Core Viewpoint - Horizon Robotics aims to build a foundational platform that empowers various robotic applications, positioning itself as a leader in the robotics era, particularly in the automotive sector [4][10]. Group 1: Company Milestones - Horizon Robotics celebrated its 10th anniversary on June 1, marking its evolution from being the first Chinese company focused on deep neural network computing solutions to becoming the largest mass-production intelligent driving technology company in China [4]. - The company is set to officially list on the Hong Kong Stock Exchange on October 24, 2024, achieving the largest IPO for a Chinese tech company since 2022 and the fastest entry into the Hang Seng Tech Index [4]. - Horizon has been included in the FTSE Global Equity Index Series, effective June 20, 2024, enhancing its visibility to global investors [4]. Group 2: Market Position and Collaborations - Horizon has established partnerships with over 40 automotive manufacturers, including the top ten Chinese car companies, and has achieved over 8 million units of pre-installed production [12][14]. - The company holds a market share exceeding 40% in the Chinese OEM Advanced Driver Assistance Systems (ADAS) market for 2024, maintaining its position as the leading supplier of intelligent driving solutions [14]. - Horizon's technology is currently integrated into one out of every three intelligent vehicles in China, with expectations to surpass 10 million units shipped by the end of the year [12][14]. Group 3: Technological Innovations - Horizon Robotics has consistently focused on the integration of hardware and software, achieving over 1000 times improvement in computing performance over the past decade [23][25]. - The company has introduced significant advancements in its core algorithms, including the end-to-end autonomous driving model UniAD and the next-generation Vision Mamba model, which has gained recognition in the AI research community [24]. - Horizon emphasizes the importance of continuous technological breakthroughs to establish a long-term competitive advantage, with a commitment to high R&D investment, projected at approximately 5 billion yuan for 2024 [21][25]. Group 4: Future Vision - The long-term vision of Horizon Robotics, referred to as "Horizon 2.0," focuses on expanding into the general robotics field, with automotive applications being the initial focus [10][19]. - The company aims to leverage its technology to enhance automation capabilities in various sectors, including elder care, household service robots, agriculture, manufacturing, and logistics [10]. - Horizon's strategy includes deepening collaborations with a wide range of partners to drive advancements in intelligent driving and ensure safer, more efficient transportation solutions for everyone [19].

Core Viewpoint - The Hong Kong stock market is experiencing unprecedented enthusiasm, with a significant increase in the number of companies going public and the amount of capital raised compared to previous years [1][5][9]. Group 1: Market Performance and Trends - In the first four months of 2025, 19 companies completed their IPOs in Hong Kong, raising 21.3 billion HKD, nearly three times the amount raised in the same period last year [1]. - As of May 20, 2025, 24 companies had listed on the Hong Kong main board, collectively raising over 60 billion HKD [1]. - The number of companies waiting to go public in Hong Kong has reached approximately 150 [1]. Group 2: Investment Institutions and Returns - Various venture capital firms are reaping substantial returns from the current IPO wave, particularly in the consumer sector, with notable companies like Pop Mart and Mixue Ice City backed by prominent investors [1][6]. - The market is seeing a trend where many entrepreneurial companies are choosing to list in Hong Kong due to slower listing processes in the A-share market and the need for financing [6][11]. Group 3: Notable IPOs and Valuations - Companies like Blukoo and Mixue Ice City have seen significant market valuations post-IPO, with Blukoo nearing 40 billion HKD and Mixue Ice City exceeding 200 billion HKD [2][4]. - Horizon Robotics, a tech company, saw its market value soar past 100 billion HKD shortly after its listing [2]. Group 4: Policy Changes and Market Attractiveness - The Hong Kong Stock Exchange has introduced new listing rules that allow unprofitable companies to go public, enhancing the appeal for tech startups [7][8]. - The introduction of the "Special Technology Company" listing mechanism aims to protect sensitive business information during the IPO process, further attracting tech firms [8]. Group 5: A+H Share Listings - A number of leading A-share companies, such as CATL and Heng Rui Medicine, are also pursuing dual listings in Hong Kong, with 45 A-share companies planning to list in Hong Kong as of April 30, 2025 [9][10]. Group 6: Future Outlook - The current IPO boom is expected to continue, with many companies in both consumer and hard tech sectors preparing for listings [11][12]. - The diversification of exit channels for venture capital and private equity firms is seen as a positive development, although the performance of ordinary companies in the IPO market may vary [16][17].

Core Viewpoint - The Hong Kong stock market is experiencing unprecedented heat in 2025, with a significant increase in IPO activities and capital raised compared to previous years [1][5]. Group 1: Market Performance - In the first four months of 2025, 19 companies completed their IPOs in Hong Kong, raising 21.3 billion HKD, nearly three times the amount raised in the same period last year [1]. - By May 20, 2025, a total of 24 companies had listed on the Hong Kong main board, collectively raising over 60 billion HKD [1]. - The number of companies waiting to go public in Hong Kong has reached approximately 150 [1]. Group 2: Investment Institutions - Numerous venture capital firms are reaping substantial returns from the current IPO wave, particularly in the consumer sector, with notable companies like Pop Mart and Mixue Ice City backed by prominent investors such as Sequoia and Hillhouse [1][9]. - The investment landscape is characterized by a focus on leading companies in the consumer and technology sectors, with firms like Junlian Capital and Black Ant Capital playing significant roles in the success of new listings [1][11]. Group 3: Technology Sector - The technology sector is also witnessing a surge, with companies like Horizon Robotics achieving a market value exceeding 100 billion HKD shortly after their IPOs [2]. - The introduction of new listing rules by the Hong Kong Stock Exchange, including the 18A and 18C chapters, has made it easier for biotech and specialized technology companies to go public, allowing unprofitable firms to list [6][7]. Group 4: A+H Listings - A-share companies like CATL and Heng Rui Pharmaceutical are increasingly opting for dual listings in Hong Kong, with 45 A-share companies reportedly planning to list in Hong Kong as of April 30, 2025 [7][8]. - The trend is driven by the need for international financing platforms and the desire to enhance brand influence globally [7]. Group 5: Exit Opportunities for VC/PE - The current IPO boom is seen as a favorable exit opportunity for venture capital and private equity firms, with many institutions successfully liquidating their investments in high-performing companies [10][11]. - The diversification of exit channels, including mergers and acquisitions, is becoming more mainstream, providing additional avenues for investment firms to realize returns [11].

作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，Horizon Robotics（以下简称"地平线"）于2024年10月24日正式以"9660"为 股票代码在港交所主板挂牌上市。 成立至今，地平线已获得五源资本、高瓴、红杉中国、真格基金、嘉实投资等知名机构，以及大众集 团、上汽集团、广汽资本、长城汽车、奇瑞汽车、一汽集团、比亚迪、宁德时代等众多车企资本及产 业链上下游企业的投资。在本次IPO发行中，阿里巴巴、百度、达飞集团和宁波国资基金作为基石投 资者累计认购约2.2亿美元，以示对地平线未来长期发展的看好。 其中， 五源资本 曾在2015年领投地平线种子轮融资，此后持续参与其A轮、B轮和C轮融资。 IPO 前，五源资本持有地平线5 .55% 的股份，为最大财务投资方，五源资本创始合伙人刘芹担任地平线 非执行董事 。 余凯能够从高维的角度出发 思考问题 也能接收" 不以事小而不为 "的建议 五源致力于成为每一代企业家最早、最长期、最有影响力的投资人。 本文为IPO早知道原创 在刘芹看来， 余凯 的一大 特别之处 在于 他的视野非常高远 ，能够 站在整个技术创新产业的高度 来思 ...