By Katrina Hamlin
Things are coming together for Horizon Robotics 9660. The Beijing-based maker of hardware and software for assisted driving systems raised $820 million on Friday, its third time tapping Hong Kong’s capital markets in less than a year, including its initial public offering in October. Buoyant markets, the rapid rise of smart cars, and a Chinese push to use homegrown semiconductors rather than U.S. ones all support the $19 billion upstart’s explosive growth.
Horizon’s latest share placement, arranged by Morgan Stanley 
MS, Goldman Sachs 
GS and UBS, exceeds the $600 million it raised in June and the nearly $700 million generated from its October 2024 listing. The rapid succession of follow-on issuances may become more common if the Asian hub keeps attracting cash-hungry high-tech names, like lidar maker Hesai, which raised more than $500 million in the city earlier this month.
It’s excellent timing for Horizon. After a few rough years, Hong Kong’s benchmark Hang Seng Index 
HSI has risen 31% in 2025, and Horizon’s stock is on a tear, up 149% since its listing. That makes it easy for the company to top up its spending power at a critical juncture for China’s smart-car supply chain.
Demand in the country for assisted driving systems is taking off. By 2030, 90% of cars sold in China will boast assisted or autonomous driving, compared with 55% today, according to CMB International. While a handful of automakers are attempting to develop hardware in-house, many will tap third parties like Horizon. Though Horizon splurged over $300 million on R&D in the first six months of 2025, nearly two-thirds more than the same period a year earlier, its revenue grew at a similar clip over the period to $220 million. Its net loss was almost flat at $734 million.
Ultimately, the company ought to benefit from Beijing’s desire to source semiconductors domestically rather than depend on U.S. tech titans like Nvidia 
NVDA, whose Orin chips are found in many Chinese cars today. Moreover, Horizon’s strategy of developing hardware alongside software can lead to savings. Some of its chips could end up costing 20% to 40% less than Nvidia’s equivalent products, according to analysts at Bernstein, who reckon the Chinese company could increase its share of the market for outsourced assisted-driving chipsets in the People’s Republic to nearly 30% by 2030, from 4% last year. Horizon is in a sweet spot.
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CONTEXT NEWS
Chinese autonomous driving solutions provider Horizon Robotics raised HK$6.4 billion ($820 million) through a Hong Kong top-up placement, according to a company filing to the stock exchange on September 26.
The company raised around $600 million in June and nearly $700 million in its initial public offering in October 2024.
