Shares of Horizon Robotics climbed in their trading debut in Hong Kong Thursday, adding to optimism over a revival in initial public offerings in the Asian financial hub.The stock surged almost 38% over its issue price of HK$3.

Beijing-headquartered tech firm, listed under the 9660 stock code, traded at HK$5.14 at the opening bell, up from its IPO price of HK$3.99.

Since its establishment, Horizon has completed 11 financing rounds, raising a total of over USD8.7 billion from pre-IPO investors such as Chinese carmakers SAIC Motor and BYD, private equity giant Hillhouse Investment, and venture capital firm Sequoia Capital.

Baillie Gifford & Co. and Norges Bank Investment Management were among the investors in Horizon Robotics’ $696 million Hong Kong initial public offering, according to people familiar with the matter.

Horizon Robotics, a Chinese autonomous driving company, has raised $696m (5bn yuan) through an initial public offering (IPO) in Hong Kong. This makes it Hong Kong’s largest IPO for the year, according to a report by Reuters.

Horizon Robotics, a Chinese autonomous driving technology provider, aims to raise US$696 million through its Hong Kong IPO, potentially providing a boost to the city's listing market after a prolonged downturn.

Shares of Horizon Robotics Inc. jumped nearly 38% early in their trading debut in Hong Kong Thursday, adding to optimism over a revival in initial public offerings in the Asian financial hub.

SYDNEY (Reuters) -Shares of Chinese autonomous vehicle maker Horizon Robotics opened 28.3% higher on the Hong Kong stock exchange on Thursday after the company raised $696 million in an initial public offering. The deal is the largest IPO in Hong Kong in 2024 after it sold 1.355 billion shares at HK$3.99 each, according to the company's filings.

Horizon Robotics Inc. will list its shares Thursday in Hong Kong after raising $696 million, adding to a flurry of deals that signal the end of a slump in initial public offerings in the Asian financial hub.