Horizon Robotics’ HK$5.4 Billion Offering and Primary Listing in Hong Kong

Cleary Gottlieb represented Goldman Sachs (Asia) L.L.C., Morgan Stanley Asia Limited, and China Securities (International) Corporate Finance Company Limited, as joint sponsors, joint sponsor-overall coordinators, joint global coordinators, joint bookrunners, and joint lead managers, and 17 other investment banks as underwriters, in the HK$5.4 billion (excluding overallotment option) global offering of Class B ordinary shares and primary listing of Horizon Robotics on the Main Board of the Hong Kong Stock Exchange.

This deal is the largest tech IPO in Hong Kong for 2024 and the largest overseas listing of Chinese tech companies since 2021.

The offering priced on October 22, 2024, and closed on October 24, 2024. Shares of Horizon Robotics began trading on the Hong Kong Stock Exchange on October 24, 2024.

Horizon Robotics has adopted a weighted voting rights structure for this IPO. Alibaba, Baidu, Merit France SAS, and Ningbo Tongshang participated in the IPO as cornerstone investors.

Horizon Robotics is a leading provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles. Horizon Robotics is the first and has consistently been the largest Chinese company providing integrated ADAS and AD solutions in terms of overall solution installation volume since the mass deployment of its solutions in 2021, according to CIC. Horizon Robotics has undertaken several rounds of pre-IPO investments since inception from renowned private equity institutions, industrial venture capital funds, and ecosystem partners, and has formed a joint venture, CARIZON, with global industry giant Volkswagen to research, develop, and manufacture of autonomous driving application software and self-driving systems.