Horizon Robotics has been approved for an IPO in Hong Kong, planning to issue 11.5 billion shares.

Horizon Robotics, specializing in advanced driver-assistance systems, has received approval from the China Securities Regulatory Commission for a Hong Kong IPO. The company plans to issue no more than 1.15 billion shares. Horizon Robotics has seen rapid growth, with annual revenue increasing by 82.3% and stable gross margins. Investors include well-known institutions such as Sequoia and Hillhouse, as well as automotive giants like SAIC, Volkswagen, CATL, and BYD. Competitor Black Sesame Technologies has already gone public with a market cap of HK$11.6 billion.

IPO Filing: Horizon Robotics aims to list on the Hong Kong Stock Exchange through an overseas offering.

Explanation:

• IPO: Initial Public Offering, the first issuance of stock by a company to the public.
• Gross Margin: The ratio of profit after subtracting costs from sales revenue to the sales revenue.