Alibaba (BABA) and Baidu (BIDU) are set to invest in a nearly $700M offering by Horizon Robotics, a Chinese smart-driving firm planning to raise up to 5.41 billion Hong Kong dollars, or $696.6B through an IPO, The Wall Street Journal’s P.R. Venkat reports. Horizon Robotics said that nearly 70% of the IPO proceeds will be used over five years for research and development purposes, while the rest will be used for sales and marketing expenses and meeting working capital needs. Goldman Sachs (GS), Morgan Stanley (MS) and China Securities International are among the banks advising Horizon Robotics on the IPO.
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