Alibaba And Baidu Bet Big On Autonomous Driving, Back $700M Horizon Robotics IPO

Alibaba Group Holding (NYSE:BABA) and Baidu Inc (NASDAQ:BIDU) are joining forces in a significant investment in a Chinese autonomous-driving company’s IPO, signaling their confidence in the fast-growing market.

Horizon Robotics, a firm specializing in advanced driver-assistance systems, aims to raise nearly $700 million through its upcoming listing on the Hong Kong Stock Exchange, the Wall Street Journal reports.

The company plans to begin taking orders from institutional investors this Wednesday.

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