SYDNEY (Reuters) -Shares of Chinese autonomous vehicle maker Horizon Robotics opened 28.3% higher on the Hong Kong stock exchange on Thursday after the company raised $696 million in an initial public offering.

The deal is the largest IPO in Hong Kong in 2024 after it sold 1.355 billion shares at HK$3.99 each, according to the company's filings.

The stock began trading at HK$5.12 each, while the Hang Seng Index was down 0.9% early in the session on Thursday. It is the most actively traded stock by turnover in early trade.

Horizon Robotic's deal eclipsed China Resources Beverage's which last week 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.

(Reporting by Scott Murdoch and Donny Kwok; Editing by Tom Hogue and Muralikumar Anantharaman)