SYDNEY, Oct 16 Reuters Chinese autonomous driving firm Horizon Robotics is aiming to raise up to 696 million in a Hong Kong initial public offering, as the city39;s listings market shows signs of renewed activity after a nearly twoyear slump.

The company will sell 1.36 billion shares in a price range of HK3.73 to HK3.99 0.51 each, according to the company39;s filings.

If successful, the IPO will be the largest in Hong Kong in 2024, eclipsing China Resources Beverage which began bookbuilding on Tuesday for its up to 650 million listing.

Before Horizon Robotics and China Resources Beverage, Hong Kong39;s IPO volumes had fallen to multiyear lows as Chinese regulators hold back approvals from mainland companies looking to raise capital offshore.

Cornerstone investors have subscribed for 219.8 million of Horizon Robotics stock led by Alisoft China and Baidu 9888.HK, opens new tab, which have bid for 50 million each, the filings showed.

Horizon Robotics manufactures advanced driver assistance systems and autonomous driving solutions for passenger vehicles in China. Volkswagen VOWGp.DE, opens new tab has a small stake in the company.

Horizon Robotics will set the final price for the IPO on Oct. 21 and the shares will start trading on the Hong Kong Stock Exchange on Oct. 24, the filings showed.

The company said it would use 70 of the proceeds raised in the IPO on research and development spending over the next five years, while a further 10 would be spent on sales and…