Horizon Robotics jumped 25.8% in Hong Kong's gray market trading ahead of scheduled Oct 24 listing.

Chinese autonomous driving firm Horizon Robotics has priced its shares at the top of its range to raise HK$5.4 billion ($696 million), making it the biggest Hong Kong initial public offering this year.

The company sold 1.355 billion shares in a price range of HK$3.73 to HK$3.99 each, according to the company's filings.

At the set price, the IPO is the largest in Hong Kong in 2024, eclipsing China Resources Beverage which on Friday finalised its $650 million new share sale. It is also the largest tech sector IPO in Hong Kong since SenseTime Group raised $740 million in late 2021.

The two deals have given dealmakers renewed hope Hong Kong's IPO market could be showing signs of activity after a near two-year slump.

Before Horizon Robotics and China Resources Beverage, IPO volumes had hit a two decade low, according to Dealogic data. The two IPOs beginning book building last week meant Hong Kong recorded its busiest week for IPO activity in two years.

Four cornerstone investors, led by Alisoft China and Baidu, subscribed for $219.8 million worth of Horizon Robotics shares in the IPO, according to regulatory filings.