MBMC News Flash: Autonomous driving company Horizon Robotics has obtained the filing notice for its Hong Kong listing, with the issuance of no more than approximately 1.154 billion shares.
Pursuant to the new regulations on overseas listing filing for domestic enterprises that took effect on March 31, 2023, when an enterprise chooses to list via H shares in Hong Kong, the former "small route letter" has become history. Enterprises can directly submit their prospectus for overseas listing, and the "general route letter" will be replaced by the "Filing Notice".
Recently, the Department of International Cooperation of the China Securities Regulatory Commission (CSRC) issued the Filing Notice for Overseas Issuance and Listing of Horizon Robotics (Guohe Han [2024] No. 1640).
Horizon Robotics:
We have received the filing materials for overseas issuance and listing submitted by your company through its domestic operating entity, Beijing Horizon Information Technology Co., Ltd. Pursuant to the Securities Law of the People's Republic of China, the Interim Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises and other regulations, we hereby notify you of the filing matters as follows:
1. Your company intends to issue no more than 1,153,546,800 shares of overseas listed common shares and list on The Stock Exchange of Hong Kong Limited (HKEX).
2. From the date of issuance of this Filing Notice until the completion of this overseas issuance and listing, if any major event occurs to your company, you shall report it through the CSRC Filing Management Information System in accordance with the relevant regulations on overseas issuance and listing of domestic enterprises.
3. Within 15 working days after the completion of your overseas issuance and listing, you shall report the issuance and listing situation through the CSRC Filing Management Information System.
Your company shall strictly comply with the relevant laws, regulations and rules at home and abroad during the overseas issuance and listing process.
4. If your company fails to complete the overseas issuance and listing within 12 months from the date of issuance of this Filing Notice and intends to continue the process, you shall update the filing materials.
This Filing Notice only confirms the filing information for the company's overseas issuance and listing, and does not indicate that the CSRC makes a substantive judgment or guarantee on the investment value of the company's securities or the returns of investors, nor does it indicate that the CSRC guarantees or confirms the truthfulness, accuracy and completeness of the company's filing materials.
According to the HKEX Listing Rules, enterprises are required to submit the "Filing Notice" at least 4 business days before the hearing approval date, which means that Horizon Robotics has met the pre-requirements for the Hong Kong listing hearing, and will hold the listing hearing at HKEX soon.
Horizon Robotics submitted its prospectus to HKEX on March 26, 2024. Its main intermediary team for the listing includes: Goldman Sachs, Morgan Stanley and China Securities International as its joint sponsors; PwC as its auditor; King & Wood Mallesons and Davis Polk as the company's Chinese counsel, Hong Kong and U.S. counsel respectively; Jingtian & Gongcheng and Cleary Gottlieb Steen & Hamilton as the securities firm's Chinese counsel, Hong Kong and U.S. counsel respectively; Zhuoshi Consulting as its industry consultant.
Founded in 2015, Horizon Robotics is a leading supplier of passenger car advanced driver-assistance systems (ADAS) and high-level autonomous driving (AD) solutions with proprietary software and hardware technologies. Relying on its mass-produced pre-installed solutions that have been deployed on a large scale, it has become a key driver of the transformation and commercialization of smart vehicles.
According to data from Zhuoshi Consulting, Horizon Robotics is the only Chinese enterprise among the top five ADAS and high-level AD solution providers in China.
According to data from Zhuoshi Consulting, based on the installed volume of solutions in 2023, Horizon Robotics is the second-largest ADAS solution provider for domestic OEMs in China, with a market share of 21.3%. Based on the total installed volume of solutions in 2023, Horizon Robotics is also the fourth-largest ADAS and high-level AD solution provider in China,
Horizon Robotics has a prestigious shareholder base, with hundreds of investors including SAIC Motor (600104.SH), Five Seasons Capital, Hillhouse Capital, Sequoia Capital, Volkswagen Group, Intel Capital, EQT, SK Hynix, Yunfeng Capital, CATL (300750.SZ), BYD (002594.SZ, 01211.HK), IDG and others.
https://www1.hkexnews.hk/app/sehk/2024/106320/documents/sehk24032600239_c.pdf
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