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.

By Scott Murdoch and Donny Kwok 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.

Asian equities were mixed overnight despite a stronger US dollar. Hong Kong and South Korea outperformed, while Thailand was closed for Chulalongkorn Day, a national holiday commemorating His Majesty King Chulalongkorn the Great’s passing.

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.

Banco Yiu, Assistant General Manager of the Personal Digital Banking Product Department at BOC HONG KONG (02388.HK), stated that benefiting from the restart of the interest rate cut cycle and the stimulation of various new economic measures,

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.

Shares of Horizon Robotics soared 28.3% in its trading debut on Thursday after the Chinese autonomous vehicle maker raised $696 million in this year's largest initial public offering (IPO) in Hong Kong.

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.

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.

Beijing-headquartered tech firm, listed under the 9660 stock code, traded at HK$5.12 at the opening bell, up from its IPO price of HK$3.99.

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.