Horizon: Breakthrough in Hong Kong with Impressive Price Performance

The technology company based in Beijing, Horizon, recorded a 28 percent increase in its stock price to 5.12 HKD following its market debut, starting from an issue price of 3.99 HKD. This sharp rise occurred after the Chairman and CEO, Yu Kai, marked the traditional opening ceremony with the symbolic striking of the gong. Horizon was able to raise an impressive 5.4 billion HKD (696 million USD) during its IPO—a price that was at the upper end of the previously communicated range. This issuance is considered the second largest in Hong Kong this year, behind Midea Group, which raised 4.6 billion USD the previous month. Yu Kai, who founded Horizon in 2015 and was previously involved in deep learning and autonomous driving projects at Baidu, expressed optimism: 'Completing our IPO in Hong Kong is a significant step in our journey to conquer the global market.' Horizon plans to continue investing in research and innovation to make its services safer and better for customers. An additional boost for Horizon came from the high demand from private and institutional investors, with the offering being oversubscribed by 33.8 times and 13.8 times, respectively. This might encourage Horizon to exercise an option to sell an additional 203 million shares and increase the proceeds to 800 million USD. Experts like Kenny Wen, Head of Investment Strategy at KGI Asia, also expect upcoming fiscal measures from China to further encourage investors, potentially revitalizing the IPO market. Furthermore, other significant IPOs in Hong Kong are already awaiting launch, including SF Express, Lalatech Holdings, Mao Geping, and JD Industrials, a company of JD.com.