On July 24, HORIZONROBOT-W declined 3.06% in regular trading to HKD 4.43 per share, with turnover of HKD 230 million, extending the previous session's losses.

The continued weakness follows the company's announcement on July 22 of a USD 450 million zero-coupon convertible bond issuance due July 2027, with an initial conversion price of HKD 5.55 per share — a 16.8% premium to the July 22 closing price. Upon full conversion, the bonds would translate into approximately 635.6 million Class B shares, triggering market concerns over equity dilution. Approximately USD 398.9 million of the net proceeds will be used to fund payments under the amended agreement with CARIAD to redeem excess conversion rights of about 716 million shares.

Additionally, the company's interim results preview showed adjusted net losses widening to RMB 1.4-1.7 billion from RMB 1.33 billion a year earlier, reinforcing cautious market sentiment despite revenue growth of 24.8%-34.5% year-on-year.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)