Autonomous driving company HORIZONROBOT debuts on the Hong Kong Stock Exchange, raising HKD 5.407 billion
Horizon, an AI driving company, went public on the Hong Kong Stock Exchange, raising HKD 5.407 billion, becoming the largest IPO in Hong Kong for the year. The stock price rose by 28.32% on the first day of trading. The company's revenue for 2021 to 2023 is expected to be RMB 467 million, RMB 906 million, and RMB 1.552 billion respectively, with a compound annual growth rate of 82.3%. Revenue for the first half of 2024 is projected to be RMB 935 million, a year-on-year increase of 151.6%. Horizon has collaborated with 27 OEMs and is used in 290 car models. The founder, Yu Kai, previously served as the Vice President of Baidu Research Institute, with total financing exceeding USD 3.4 billion
On October 24th, DoNews reported that Horizon Robotics, an intelligent driving technology company, was listed on the main board of the Hong Kong Stock Exchange today, raising a total of HKD 5.407 billion (approximately RMB 4.961 billion), becoming the largest technology IPO in Hong Kong this year.
On the first day of listing, Horizon Robotics-W opened at HKD 5.12, a significant increase of 28.32%.
According to the prospectus, Horizon recorded revenues of approximately RMB 467 million, RMB 906 million, and RMB 1.552 billion in 2021, 2022, and 2023 respectively, with a compound annual growth rate of 82.3%; in the first half of 2024, revenue reached approximately RMB 935 million, a year-on-year increase of 151.6%.
Official information indicates that Horizon's integrated software and hardware solution has been adopted by 27 OEMs (42 OEM brands) and applied to 290 models, with all of China's top ten OEMs choosing Horizon's intelligent driving solution.
In August this year, the China Securities Regulatory Commission announced the filing notice for Horizon Robotics' overseas issuance and listing. According to CSRC data, Horizon plans to issue no more than 1,153,546,800 shares of overseas listed common stock and list on the Hong Kong Stock Exchange.
Public information shows that Horizon's founder, Yu Kai, is an internationally renowned scientist with approximately 25 years of research and development experience in the field of computer engineering. Prior to founding the company, he served as the Vice President of Baidu Research Institute from April 2012 to June 2015.
Since its establishment, Horizon Robotics has received multiple investments from shareholders including SAIC, GAC, Great Wall Motors, BYD, FAW, Intel, Yunfeng Fund, 5Y Capital, Sequoia Capital, Hillhouse Capital, Blackstone, SK Hynix, CATL, Luxshare Precision, Star Optoelectronics, Veoneer, Sunny Optical, and others, with total financing exceeding USD 3.4 billion (approximately RMB 23.97 billion)
