Smart Driving Startup Horizon Robotics Cleared for Hong Kong IPO

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What’s new: Horizon Robotics, a Chinese autonomous driving solution provider backed by BYD Co. Ltd., has been cleared by China’s top securities regulator to push forward an initial public offering (IPO) in Hong Kong.

The China Securities Regulatory Commission issued the listing clearance for Horizon this week, allowing the company to complete the Hong Kong offering within 12 months, according to a statement on the commission’s website.

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Horizon Robotics received approval from the China Securities Regulatory Commission for an IPO in Hong Kong, allowing the company to issue up to 1.15 billion shares within 12 months.
Founded in 2015 by Yu Kai, Horizon focuses on intelligent driving solutions and has a current valuation of $8.9 billion, with major investors like BYD and Volkswagen.
Competing in the Chinese market, Horizon’s share rose from 1.1% in 2021 to 9.3% in 2023, with customers including Li Auto and Volkswagen.

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Who’s Who

Horizon Robotics: Horizon Robotics, a Chinese autonomous driving solutions provider founded in 2015 by Yu Kai, has received approval for an IPO in Hong Kong. The company plans to issue up to 1.15 billion shares. With investors like BYD, Volkswagen, and Sequoia Capital, Horizon was valued at $8.9 billion in 2022. It competes with Mobileye, Renesas, and Texas Instruments, growing its China market share from 1.1% to 9.3% between 2021 and 2023.

BYD Co. Ltd.: BYD Co. Ltd. is a significant investor in Horizon Robotics, a Chinese autonomous driving solution provider. BYD is known for its extensive involvement in the electric vehicle and battery manufacturing sectors. Horizon Robotics, backed by BYD, has been cleared by China's top securities regulator to proceed with an IPO in Hong Kong, aiming to issue up to 1.15 billion shares. Other major investors include SAIC Motor Corp. Ltd., Volkswagen AG, and Sequoia Capital.

SAIC Motor Corp. Ltd.: SAIC Motor Corp. Ltd. is one of the biggest investors in Horizon Robotics, a Chinese autonomous driving solution provider. SAIC is a prominent Chinese automotive manufacturer and a key player in the global automotive industry. As part of its investment strategy, SAIC supports innovative technologies, including intelligent driving solutions offered by Horizon.

Volkswagen AG: Volkswagen AG is one of Horizon Robotics' major investors. The company is a significant global automobile manufacturer based in Germany. Horizon competes with firms like Israel’s Mobileye, Japan’s Renesas, and the U.S.'s Texas Instruments Inc. in the Chinese market, and its product portfolio includes intelligent driving solutions for customers like Volkswagen and Chinese electric car startup Li Auto.

Li Auto: Li Auto is a Chinese electric car startup and a main customer of Horizon Robotics. Horizon, an autonomous driving solution provider, supplies advanced driving solutions for Li Auto's vehicles.

Goldman Sachs Inc.: Goldman Sachs Inc. is one of the joint sponsors for Horizon Robotics' planned IPO in Hong Kong. Founded in 1869, it is a leading global investment banking, securities, and investment management firm that provides a wide range of financial services to a substantial and diversified client base, including corporations, financial institutions, governments, and individuals.

Morgan Stanley: Morgan Stanley is one of the joint sponsors of Horizon Robotics’ listing on the Hong Kong Stock Exchange. Alongside Goldman Sachs Inc. and China Securities Co. Ltd., Morgan Stanley is facilitating the IPO, where Horizon plans to issue up to 1.15 billion shares.

China Securities Co. Ltd.: China Securities Co. Ltd. is one of the joint sponsors of Horizon Robotics' upcoming IPO in Hong Kong. As a prominent Chinese investment bank, it plays a significant role in underwriting and advisory services for capital market transactions.

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What Happened When

November 2022：: Horizon Robotics completed its latest round of fundraising and was valued at $8.9 billion.

March 2024：: Horizon Robotics filed with the Hong Kong Stock Exchange for an offering of an undisclosed amount.

This week (As of the document's publication date)：: The China Securities Regulatory Commission issued the listing clearance for Horizon Robotics, allowing the company to complete the Hong Kong offering within 12 months.

AI generated, for reference only