Horizon Robotics plans to raise US$595 million in Hong Kong share placement
The maker of artificial intelligence chips for self-driving cars went public in Hong Kong last year
Horizon Robotics, which makes artificial intelligence chips for self-driving cars, plans to raise around HK$4.67 billion (US$595 million) with a top-up placement, as it seeks to get in on a rally in Hong Kong’s stock market.
Current shareholders, including 5Y Capital, Morningside China TMT Fund and HRRB Holdings agreed to sell shares to at least six independent investors through a book-building process managed by Goldman Sachs, Morgan Stanley and UBS, Horizon said.
The company’s shares sank 3.9 per cent to HK$7.15 at the close on Thursday.
The 681 million shares represented about 5.2 per cent of the company’s share capital, around 2.1 per cent of the voting rights in the company’s issued share capital and 4.9 per cent of its enlarged share capital after the issuance of the stock.
The company said it would use the proceeds to expand its business and invest in research and development.