Core Viewpoint - Horizon is accelerating its entry into the Robotaxi sector by raising approximately HKD 58 billion through a share placement, aiming to invest in new fields, particularly Robotaxi, while also expanding overseas and enhancing R&D capabilities [3][5][6]. Financing Details - Horizon plans to raise around HKD 58 billion through a "old shares first, new shares later" placement, issuing 639 million new shares at a price of HKD 9.99 per share, which is a 5.75% discount from the previous closing price of HKD 10.60 [3][4]. - The total amount raised is expected to be approximately HKD 63.4 billion, making it one of the largest single financings in recent years for the company [3]. Investment Focus - The funds will be allocated to invest in new areas such as Robotaxi, expand overseas operations, enhance R&D for advanced driving solutions, and make strategic investments in upstream and downstream partners [5][6]. - Horizon believes that the current market conditions present a good opportunity for financing, allowing for the attraction of new investors and strengthening its capital structure [5]. Industry Context - The Robotaxi market is anticipated to experience explosive growth, with projections estimating a market size of USD 40 to 45.7 billion by 2030, reflecting a compound annual growth rate (CAGR) exceeding 60% [6]. - Major players like Tesla, Waymo, and Baidu have made significant advancements in their Robotaxi operations, indicating a shift from technology validation to large-scale implementation [6][7]. Strategic Partnerships - Horizon has entered into a strategic partnership with Hello Chuxing, where Horizon will serve as the "technology base company" to develop L4 autonomous driving software and hardware for Hello's Robotaxi fleet [8]. - The first mass-produced Robotaxi fleet from Hello is expected to reach a scale of 10,000 units by 2026 and over 50,000 units by 2027, creating a fully autonomous and commercially viable operation [8]. Competitive Landscape - The industry has seen a surge in interest and activity in the Robotaxi sector, particularly following Tesla's successful deployment of its Robotaxi fleet in Texas, which has influenced optimism across the market [10][11]. - Horizon is adopting a gradual approach similar to Tesla's, focusing on building a solid L2 foundation before advancing to L4 capabilities, which is seen as a more effective path to achieving full autonomy [11][12]. Market Position - Horizon has established partnerships with over 40 global automotive brands, with plans for mass production of its HSD technology, aiming for a target of 10 million units in the next 3 to 5 years [12]. - The company holds a 33.97% market share in the domestic autonomous driving computing solutions sector, positioning itself as a leading supplier among Chinese brands [12]. Future Outlook - Horizon's founder has emphasized the company's long-term goal of achieving L4 autonomy, with the entry into the Robotaxi market seen as a critical step in this journey [13]. - The competitive landscape is expected to evolve, with fewer players remaining as the market matures, focusing on product quality, organizational capability, and rapid iteration [13].