Economic news

Horizon Robotics shares open up 28.3% in Hong Kong trading debut

2024.10.23 22:19

By Scott Murdoch and Donny Kwok

SYDNEY (Reuters) -Shares of Chinese autonomous vehicle maker Horizon Robotics opened 28.3% higher on the Hong Kong stock exchange on Thursday after the company raised $696 million in an initial public offering.

The deal is the largest IPO in Hong Kong in 2024 after it sold 1.355 billion shares at HK$3.99 each, according to the company’s filings.

© Reuters. A person passes by a sign of Horizon Robotics during the World Artificial Intelligence Conference, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China, September 1, 2022. REUTERS/Aly Song/ File Photo

The stock began trading at HK$5.12 each, while the was down 0.9% early in the session on Thursday. It is the most actively traded stock by turnover in early trade.

Horizon Robotic’s deal eclipsed China Resources Beverage’s which last week finalised its $650 million new share sale. It is also the largest tech sector IPO in Hong Kong since SenseTime Group raised $740 million in late 2021.



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