On August 31, HORIZONROBOT-W fell 3.06% in regular trading to HK$4.59, with turnover of approximately HK$96.36 million, as the company is set to release its interim results after market close today amid ongoing concerns over significant share capital dilution.

The company completed several dilutive transactions in recent weeks. On August 3, HORIZONROBOT-W issued approximately 1.302 billion Class B ordinary shares to CARIAD at HK$3.99 per share — a notable discount to the prevailing market price — representing about 8.93% of previously issued shares. Additionally, the company completed a US$450 million zero-coupon convertible bond offering with an initial conversion price of HK$5.55, potentially adding roughly 636 million new shares upon full conversion.

While Goldman Sachs projects first-half net profit of RMB 3.5 to 4.0 billion, analysts have flagged that this is primarily driven by fair value changes on the CARIAD convertible loan rather than an operational turnaround. The lack of a unified consensus estimate for the quarter and the absence of specific company guidance have added to investor caution ahead of the earnings release.

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