Alibaba Group Holding Ltd. and Baidu Inc. They are participants in the IPO planned by the Chinese provider of software for unmanned driving Horizon Robotics. This is reported in the Horizon Robotics press release.
In addition, the French CMA CGM and the Ningbo government fund are participating in the IPO. All four participants plan to purchase $220 million worth of Horizon Robotics shares.
Horizon Robotics, with the support of sponsors including China's BYD Co. and Contemporary Amperex Technology Co. Ltd., intends to raise up to $800 million in an IPO that could become the largest on the Hong Kong stock exchange in 2024.
At the same time, the company's market value will be $6 billion. Horizon Robotics intends to start the book building process on October 16.
Alibaba, Baidu and other Chinese technology companies have increased investments in IT industries that are considered strategic by the Chinese government, including driverless driving, chips and artificial intelligence.
In 2023, Horizon Robotics and Volkswagen AG created a joint venture, Carizon (Beijing) Technology Co., to take advantage of the capabilities of specialized solutions for the development of driverless driving in China.
Horizon Robotics is a Chinese technology company headquartered in Beijing (China). The company is developing artificial intelligence chips used in self-driving cars and advanced driver assistance systems.
Baidu is a Chinese company providing web services, the main one of which is the main search engine under the Baidu brand in China.
Alibaba Group is a Chinese public company in the field of Internet commerce and web portals Taobao.com , Tmall, Alibaba.com , AliExpress and a number of others. The main activities are trading operations between companies under the B2B scheme and online retail. The company also owns one of the world's largest cloud computing infrastructures and owns assets in the media and entertainment industries. The headquarters is located in Hangzhou (China).
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