On Thursday, October 24th, Horizon stocks officially debuted on the Hong Kong Stock Exchange, closing up 2.8% in the end. Horizon's founder Yu Kai's personal wealth mainly comes from holding Horizon stocks. After today's closing, Yu Kai's personal wealth has reached 0.915 billion US dollars, making him one of the wealthiest people globally.
Horizon Hong Kong's IPO was a great success, and the founder's net worth surged by 1 billion USD.
On Thursday, October 24, Horizon stock was officially listed on the Hong Kong Stock Exchange, with the stock price soaring over 30% at one point, then falling back, and ultimately closing up 2.8%. In this IPO, Horizon raised 5.4 billion Hong Kong dollars, approximately 0.695 billion USD.
Horizon founder Yu Kai's personal wealth mainly comes from holding Horizon shares. After the closing today, Yu Kai's personal wealth reached 0.915 billion USD, ranking him among the wealthiest in the world. According to the IPO documents, Yu Kai holds approximately 81.61% of the company's shares in the relevant category after the completion of the global offering (assuming no exercise of oversubscription rights).
In 2015, Yu Kai founded Horizon in Beijing. One of his mentors at the University of Munich, Volker Tresp, recalled that Yu Kai was very ambitious and aimed to become a leading figure in the field of autonomous driving.
Currently, Horizon's clients include Audi, Hyundai, and byd company limited. According to the IPO documents, nearly 70% of the IPO proceeds will be used for research and development over the next five years, with the remaining funds allocated to sales and marketing, as well as meeting operational funding needs.
Yu Kai: Chinese society has already been 'changed' by digitalization.
Yu Kai once told the Head of Volkswagen's China business, Ralf Brandstaetter, that Chinese society has already been 'changed' by digitalization, including the automotive industry. Yu Kai said:
"In China, people believe that cars are becoming the 'third space' beyond their home and office."
Horizon noted in its prospectus that China is the world's largest passenger vehicle new car market, with an estimated 21.7 million new passenger vehicles in 2023, including 12.4 million smart automobiles, reaching a penetration rate of 57.1%. According to CIC, it is expected that by 2030, nearly 80% of the passenger vehicles in China will have high-end automated driving solutions, far exceeding the penetration rate of high-end automated driving solutions in the global market.
