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On August 9, the "intelligent driving unicorn" Horizon Robotics passed the IPO registration of the China Securities Regulatory Commission, which means that Horizon Robotics has obtained a pass for listing in Hong Kong.

It is understood that Horizon submitted its prospectus at the end of March 2024. The company plans to issue no more than 1.15 billion overseas listed common shares and list on the Hong Kong Stock Exchange, and it is expected to raise approximately US$500 million in funds.

Horizon, which has repeatedly been rumored to have an IPO, has finally taken the first step towards listing, and the luxurious investment team behind it is full of expectations for its performance after listing.

Valuation has exceeded 60 billion yuan

According to public information, Horizon Robotics was founded in 2015 and is a supplier of advanced driver assistance systems (ADAS) and advanced autonomous driving (AD) solutions for passenger vehicles. It is also one of the star projects for Baidu executives to start their own businesses.

Its founder and chairman Yu Kai served as the vice president of Baidu Research Institute from April 2012 to June 2015, and played an important role in the development and establishment of Baidu's autonomous driving project. Two other executives, CTO Huang Chang and Tao Feiwen, also worked at Baidu during the same period.

The prospectus shows that Horizon Robotics has received multiple investments since its establishment, with many star investors.The total financing amount is US$2.36 billion (approximately RMB 17 billion).

In September 2015, Horizon Robotics, which had just been established, completed its first round of financing. Investors included well-known institutions such as 5Y Capital, Hillhouse Capital, Sequoia China, GSR Ventures, Linear Capital, Sinovation Ventures and ZhenFund.