Minieye signed a 240 million yuan capital increase with Horizon among the investors

Minieye Technology told the Hong Kong exchange on August 28 that it had signed a capital increase agreement covering Hangzhou Yaoxing Innovation Power Technology, the venture it set up earlier this year. Seven investors will contribute 240 million yuan in cash for registered capital of about 1.6 million yuan, which the filing put at roughly 13.79 percent of the enlarged company. The filing cautions that completion depends on conditions being met and may not proceed.

One of the seven is Nanjing Horizon Information Technology, described in the filing as wholly owned by Horizon Robotics. The others are a Quanzhou municipal state fund, a fund in which a Porsche investment entity holds 30.52 percent, and four further investors.

Minieye announced a cooperation intention with neueHCT in March and the completed registration of Yaoxing Power in June. Before the capital increase, a Shenzhen Minieye subsidiary held 70 percent of the venture, with neueHCT Ningbo and Matrix Kairos on 15 percent each; after completion those become 60.34, 12.93 and 12.93 percent. The filing defined neueHCT as a supplier of intelligent driving systems established by Horizon Robotics and Aumovio. Minieye continues to consolidate the venture and said no gain or loss is expected from the deemed disposal.

The agreement restricts what the money may fund. Proceeds are for research into physical-AI technologies and the development and operation of unmanned logistics vehicles, team expansion and daily operations, and the filing states they may not be used to repay non-operating debts, pay dividends, fund buybacks, lend to third parties or buy financial products. That restriction is not absolute: it applies absent the investors’ prior written consent, and the agreement also permits any other purpose all the investors agree to. Investors hold a repurchase right, triggered by events including a failure to complete a qualified listing by the end of 2032, priced at their contribution plus 6 percent simple interest a year.