Alibaba, Baidu back Horizon Robotics' Hong Kong IPO
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 16 October 2024
⏱️ 6 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Wednesday, October 16th. I'm Julie Morgan. Horizon robotics has some big name backers. |
| 0:16.3 | Meta has to face lawsuits and the container store partners with Beyond. |
| 0:22.2 | Alibaba and Baidu have emerged as cornerstone investors in Hong Kong's upcoming initial public offering of Horizon robotics. |
| 0:30.0 | Horizon robotics is backed by Intel and provide software and hardware used in autonomous driving systems. $696 million U.S. by selling 1.36 billion shares at $3.73 to $3.99 each, |
| 0:51.4 | Hong Kong dollars, which is 48 to 51 cents U.S. |
| 0:55.6 | A French shipping billionaire and a government fund are also cornerstone investors. |
| 1:00.8 | Together they've subscribed for a total of $200 million in stock led by Ali South China and by due, which have a bid for $50 million each. |
| 1:10.0 | Volkswagen also has a small stake in the company. |
| 1:13.6 | Other backers of the IPO include China's BYD and contemporary AmperX technology. |
| 1:20.4 | Horizon robotics was founded in 2015 and is managed by a scientist with expertise in |
| 1:26.4 | artificial intelligence who was a key player in Baidu's push for autonomous driving. |
| 1:32.0 | The company is seeking a valuation of up to $6 billion before including the funds raised in the IPO, according to people with knowledge of the matter. This positions it as one of the largest listings in |
| 1:44.5 | Hong Kong this year. The container store group and beyond have entered into a |
| 1:50.0 | partnership with an objective to improve customer experience utilizing both the Bed Bath and Beyond brand and the container store. |
| 1:58.0 | As part of the terms of the collaboration, Beyond has agreed to invest $40 million in the container store through a |
| 2:05.0 | preferred equity transaction and an amendment or refinancing of the |
| 2:09.4 | container store's credit facilities. The container store will issue 40,000 shares of a |
| 2:15.3 | newly created series of the company's preferred stock to beyond for an aggregate |
| 2:20.6 | purchase price of $40 million. The partnership intends to position the |
| 2:25.4 | container store to return to profitable, comparable store growth over time by |
| 2:30.3 | utilizing and benefiting from beyond's intellectual property, |
... |
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