On October 16, leading smart driving technology company Horizon (9660.HK) kicked off its IPO in Hong Kong. In this IPO, Horizon plans to globally issue 1,355,106,600 shares, with 135,511,200 shares being publicly offered in Hong Kong, accounting for approximately 10%; 1,219,595,400 shares for international placement, around 90%, with an additional 15% over-allotment option. The price range for the offering is set at HK$3.73 to HK$3.99 per share, in units of 600 shares, aiming to raise up to around 5.4 billion HK dollars, and the shares are expected to be listed on the Hong Kong Stock Exchange on October 24.

During the IPO, the company attracted enthusiastic participation from numerous well-known domestic and overseas institutional investors. Alibaba, Baidu, DFI Group, and a Ningbo municipal government fund acted as cornerstone investors, with a total subscription amounting to approximately 220 million US dollars (about 1.7 billion HK dollars). Horizon conducted its listing hearing on the Hong Kong Stock Exchange on October 8, with Goldman Sachs, Morgan Stanley, and China Securities Co.,Ltd. International serving as joint sponsors.

Horizon is a leading supplier of advanced driver assistance systems (ADAS) and high-level autonomous driving (AD) solutions in the passenger vehicle market. The company adopts a concept of collaborative development between software and hardware, integrating cutting-edge algorithms, specialized software, and advanced processing hardware in its solutions. These provide core technology for advanced driver assistance and high-level autonomous driving, enhancing the safety and driving experience for drivers and passengers.

With the integrated software and hardware solution advantage, Horizon seized significant growth opportunities in the industry over the past three years. As of September 30, the company's integrated solutions have been adopted by 27 OEMs, 42 OEM brands, installed in 290 vehicle models, with 152 models achieving SOP. According to data from Chozhi Consulting, by calculating the total volume of installed solutions, Horizon is the first and largest Chinese company to provide mass-produced front-loaded advanced driver assistance and high-level autonomous driving solutions each year since the large-scale production of solutions in 2021.

According to the prospectus, approximately 70% of the net proceeds raised by the company will be used for R&D purposes over the next five years, including advanced driver assistance and high-level autonomous driving solutions, as well as core key technologies; around 10% will be allocated for sales and marketing expenses; about 10% will be used for strategic investments in its joint ventures (especially Coolly Intelligent) to expand and enhance its technological capabilities; and approximately 10% will be used for general corporate purposes and operational funding needs.

Prior to the IPO, Horizon had received recognition from numerous well-known investment institutions and industry capital, including Volkswagen Group, SAIC Motor Corporation, GAC Capital, Great Wall Motor, Chery Automobile, FAW Group, BYD, Contemporary Amperex Technology, and many other car company capital and industry chain upstream and downstream enterprises, as well as continued investments from domestic and foreign renowned financial institutions such as Warburg Pincus, Hillhouse Capital, IDG Capital. With the support from the capital markets, Horizon is expected to further solidify its leading position in the smart driving sub-market and achieve higher growth.