Davis Polk & Wardwell and King & Wood Mallesons are advising Chinese autonomous driving firm Horizon Robotics on its proposed $696 million Hong Kong initial public offering.

Cleary Gottlieb Steen & Hamilton and Jingtian & Gongcheng are serving as legal advisers to the joint sponsors and underwriters.

Reuters reported that if successful, the IPO will be the largest in Hong Kong in 2024, eclipsing China Resources Beverage’s planned $650 million offering.

It added that the city's listings market is showing signs of renewed activity after a nearly two-year slump, during which Hong Kong's IPO volumes had fallen to multi-year lows as Chinese regulators held back approvals from mainland companies looking to raise capital offshore.