China’s Horizon Robotics,Watch Friends a provider of in-car technologies to major automakers like Volkswagen and BYD, has filed to sell an undisclosed amount of shares in Hong Kong. The move aims to capitalize on the increasing consumer demand for autonomous driving technology both domestically and internationally. The tech unicorn reached a valuation of $8.7 billion in late 2022 after raising a $210 million Series D funding round. According to a prospectus filed on Tuesday, China’s SAIC, Volkswagen, and BYD hold stakes of 10%, 2.6%, and 0.1% in the company, respectively. Horizon reported revenues of nearly RMB 1.6 billion ($220 million) in 2023, up from RMB 906 million the previous year, with net losses narrowing from RMB 1.9 billion to RMB 1.6 billion. The company captured a 21.3% share of the advanced driver assistance systems (ADAS) market in China, making it the second-largest vendor in the country as of last year, according to figures from China Insights Consultancy, which is advising the stake sale. Horizon, backed by investors such as Sequoia Capital China and Hillhouse Investment, plans to use the proceeds to expand into overseas markets, including Japan, Korea, and Europe. [Horizon Robotics prospectus]
