Business

Auto-driving chipmaker Horizon eyes US$815 million in share placement

AnyFans 2025-09-27

By Zhang Shidong

Horizon Robotics, a maker of artificial-intelligence chips that power autonomous-driving systems, plans to rake in HK$6.34 billion (US$815 million) from a top-up share placement, its second such refinancing in three months, as the company capitalises on tech euphoria to fund its expansion.
The Beijing-based company planned to sell 639 million existing shares held by major shareholders to at least six investors for HK$9.99 each, representing a 5.75 per cent discount to its closing price on Thursday, Horizon said in a filing with the Hong Kong stock exchange on Friday. The proceeds would be used to expand in overseas markets, for research and development, and to invest in emerging sectors such as robotaxi initiatives and upstream and downstream business partners, it said.
The placement represented an opportunity to raise capital while broadening the shareholder base, Horizon said.
In a top-up placement, major shareholders first sell their existing shares and then subscribe to new ones as a replacement, allowing companies to raise funds quickly.
The placement adds to a similar one in June, when Horizon raised HK$4.67 billion from selling existing stocks to no less than six outside investors. Horizon’s refinancing spree coincides with a global frenzy over AI, which has helped propel the Nasdaq market to a record high and the Hang Seng Tech Index to near a four-year high. Alibaba Group Holding, owner of the Post, said this week that it would boost its US$53 billion expenditure on AI infrastructure to ride the industry trend.
Horizon’s shares slumped 8.5 per cent to HK$9.70 in Hong Kong on Friday, trimming its gain to 169 per cent this year.

The placed shares would account for about 4.4 per cent of Horizon’s enlarged share capital, according to the filing. The six shareholders selling their existing shares included 5Y Capital, Morningside China TMT Fund, Evolution Special Opportunity Fund and HRRB Holdings, it said. These shareholders would buy the same amount of new shares as they sold, according to the filing.
Goldman Sachs, Morgan Stanley and UBS Group are arranging the deal.
“The company is expected to collaborate with several autonomous-driving taxi operators in the second half,” said Tang Xuxia, an analyst at Guosen Securities in Shenzhen. “It will also continue to expand its global footing and deepen its partnerships with the world’s leading carmakers.”
Founded in 2015, Horizon raised HK$5.4 billion from an initial public offering in October, the second-largest in Hong Kong last year, behind only the US$4.6 billion flotation by Chinese home appliance giant Midea.
Horizon claims to be the largest provider of integrated advanced driver-assistance systems and autonomous-driving solutions in China, according to its website.