Horizon Robotics Ushers in a New Era in Smart Driving Technology with Hong Kong Stock Exchange Listing
Horizon Robotics, a leading company in the field of smart driving technology, has officially made its debut on the Hong Kong Stock Exchange, aiming to make travel safer and more efficient.
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As the global automotive industry pivots toward smart vehicle transformation and with the accelerating trend towards autonomous driving, the global market for advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions is thriving. Founded in 2015 and guided by its vision of empowering every passenger vehicle with smart driving solutions, Horizon Robotics (9660.HK) has become a leading provider of smart driving solutions for passenger vehicles.
On October 24, Horizon Robotics was officially listed on the Main Board of the Hong Kong Stock Exchange at an issue price of HK$3.99. This initial public offering garnered significant attention from investors who are attracted to Horizon’s key competitive advantages, namely its leading expertise in the China market, fully integrated suite of software and hardware solutions, robust base of loyal blue-chip customers, thriving ecosystem, and scalable business model.
High-profile cornerstone investors, including Alibaba and Baidu, further boosted market confidence, underscoring Horizon’s strong value proposition. The company’s flexible and scalable business model creates significant consumer value and is able to consistently meet evolving market needs, positioning Horizon for long-term growth.
Innovative Software-Hardware Integration: Leading Mass Production in Smart Driving
As an essential component of the smart vehicle value chain, the demand for ever more effective and efficient smart driving solutions is projected to experience substantial growth in the years ahead. According to CIC (China Insights Consultancy), the global market for ADAS and AD solutions is expected to surge from RMB61.9 billion in 2023 to RMB1,017.1 billion by 2030, reflecting a compound annual growth rate (CAGR) of 49.2%. In China, this market was worth RMB24.5 billion in 2023 and is estimated to grow at a CAGR of 49.4% to RMB407.0 billion by 2030.
The ADAS and AD solutions market in China is highly concentrated, dominated by a handful of top suppliers. Among them, Horizon was the second-largest and the largest ADAS solutions provider to Chinese OEMs in China by solution installation volume in 2023 and the first half of 2024 with a market share of 21.3% and 35.9%, respectively, according to CIC. Horizon also ranked the fourth among all global ADAS and AD solution providers in China by overall solution installation volume in 2023 and the first half of 2024, with a market share of 9.3% and 15.4%, respectively.
In this emerging market, Horizon possesses first-mover advantages and substantial potential due to its deep industry experience, local expertise and service capabilities. With its proprietary software and hardware technologies, the company offers a diverse product portfolio, covering a broad spectrum of low-, medium-, and high-level smart driving scenarios. It also aligns with Horizon’s core values, to enhance the safety, convenience, and comfort of the driving experience and make smart driving accessible to a wider consumer base.
Empowering Partnerships for Mutual Success
Horizon operates as a tier-two supplier, working directly with a large, global customer base of industry-leading OEMs and tier-one suppliers for vehicles manufactured in China. Horizon’s integrated solutions have been selected by 27 OEMs (42 OEM brands) for implementation in 290 vehicle models, totaling 152 cumulative SOP vehicle models.
Notably, the top ten Chinese OEMs—including SAIC Motor, BYD, Geely, and GAC Group—have incorporated Horizon's integrated solutions into their passenger vehicles.
Additionally, Horizon has established joint ventures with global industry leaders including Volkswagen Group, solidifying its position as a trusted partner in assisted and autonomous driving for passenger vehicles. The company has also formed strategic alliances with premier tier-one suppliers such as Aptiv, Bosch, Continental, Denso, and ZF.
Benefiting from its ongoing industry leadership, Horizon is able to consistently and continually attract new customers and expand its market share. The company recorded design wins in 2023 that were more than three times of those in 2021, with a fourfold increase in installation volumes from 2022 to 2023. Its market share in ADAS and AD solutions grew by approximately seven percentage points from 2022 to 2023.
The Hong Kong listing marks a significant in Horizon Robotics’ growth journey. As it ventures into the capital markets, the company remains committed to its people-oriented philosophy, striving to enhance people’s safety and travel experiences in daily life while creating value alongside its numerous partners to advance the transformation of the smart vehicle industry.