Volkswagen, BYD supplier Horizon Robotics files for Hong Kong IPO

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China’s Horizon Robotics, 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 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. [Horizon Robotics prospectus]Related