Horizon Robotics’ $450 Million Convertible Bond Offering

Cleary Gottlieb represented Goldman Sachs (Asia) L.L.C. and Morgan Stanley Asia Limited, as lead managers, in a Regulation S offering by Horizon Robotics (HKEx: 9660) of its $450 million in aggregate principal amount of zero coupon convertible bonds due 2027.

The bonds are convertible into Class B ordinary shares of Horizon Robotics. The offering of the bonds were priced on July 22, 2026, and closed on July 29, 2026.

Horizon Robotics is a leading provider of smart driving solutions for passenger vehicles, empowered by its proprietary software and hardware technologies. Its solutions combine cutting-edge algorithms, purpose-built software and processing hardware, providing the core technologies for smart driving that enhance the safety and experience of drivers and passengers.

The Cleary team included partners Freeman Chan, Shuang Zhao, Miao Zhang, and Biyuan Zhang; counsel Robert Williams and Daisy Yan; senior attorney Vivien Ho; and associates Ziyi Yang, Eva Hong, and Julia Zhu. Partner Jim Ho and associate Harry Renshaw advised on English law matters.