FORM 2 - Corporate Substantial Shareholder Notice
 
Form Serial Number: CS20260904E00350 
1. Date of relevant event: 01/09/2026
(dd/mm/yyyy)
2. Date when the substantial shareholder becomes aware of the relevant event / interest in the shares (if later): 02/09/2026
(dd/mm/yyyy)
3. Stock code: 02026
4. Name of listed corporation: PONY AI INC. - W 
5. Class of shares: Ordinary Shares 
6. Number of issued shares in class: 353,324,845
7. Name of substantial shareholder: Morgan Stanley 
8. Registered office: 1585 Broadway, New York 10036, New York, USA
9. Principal place of business in Hong Kong: No place of business in Hong Kong 
15. Exchange on which listed: New York Stock Exchange
16. Name of listed parent and exchange on which parent is listed: Not applicable 
17. Details of relevant event:
  Brief description of relevant event Capacity in which shares were/are held Number of shares bought/sold or involved Currency of transaction On Exchange Off Exchange
Before relevant event After relevant event Highest price (per share) Average price (per share) Average consideration (per share) Nature of consideration
Long position
1305There has been a change in nature of your interest in the shares because:
you have provided an interest in the shares as security to a person other than a qualified lender
2201Interest of corporation controlled by you
2201Interest of corporation controlled by you
 180,500 HKD
Short position 
 
 
 		            
18. Total shares immediately before the relevant event:
 Total number of sharesPercentage figure (%)
Long position17,933,4635.07
Short position3,594,1631.01
Lending Pool00.00
19. Total shares immediately after the relevant event:
 Total number of sharesPercentage figure (%)
Long position17,933,4635.07
Short position3,594,1631.01
Lending Pool00.00
20. Capacity in which interests disclosed in Box 19 are held:
Capacity codeNumber of shares
2201Interest of corporation controlled by you
Long position17,933,463
Short position3,594,163

21. Further information in respect of derivative interests:
Derivatives codeNumber of shares
4101Listed derivatives - Physically settled
Long position6,164,122
Short position3,034,500
4105Unlisted derivatives - Physically settled
Long position0
Short position14,700
4106Unlisted derivatives - Cash settled
Long position2,313,766
Short position478,880
22. Further information in relation to interests of corporations controlled by substantial shareholder:
Name of controlled corporationAddress and place of incorporationName of controlling person% controlDirect interest (Y/N)Number of shares
Morgan Stanley Capital Management, LLC1585 Broadway, New York, 10036, Place of incorporation: USAMorgan Stanley100.00N
Long position15,613,208
Short position3,145,704
Morgan Stanley Investment Management Inc.1585 Broadway, New York, 10036, Place of incorporation: USAMorgan Stanley Capital Management, LLC100.00Y
Long position9,533,558
Short position0
Morgan Stanley & Co. LLC1585 Broadway, New York, 10036, Place of incorporation: USAMorgan Stanley Capital Management, LLC100.00Y
Long position3,758,185
Short position3,089,170
Morgan Stanley International Holdings Inc.1585 Broadway, New York, New York, 10036, New York. Place of incorporation: USAMorgan Stanley100.00N
Long position2,320,255
Short position448,459
Morgan Stanley International Limited25 Cabot Square, Canary Wharf, London, E14 4QA, Place of incorporation: UNITED KINGDOMMorgan Stanley International Holdings Inc.100.00N
Long position2,320,255
Short position448,446
Morgan Stanley Investments (UK)20 Bank Street, Canary Wharf, London, E14 4AD, Place of incorporation: UNITED KINGDOMMorgan Stanley International Limited100.00N
Long position2,320,255
Short position448,446
Morgan Stanley & Co. International plcLegal & Compliance Department, 25 Cabot Square, Canary Wharf, London, E14 4QA, Place of incorporation: UNITED KINGDOMMorgan Stanley Investments (UK)100.00Y
Long position2,320,255
Short position448,446
Morgan Stanley Domestic Holdings, LLC1585 Broadway, New York, 10036, Place of incorporation: USAMorgan Stanley Capital Management, LLC100.00N
Long position1,345,190
Short position51,412
Morgan Stanley Capital Services LLC1585 Broadway, New York, 10036, Place of incorporation: USAMorgan Stanley Domestic Holdings, LLC100.00Y
Long position1,345,190
Short position51,412
Prime Dealer Services Corp.1585 Broadway, New York, 10036, Place of incorporation: USAMorgan Stanley & Co. LLC100.00Y
Long position572,294
Short position0
Parametric Portfolio Associates LLC800 Fifth Avenue, Suite 2800, Seattle, 98104, Place of incorporation: USAMorgan Stanley Capital Management, LLC100.00Y
Long position394,225
Short position0
Morgan Stanley Smith Barney LLC1585 Broadway, New York, 10036, Place of incorporation: USAMorgan Stanley Capital Management, LLC100.00Y
Long position5,988
Short position0
Morgan Stanley Alternative Investments LLCOne Tower Bridge, 100 Front Street, Suite 400, West Conshohocken, 19428, Place of incorporation: USAMorgan Stanley Investment Management Inc.100.00N
Long position1,657
Short position5,118
Morgan Stanley AIP GP LPOne Tower Bridge, 100 Front Street, Suite 400, West Conshohocken, 19428, Place of incorporation: USAMorgan Stanley Investment Management Inc.0.00Y
Long position1,657
Short position5,118
Morgan Stanley AIP GP LPOne Tower Bridge, 100 Front Street, Suite 400, West Conshohocken, 19428, Place of incorporation: USAMorgan Stanley Alternative Investments LLC100.00Y
Long position1,657
Short position5,118
Morgan Stanley Bank, N.A.201 South Main Street, 5th Floor, Salt Lake City, 84111, Place of incorporation: USAMorgan Stanley Capital Management, LLC100.00Y
Long position1,647
Short position0
Morgan Stanley Europe SEGrosse Gallusstrasse 18, Frankfurt am Main, 60312, Place of incorporation: GERMANYMorgan Stanley Bank, N.A.100.00Y
Long position464
Short position4
Morgan Stanley Jubilee Investments Limited20 Bank Street, Canary Wharf, London, E14 4AD, Place of incorporation: UNITED KINGDOMMorgan Stanley International Holdings Inc.100.00N
Long position0
Short position13
Archimedes Investments Cooperatieve U.A.Herikerbergweg 238, Luna ArenA, Amsterdam, 1101CM, Place of incorporation: NETHERLANDSMorgan Stanley International Holdings Inc.99.90N
Long position0
Short position13
Archimedes Investments Cooperatieve U.A.Herikerbergweg 238, Luna ArenA, Amsterdam, 1101CM, Place of incorporation: NETHERLANDSMorgan Stanley Jubilee Investments Limited0.10N
Long position0
Short position13
Morgan Stanley B.V.Luna Arena, Herikerbergweg 238, Amsterdam, 1101 CM, Place of incorporation: NETHERLANDSMorgan Stanley International Holdings Inc.0.00Y
Long position0
Short position13
Morgan Stanley B.V.Luna Arena, Herikerbergweg 238, Amsterdam, 1101 CM, Place of incorporation: NETHERLANDSMorgan Stanley Jubilee Investments Limited0.00Y
Long position0
Short position13
Morgan Stanley B.V.Luna Arena, Herikerbergweg 238, Amsterdam, 1101 CM, Place of incorporation: NETHERLANDSArchimedes Investments Cooperatieve U.A.99.99Y
Long position0
Short position13

23. Further information in relation to interests held by substantial shareholder jointly with another person:
Name of joint shareholderAddressNumber of shares
 
24. Further information from a trustee, a beneficiary of a trust, or a person who set up a discretionary trust:
Names of trustAddressStatus codeNumber of shares
  
25. Further information from a party to an agreement under Section 317 (Please see Notes for further information required):
Names of other partiesAddressNumber of shares
 
Total number of shares in which a substantial shareholder is interested under sections 317 and 3180
26. Details of person(s) in accordance with whose directions the substantial shareholder or its directors are accustomed to act:
NamesAddressRelationship CodePercentage (%)
  
 
27. Supplementary information:
28. Log/Serial Number of the previous form:
29. Number of concert party document(s) under section 317 attached/uploaded:
Date of filing this Form 2: 04/09/2026
(dd/mm/yyyy)