Autonomous driving technology company Horizon Robotics has completed the placement of existing shares and a top-up subscription of new equity, raising a total of HKD4.67 billion (USD595 million), making it one of the largest transactions of its kind in Hong Kong’s capital markets this year.
King & Wood Mallesons (KWM), Davis Polk, Cleary Gottlieb and Jingtian & Gongcheng advised parties involved in this transaction.
KWM acted as Chinese legal adviser for Horizon, led by partners Gong Mulong and Ma Tianning. Davis Polk’s partners He Li, Jason Xu and Li Ran led a team, with members from both its Hong Kong and Beijing offices.
The placement agents included Goldman Sachs, Morgan Stanley and UBS Group, with Jingtian & Gongcheng advising on PRC law. The Cleary Gottlieb team served as international legal advisers, led by partners Freeman Chan, Zhao Shuang, Zhang Miao and Zhang Biyuan.
Horizon Robotics, headquartered in Beijing, successfully completed its Hong Kong listing in October 2024, with the four law firms also serving as its legal advisory team for the IPO.
The robotics company provides advanced driver assistance and high-level autonomous driving solutions for passenger vehicles, and is recognised as a leader in the industry.
