Davis Polk, King & Wood Mallesons, Jingtian & Gongcheng and Cleary Gottlieb have advised autonomous-driving technology company Horizon Robotics on its placement of existing shares and subscription for new shares issued under a top-up arrangement, raising nearly HKD6.4 billion (USD823 million) in total.
Davis Polk acted as Horizon’s international legal counsel, with global partners He Li, Jason Xu and Li Ran leading the team, while senior counsel Jenny Yin provided support. King & Wood Mallesons counselled Horizon on PRC law, led by Gong Mulong, managing partner at the Beijing office, with support from partners Ma Tianning and Candy Zhao.
Jingtian & Gongcheng advised the placement agents, Goldman Sachs, Morgan Stanley and UBS, on PRC law, with partner Zhu Wangying leading the team. Cleary Gottlieb acted as international legal adviser, with partners Freeman Chan, Zhao Shuang, Zhang Miao and Zhang Biyuan, and counsel Robert Williams among its team.
Horizon has completed multiple rounds of large-scale financing during the past year since listing in Hong Kong in October 2024, raising HKD5.4 billion from its IPO, and subsequently securing a further HKD4.67 billion through another share placement in June this year.
The company’s disclosure documents state that proceeds from the latest placement will primarily fund its overseas expansion, including establishing a European headquarters in Munich, and support its increasing R&D costs to further develop its robotaxi business.
