Davis Polk, King & Wood Mallesons, Maples Group, Cleary Gottlieb and Jingtian & Gongcheng have advised on Horizon Robotics’ HKD5.4 billion (USD695 million) listing on the HKEX.
Horizon Robotics, an autonomous driving solutions provider, issued 1.36 billion shares priced at HKD3.99 each. The IPO came just a day after the city saw another large listing, China Resources Beverage raise HKD5.04 billion in its HKEX debut.
Davis Polk acted as the issuer’s Hong Kong and US legal counsel, King & Wood Mallesons advised on PRC law, while Maples Group gave Cayman Islands law advice.
Three joint sponsors Goldman Sachs, Morgan Stanley and China Securities International, and 17 other underwriters participated in the IPO. Cleary Gottlieb advised the underwriters on Hong Kong and US law, while Jingtian & Gongcheng advised them on PRC law.
Horizon Robotics supplies advanced driver assistance systems and autonomous driving solutions, and its products have been used by 27 original equipment manufacturers such as Audi, BYD and Geely. The company, which is valued at RMB60 billion (USD8.4 billion), has been recording losses for the past three years, and in 2023 posted a deficit of RMB6.74 billion.
Quintet assists on CR Beverage’s HKD5bn listing
Clifford Chance, Jingtian & Gongcheng, Harneys, Paul Hastings and Zhong Lun Law Firm have advised on China Resources Beverage’s HKD5 billion debut on the HKEX, which is second to Midea Group’s IPO this year.
