The Volkswagen-backed company ended its first trading day at HK$4.1, up 2.8% from its HK$3.99-a-share IPO price. Its stock surged as much as 38% in intraday trading.

By Scott Murdoch and Donny Kwok SYDNEY (Reuters) -Shares of Horizon Robotics ended 2.8% higher on their Hong Kong debut on Thursday, after the Chinese autonomous vehicle maker raised $696 million in this year's largest initial public offering (IPO) in Hong Kong.

Shares of Horizon Robotics climbed in their trading debut in Hong Kong Thursday, adding to optimism over a revival in initial public offerings in the Asian financial hub.The stock surged almost 38% over its issue price of HK$3.

Beijing-headquartered tech firm, listed under the 9660 stock code, traded at HK$5.12 at the opening bell, up from its IPO price of HK$3.99.

Shares of Horizon Robotics soared 28.3% in its trading debut on Thursday after the Chinese autonomous vehicle maker raised $696 million in this year's largest initial public offering (IPO) in Hong Kong.

Hong Kong IPOs generated an average first-day gain of 6.5% this year, according to data compiled by Bloomberg.

Baillie Gifford & Co. and Norges Bank Investment Management were among the investors in Horizon Robotics’ $696 million Hong Kong initial public offering, according to people familiar with the matter.

Horizon Robotics, a Chinese autonomous driving company, has raised $696m (5bn yuan) through an initial public offering (IPO) in Hong Kong. This makes it Hong Kong’s largest IPO for the year, according to a report by Reuters.

By Scott Murdoch and Donny Kwok SYDNEY (Reuters) -Shares of Chinese autonomous vehicle maker Horizon Robotics opened 28.3% higher on the Hong Kong stock exchange on Thursday after the company raised $696 million in an initial public offering.

Horizon Robotics, a Chinese autonomous driving technology provider, aims to raise US$696 million through its Hong Kong IPO, potentially providing a boost to the city's listing market after a prolonged downturn.