Shares of Horizon Robotics climbed in their trading debut in Hong Kong Thursday, adding to optimism over a revival in initial public offerings in the Asian financial hub.

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.

The Volkswagen-backed company ended its first trading day at HK$4.1, up 2.8% from its HK$3.99-a-share IPO price. Its stock surged as much as 38% in intraday trading.

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.

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.

Shares of Horizon Robotics Inc. jumped nearly 38% early in their trading debut in Hong Kong Thursday, adding to optimism over a revival in initial public offerings in the Asian financial hub.

CHINESE autonomous driving firm Horizon Robotics has priced its shares at the top of its range to raise HK$5.4 billion (S$913.4 million) according to a term sheet seen by Reuters, making it the biggest Hong Kong initial public offering (IPO) this year.