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.

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.

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.

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.

Since its establishment, Horizon has completed 11 financing rounds, raising a total of over USD8.7 billion from pre-IPO investors such as Chinese carmakers SAIC Motor and BYD, private equity giant Hillhouse Investment, and venture capital firm Sequoia Capital.

Chinese autonomous driving firm Horizon Robotics has priced its shares at the top of its range to raise HK$5.4 billion ($696 million) according to a term sheet seen by Reuters, making it the biggest Hong Kong initial public offering this year.

Horizon Robotics, a Chinese provider of software and hardware used in autonomous driving systems, priced its Hong Kong initial public offering at the top of the range to raise HK$5.4 billion ($696 million),