US initial public offering (IPO).
Why it matters: Pony.ai is one of the few companies with a Chinese background that has taken a similar approach to Waymo, Google’s self-driving car project, relying on an…