EqualOcean recently learned from public sources that Horizon Robotics, a Chinese provider of autonomous driving solution, is planning to conduct its initial public offering (IPO) in Hong Kong this year, aiming to raise approximately USD 500 million (around HKD 3.9 billion).
According to sources familiar with the matter cited by the media, Horizon Robotics is in discussions with CSCI International, Goldman Sachs, and Morgan Stanley regarding the IPO, and may submit a preliminary prospectus in the coming weeks. The sources also stated that the discussions are still in the early stages, and details of the IPO, including its scale and timetable, may still change.
EqualOcean sought confirmation from Horizon Robotics regarding this information, but as of the time of publication, they have not responded to the inquiry.
Established in July 2015, Horizon Robotics is a pioneer in smart mobility computing solutions. In December 2017, the company launched first-generation Journey™ computing solution. Subsequently, Horizon Robotics successively launched automotive-grade intelligent chips such as Journey 2, Journey 3, and Journey 5. According to the official website, as of April 2023, the cumulative shipments of Horizon Robotics' Journey series exceeded 3 million units. During the 2023 Guangzhou Auto Show, Horizon Robotics further announced that the Journey 6 (J6) chip is expected to be released the following year and delivered for mass production by the end of the same year.
With its forward-thinking technological concepts and efficient intelligent driving computing solutions, Horizon Robotics has attracted significant attention from investors since its inception. The company has received strategic investments from numerous automotive enterprises such as SAIC Motor, GAC Capital, Great Wall Motors, and BYD, as well as from upstream and downstream companies in the industry chain, including Intel, SK Hynix, Contemporary Amperex Technology (CATL), and Luxshare Precision. Some media reports indicate that its current valuation is as high as USD 8 billion, making it one of the highest valued companies in China's intelligent driving industry.
It is worth noting that according to information on Horizon Robotics' official website, on January 22, the company open-sourced its leading pure visual autonomous driving algorithm, the Sparse4D algorithm, to encourage more developers to participate in the exploration of cutting-edge technologies such as end-to-end autonomous driving and sparse perception. The Sparse4D algorithm is currently available on the GitHub platform, and developers can follow Horizon Robotics' official GitHub account "Horizon Robotics" to access the source code.
Dr. Yu Yinan, Vice President and President of the Software Platform Product Line at Horizon Robotics, stated, "The industry has entered the era of end-to-end perception, where a single network can complete the entire perception task. The Sparse4D algorithm has elevated the performance of sparse algorithms to a new level and achieved end-to-end multi-object tracking, which is a milestone for both sparse perception and end-to-end autonomous driving. By open-sourcing Sparse4D to the entire industry, Horizon Robotics looks forward to progressing together with outstanding developers in the industry.”