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Horizon Robotics: IPO Of the Year Shows Growing Demand in Autonomous Transportation

October 29, 2024

Chinese leader in smart solutions for self-driving vehicles, Horizon Robotics, made its market debut on the Hong Kong Stock Exchange, drawing significant attention. The autonomous transport market is experiencing considerable growth, which drives the demand for the underlying technologies. This is the main reason Horizon Robotics is seen as a promising company. Investor interest was evident as the stock price surged on its first day of public trading, marking the largest IPO in Hong Kong this year.*

 Horizon Robotics: IPO Of the Year Shows Growing Demand in Autonomous Transportation

Horizon Robotics' Significance in Autonomous Transport

The rise of autonomous vehicles is accelerating, with companies like Waymo testing this type of transport in parts of the U.S., Chinese giant Baidu deploying its robotaxi in limited operations, and Tesla recently introducing its autonomous taxi Cybercab, and which has been trying to perfect these systems for years. Horizon Robotics, founded in 2015 by former Baidu employee Kai Yu, specializes in hardware and software development focused on autonomous vehicles and advanced driver-assistance systems (ADAS). Products like its Journey 5 processor enable cars to operate with minimal human intervention. Key clients of Horizon Robotics include BYD, Hyundai, and Audi, which are striving to make a mark in this market. The company is also collaborating with German firm Continental.

Strong Demand for Horizon Robotics’ Shares

Horizon Robotics launched its IPO on October 16, 2024, and entered public trading on the Hong Kong Stock Exchange on October 24. Shares were offered at an initial price of HK$ 3.73 to HK$ 3.99 ($0.48 to $0.51). A total of 1,355,106,600 shares were emitted, with 10% allocated to retail investors in Hong Kong and 90% to institutional investors on the international markets.*

Key institutional investors included Alibaba Group, Baidu, Baillie Gifford & Co., and reportedly also the Norwegian Sovereign Wealth Fund, the world’s largest state investment fund. Demand from retail investors outstripped supply by 34 times, signalling renewed interest in IPOs in Hong Kong after a two-year lull. Horizon Robotics raised HK$ 5.4 billion (around $696 million) from the IPO, with a substantial portion intended for R&D in autonomous vehicle technology. This was the largest IPO on the Hong Kong Exchange in 2024 and the biggest tech offering since SenseTime Group's IPO in 2021.

IPO Boosts Overall Market Recovery in Hong Kong

After listing, Horizon Robotics shares shot up nearly 38% above the offering price, though they closed with a 2.8% gain. The intraday dip is attributed to massive retail selloffs at the peak price and broader tech stock sales in the market. The rise in Horizon Robotics shares contributed to positive sentiment on the Hong Kong Exchange.* After nearly two years of slowdown, there is renewed optimism for the Hong Kong market, particularly with IPO revenues increasing again. The Hang Seng Index has been in a bull trend since September, driven by the prospect of extensive Chinese government stimulus and interest rate cuts. Until recently, it had been at its lowest levels since 2009.*

Snímek obrazovky 2024-10-30 v 15.12.32

Source: Investing.com*

Conclusion

On its first trading day, Horizon Robotics shares saw high investor interest. Despite initial volatility, there is clear long-term potential as demand for autonomous transport technology skyrockets. Moreover, Horizon Robotics' IPO in Hong Kong is not only a success for one company but also signals a recovery in the local market, potentially attracting more firms with new public offerings. [1]

David Matulay, analyst of InvestingFox

* Data relating to the past are not a guarantee of future returns.

[1] Forward-looking statements represent assumptions and current expectations that may not be accurate or are based on the current economic environment, which may change. These statements are not guarantees of future performance. Forward-looking statements by their nature involve risks and uncertainties related to future events and environments that cannot be predicted and actual developments and results may differ materially from those expressed or implied in other statements.

Warning! This marketing material is not and must not be understood as investment advice. Data relating to the past are not a guarantee of future returns. Investing in change can affect returns due to fluctuations. All securities trades can lead to both profits and losses. Forward-looking statements represent assumptions and current expectations that may not be accurate or are based on the current economic environment, which may change. These statements are not guarantees of future performance. InvestingFox is a trademark of CAPITAL MARKETS, o.c.p., a.s. regulated by the National Bank of Slovakia.

 

Sources:

https://www.edge-ai-vision.com/2020/11/free-webinar-explores-ai-processing-architectures-for-the-software-defined-car/

https://www.chinadaily.com.cn/a/202110/27/WS6178be25a310cdd39bc71979.html

https://www.business-standard.com/world-news/china-s-horizon-robotics-raises-696-mn-in-largest-hong-kong-ipo-of-2024-124102200705_1.html

https://finance.yahoo.com/news/baillie-gifford-norges-said-invest-014458855.html

https://finance.yahoo.com/news/horizon-robotics-gains-28-hk-012954146.html

InvestingFox is a trademark of CAPITAL MARKETS, o.c.p., a.s., with its registered office at Slávičie údolie 106, Bratislava – Staré Mesto district, 811 02. The company is registered in the Commercial Register of the Municipal Court Bratislava III, Section: Sa, File No.: 4295/B, ID No.: 36 853 054, VAT No.: 2022505419.

CAPITAL MARKETS, o.c.p., a.s. is a securities dealer pursuant to Section 55(1) of Act No. 566/2001 Coll. on Securities and Investment Services and on Amendments to Certain Acts, as amended (hereinafter the “Securities Act”). On October 30, 2007, CAPITAL MARKETS, o.c.p., a.s. was granted, by Decision No. OPK-2297/2007 of the National Bank of Slovakia -PLP, a license to provide investment services pursuant to Section 54(2) in conjunction with Sections 59(2) and (3) of the Securities Act, which was extended in accordance with the provisions of the Securities Act by Decision No. OPK-1830/2008-PLP dated April 21, 2008, Decision No. OPK-11601-1/2008 dated January 28, 2009, Decision No. ODT-5059-3/2012 dated July 23, 2012, and Decision No. ODT-9332/2014-1 dated October 21, 2014.

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