Horizon Robotics, a Chinese auto tech startup backed by BYD, has hired several major investment banks for a Hong Kong initial public offering that could be launched this year and raise about $500 million, people familiar with the matter told Bloomberg on Monday. The Beijing-based company has been planning an imminent share sale with China Securities International, Goldman Sachs Group Inc., and Morgan Stanley, although planning for the listing is still fluid and the details could change, the report said. The nine-year-old startup has been a major partner of Volkswagen for automated driving technologies in China, as the German car giant in late 2022 announced a $2.3 billion investment deal for a 60% share in a joint venture set up with Horizon. The company, backed by global investors such as Intel Capital and Baillie Gifford, as well as Chinese automakers including BYD, SAIC, and Chery, had briefly considered the US a potential destination to list its shares back in 2021, Bloomberg reported. [Bloomberg]
