Horizon's Hong Kong IPO is approved by the China Securities Regulatory Commission and plans to issue no more than 1.15 billion shares
2024-08-11
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Smart driving supplier Horizon Robotics' Hong Kong IPO has been approved by the China Securities Regulatory Commission.
On August 9, the China Securities Regulatory Commission announced the registration notice for overseas issuance and listing of Horizon Robotics. The company plans to issue no more than 1.15 billion overseas listed common shares and list them on the Hong Kong Stock Exchange.
The CSRC pointed out that within 15 working days after the completion of overseas issuance and listing, the company should report the issuance and listing situation through the China Securities Regulatory Commission's filing management information system. If the company fails to complete the overseas issuance and listing within 12 months from the date of issuance of the filing notice, it shall update the filing materials if it intends to continue to proceed.
According to Horizon Robotics' official website, the company is a market-leading supplier of advanced driver assistance systems (ADAS) and advanced autonomous driving (AD) solutions for passenger vehicles. The company's solutions integrate leading algorithms, dedicated software and advanced processing hardware to provide core technologies for advanced driver assistance and advanced autonomous driving.
Previously, on March 26, according to the Hong Kong Stock Exchange website, smart driving solution provider Horizon Robotics has officially submitted an application for listing on the Hong Kong stock market, with Goldman Sachs, Morgan Stanley and CICC International serving as joint sponsors.
The prospectus states that since the company began mass-producing solutions in 2021, Horizon Robotics is the first and largest Chinese company to provide front-end mass-produced advanced assistance and high-level autonomous driving solutions, calculated by annual installed capacity.
The prospectus shows that Horizon's revenue in 2021, 2022 and 2023 will be 467 million yuan, 906 million yuan and 1.552 billion yuan respectively, with revenue growth rates of 94.1% and 71.3% in 2022 and 2023 respectively, and the compound annual growth rate of revenue from 2021 to 2023 will be 82.3%.
From 2021 to 2023, Horizon's net losses were 2.064 billion yuan, 8.72 billion yuan, and 6.739 billion yuan, respectively; adjusted net losses were 1.103 billion yuan, 1.891 billion yuan, and 1.635 billion yuan. In terms of gross profit margin, Horizon has a high and stable gross profit margin level. The gross profit margins from 2021 to 2023 were 70.9%, 69.3%, and 70.5%, respectively.
According to reports, Horizon Robotics was co-founded by Yu Kai, Huang Chang, Tao Feiwen, and a group of scientists and entrepreneurs in 2015. As of the last practicable date, Yu Kai, Huang Chang, and Tao Feiwen held 16.95%, 3.82%, and 1.66% of the company's share capital, respectively, equivalent to 55.95%, 12.61%, and 5.47% of the voting rights, respectively.
Previously, Horizon Robotics had completed 11 rounds of financing, and after the D round of financing, its post-investment valuation reached US$8.71 billion. Horizon Robotics' investors include well-known investment institutions such as Sequoia China and Hillhouse Capital, as well as leading companies from the automotive industry, including SAIC Motor, CARIAD, a software company under Volkswagen Group, CATL, BYD, etc.
According to the prospectus, SAIC Motor holds a 10.02% stake through SAIC QIJUN I Holdings Limited; CARIAD Estonia AS, a subsidiary of Volkswagen Group, holds a 2.64% stake; CATL holds a 1.12% stake through Hong Kong Times New Energy Technology Co., Ltd.; and BYD holds a 0.13% stake in Horizon Robotics through its subsidiary Golden Link Worldwide Limited.
In addition, on August 8, Black Sesame Intelligent Technology (02533.HK), also a smart driving supplier, was listed on the main board of the Hong Kong Stock Exchange, becoming the "first Chinese autonomous driving chip stock" in Hong Kong stocks. On the first day of listing, Black Sesame Intelligent opened at HK$18.8 and closed at HK$20.45, down 26.96% from the IPO price, with a total market value of HK$11.6 billion.
The Paper reporter Hu Hanyan and Wu Yuli
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