HSHZROB@EC2612A

UBS Cuts Horizon Robotics Earnings Forecast and Target Price to 10 Yuan Amid Weak Auto Demand, Maintains Buy Rating

Horizon Spins Off DiGua Robot as Subsidiary, Positioning as General Software and Hardware Base for Robots

Horizon Robotics repurchased 6.68 million shares on May 20 at HK$5.79-5.9 per share

Horizon Announces Open Source of HoloMotion-1 Humanoid Robot Whole-Body Control Large Model

Horizon Robotics repurchases over 10 million shares for HKD 61.86 million

Horizon Robotics spends 116.77 million HKD to repurchase 18.6 million WVR ordinary shares

Jiaxing Xuanchen Venture Investment Partnership Established with an Investment of About 200 Million RMB

Horizon Robotics Raises HK$6.339 Billion Through Rights Issue

Horizon Robotics Makes Significant Progress in ADAS Technology

Horizon Unveils New Products for Smart Cockpit, Accelerates Full-Category Layout for Whole Vehicle Intelligence

Beijing Horizon Information Technology Co., Ltd. Increases Registered Capital to 2.5 billion USD

HTI Releases Horizon Robotics' Performance Outlook and Rating

Goldman Sachs Maintains Buy Rating on Horizon Robotics' Class B Shares with a Target Price

Horizon Signs Strategic Cooperation Agreement with Autostar for Full Scene Intelligent Driving

Dai Wei Securities Maintains Buy Rating for Horizon Robotics B Shares

Horizon Unveils China's First In-Cabin and Driving Fusion Autonomous Vehicle Chip Starry6P

Bestelink and Horizon Robotics Sign Strategic Collaboration for In-Cabin Intelligence Joint Solution

Horizon Robotics Optimizes Revenue Structure in Intelligent Driving Technology

Horizon Robotics repurchased stocks in Hong Kong

Horizon Robotics-W repurchased 1,222,800 shares for HKD 8.6794 million

JOLIMARK

TIMES UNI GP

APEX ACE HLDG

VPOWER GROUP

GW TIANDI

FUJING HOLDINGS

TEAMWAY INTL GP

SFSY NEW MAT

FDB HOLDINGS

KEEN OCEAN

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HORIZONROBOT-W fell 10.90%; Aito fell 16.90%, with a transaction volume of HKD 866 million; SenseTime-W fell 0.60%, with a transaction volume of HKD 326 million; Kingdee International rose 0.56%, with a transaction volume of HKD 170 million; Minglue Technology-W fell 1.89%, with a market value of HKD 46.9 billion

HK Stock Alerts

HORIZONROBOT-W

51WORLD

SENSETIME-W

KINGDEE INT'L

MININGLAMP-W

Hong Kong stock movement: HORIZONROBOT-W fell 10.90%, UBS lowered forecasts and the split strategy raised market concerns

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HORIZONROBOT-Wshares fell over 5% to HKD5.66 after UBS cut its target price by 24% to HKD10, citing weak automobile demand in China. UBS lowered revenue forecasts for 2026-2028 by 8% to 14% but maintains a Buy rating, expecting a 61% CAGR in revenue from 2025 to 2028 due to growth in high-end autonomous driving chips and cockpit technology applications.

AASTOCKS News

ChinaAMC CSI Auto Components Thematic ETF

HFT CSI Auto Components Thematic ETF

Ping An CSI Auto Components Thematic ETF

E Fund CSI Auto Components Thematic ETF

Guotai CSI 800 Automobile and Parts ETF

UBS Group AG

HORIZONROBOT-WSlumps Over 5% as UBS Cuts TP to HKD10, Maintains Buy

HORIZONROBOT-W has demerged to form D-Robotics, aiming to leverage spillover from its automotive ecosystem. D-Robotics will focus on providing software and hardware infrastructure for robotics, rather than manufacturing robot bodies. Xu Jian, Chief Ecosystem Officer, emphasized the company's goal to expand beyond the automotive sector.

HORIZONROBOT-W Demerges and Establishes D-Robotics, Aims to Achieve Spillover from Automotive 'Parent Ecosystem'

HORIZONROBOT-W+0.020 (+0.341%) Short selling $289.11M; Ratio 33.348% repurchased 6.6798 million shares on the Stock Exchange yesterday (20th), at prices ranging from HKD5.79 to HKD5.9 per share, involving approximately HKD39.0735 million. Since the repurchase mandate resolution was passed (10 June 2025), the company has repurchased a total of approximately 58.062 million shares, representing 0.4399% of its share capital. (ha/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-20 16:25.)

HORIZONROBOT-W  Repurchases Approx. 6.6798 Million Shares Yesterday for HKD39.0735 million

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Yesterday, HESAI-W's stock price surged by 6.05%, with a trading volume reaching HKD 232 million, showing a significant volume-price explosion. The MACD daily bullish signal has been strongly established, with momentum indicators rising sharply, and the histogram shifting from weak to strong in a steep and powerful rhythm, which usually indicates that the main funds are intensively building positions, and the signal for a phase of main upward wave initiation is very clear. On the market, the stock price gapped up and continued to rise throughout the day, with almost no significant pullback, completely crushing the shorts. On the news front, the intelligent driving sector continues to gain market favor. As a global leader in LiDAR supply, HESAI directly benefits from the accelerated commercialization of L3/L4 level autonomous driving. In the same sector, XPeng rose by 3.32%, Li Auto by 3.1%, and BYD by 1.82%, indicating a comprehensive warming of the new energy vehicle industry chain. Morgan Stanley has reassessed the strategic value of CATL's sodium battery, gaining institutional endorsement for the long-term growth logic of the new energy vehicle industry chain. Horizon Robotics rose by 3.28% yesterday, and the overall strengthening of the intelligent driving software and hardware ecosystem provides strong sector support for HESAI. From a technical perspective, HESAI's stock price has continuously risen from a low point, and with today's significant increase, it has effectively broken through the previous consolidation platform, shifting towards a bullish market. The strong trading volume accompanying the strengthening of stock price momentum suggests that there may be higher target price levels in the future. However, investors still need to be cautious of the pullback risks brought by rapid changes in market sentiment. The market generally holds an optimistic view on the long-term growth prospects of the LiDAR field

Technical Forecast

HESAI-W

CATL

Global X Autonomous & Electric V

Hua Xia CSI New Energy Vehicles ETF

ROBO Global Robotics

Global X Robotics & Artificial

Fidelity Electric Vehicles and Future Transportation ETF

Hwabao WP CSI Intelligent Electric Vehicle ETF

ChinaAMC CSI Hong Kong Connect Automobile Industry Thematic ETF

VanEck Robotics ETF

First Trust S-Network Future Vehicles & Tech ETF

ARK Autonomous Tech & Robotics ETF

SPDR S&P Kensho Smart Mobility ETF

XPENG-W

XPeng

LI AUTO-W

Li Auto

BYD COMPANY

Morgan Stanley

Hesai

BYD HK SDR 10to1

BYD Company

BYD Company Limited

BYD COMPANY-R

CATL HK SDR 30to1

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

Pre-market trend | HESAI-W (2525.HK) surged over 6% on May 7, with strong capital inflow for the leading autonomous driving company!

Yesterday's closing price for HORIZONROBOT-W fell slightly by 0.57% to HKD 7.01, fluctuating within a narrow range of HKD 6.87 to HKD 7.15 throughout the day, indicating that both bulls and bears have entered a stalemate after a significant decline earlier. The MACD daily chart still shows bearish signals, with short-term moving averages continuing to exert pressure, and the phase of selling pressure has not yet been fully released. The trading volume was approximately HKD 822 million, which, while still among the top in the market, has contracted compared to previous periods of heavy selling, indicating a reduction in panic selling, but buying interest also lacks a clear willingness to enter. Overall, the stock price remains in a consolidation phase of a downward trend, with a short-term bearish pattern unchanged. On the news front, Jim Fan, head of NVIDIA's robotics division, recently stated that robots are replicating the successful path of large language models, predicting that by 2040, robots will pass the physical Turing test, and the medium to long-term prospects for the robotics sector are optimistic. However, as a smart driving chip manufacturer, HORIZON faces core pressure in digesting its market valuation—previously, a significant correction (with a drop of over 56% in the range) after a large cumulative increase has made institutional funds cautious about short-term involvement. The Hong Kong stock market's AI and robotics sector shows significant differentiation, with companies like UBTECH and SenseTime experiencing mixed gains and losses on the same day, indicating a lack of consistent bullish momentum in the sector. From a technical perspective, a short-term concentrated trading area has formed around HKD 7.05 (yesterday's close); if today's stock price can hold above the intraday low support of HKD 6.87 and show moderate volume, there is a possibility of a technical rebound and repair

NVIDIA

UBTECH ROBOTICS

NVIDIA Corporation

SENSETIME-WR

Pre-market trend | HORIZONROBOT-W (9660.HK) weak consolidation on May 6 with shrinking volume, when will the short pressure be released?

On September 26, 2025, Horizon Robotics raised HK$6.339 billion through a share placement, despite a market cap loss of HK$12.4 billion. The funds will be allocated to R&D (60%), industry chain investment (20%), and overseas expansion. This marks Horizon's third financing since its listing, totaling HK$17.19 billion. Unlike Mobileye, which faced valuation drops, Horizon opted for a discount to secure cash and ensure survival. Founded by Yu Kai in 2015, Horizon has shifted focus from general-purpose AI chips to automotive-grade chips to stabilize its operations amid market challenges.

CoinLive

Mobileye Global

Baidu

BIDU-SW

Intel

Qualcomm

Huawei

HUAIAN TH B2805

Huatai Securities Co., Ltd. GDR Class A RegS

Nano Labs

CHANGAN AUTOMOBILE

BIDU-SWR

HTSC

Horizon: Eleven Years Without a Choice

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HUAQIN(03296) rose 7.76%, with a trading turnover 263.6 Million HKD, and a year-to-date rose 26.9%. CKH HOLDINGS(00001) rose 4.13%, with a trading turnover 1.0 Billion HKD, and a year-to-date rose 28.4%. SERES(09927) fell 6.97%, with a trading turnover 93.0 Million HKD, and a year-to-date fell 34.5%. OMNIVISION(00501) fell 5.48%, with a trading turnover 31.6 Million HKD, and a year-to-date fell 19.4%.

- The Hang Seng Index decreased by 0.76%, with an annual increase of 1%.  
- The Hang Seng Technology Index dropped 0.94%, reflecting a yearly decline of 10.6%.  
- Notable movers include Huajin Technology rising 7.76% and CK Hutchison increasing by 4.13%, while Seres and OmniVision saw declines of 6.97% and 5.48%, respectively.

Top Gainers&Losers

HUAQIN

CKH HOLDINGS

BEKE-W

CHALCO

SERES

OMNIVISION

HSBC HOLDINGS

CTG DUTY-FREE

Top 5 HK Stock Gainers/Losers (>100B) (5.5)

Haitong International has lowered the target price for HORIZONROBOT-Wto HKD12.4 from HKD12.5, maintaining an Outperform rating. The company reported rapid revenue growth of 57.7% YoY to RMB3.76 billion in 2025, but also widened losses due to increased R&D investment. Despite short-term profitability pressures, growth quality is improving, with expectations of 60% growth in automotive revenue by 2026. Forecasted revenues for 2026-2028 are RMB5.844 billion, RMB9.766 billion, and RMB13.787 billion, indicating strong future growth prospects.

Haitong International Cuts HORIZONROBOT-W  TP to HKD12.4; Short-term Profit Under Pressure but Growth Quality Improves

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WUXI APPTEC(02359) rose 13.57%, with a trading turnover 3.0 Billion HKD, and a year-to-date rose 45%. KB LAMINATES(01888) rose 7.35%, with a trading turnover 1.9 Billion HKD, and a year-to-date rose 170.1%. KNOWLEDGE ATLAS(02513) fell 12.52%, with a trading turnover 2.1 Billion HKD, and a year-to-date rose 588.5%. CATL(03750) fell 6.88%, with a trading turnover 9.3 Billion HKD, and a year-to-date rose 26.4%.

WUXI APPTEC

KB LAMINATES

CHINA COAL

MUYUAN

FAST RETAIL-DRS

KNOWLEDGE ATLAS

CHINAHONGQIAO

GWMOTOR

Top 5 HK Stock Gainers/Losers (>100B) (4.28)

Today’s Key News Recap

0413 | Dolphin Focus — 🐬 Macro/Industry. 1) Trump announced that, after US-Iran talks in Pakistan collapsed, the US military will at 10:00 ET on Apr 13 (10pm Beijing time tonight) impose a full blockade of Iranian ports and the Strait of Hormuz.It will intercept all vessels to and from Iran and cut off its oil exports. Iran's military issued a hardline response, stating any US approach will be treated as a provocation and met with firm retaliation.This would sharply elevate geopolitical risk and disrupt shipping, chemicals and related supply chains. It would also reinforce expectations that the Fed keeps rates higher for longer, putting near-term pressure on HK stocks and growth names.

BABA-W

Alibaba

BABA-WR

Apple

HorizonRobo HK SDR1to1

MINIMAX-W

Alibaba HK SDR 5to1

MIXUE GROUP

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

GraniteShares 2x Long NVDA Daily ETF

XL2CSOPNVDA

XI2CSOPNVDA

YieldMax NVDA Option Income Strategy ETF

Direxion Daily NVDA Bear 1X ETF

T-Rex 2X Long NVIDIA Daily Target ETF

MiniMax M2.7 open-sourced globally; AAPL's first foldable slated for Fall 2026 | Daily News Recap

0410 | Dolphin Research Focus: 🐬 Macro/Industry 1) HKMA is expected to announce at 17:00 on Apr 10 the first batch of stablecoin issuers under its sandbox. This aims to establish a regulated fiat-backed stablecoin framework and bolster Hong Kong’s position as a global Web3.0 hub.The inaugural list is closely watched, with selected firms allowed to run tests in a controlled environment. It signals a major financial center formally bringing stablecoins under strict oversight, taking a 'safety-first' approach to set compliance benchmarks and strengthen Hong Kong’s status as a digital-asset hub. 2) The US Mar CPI will be released at 20:30 tonight...

NIO-SW

NIO Inc

NIO Inc. USD OV

Amazon

Taiwan Semiconductor

TSM revenue growth eases concerns; Horizon Robotics starts buyback | Daily News Recap

地平线

Conference Minutes

We are confident we can keep GPM above 60%. That would be a high level.

Tesla

Volkswagen AG

Horizon Robotics (4Q25 Trans): 2026 auto rev. target +60%---

Financial Analysis

This is a rather lean set of results. The scorecard looks bare-bones.---

HSHZROB@EC2612A(29618.HK)

Hong Kong stock movement: HORIZONROBOT-W fell 10.90%, UBS lowered forecasts and the split strategy raised market concerns

HORIZONROBOT-WSlumps Over 5% as UBS Cuts TP to HKD10, Maintains Buy

HORIZONROBOT-W Demerges and Establishes D-Robotics, Aims to Achieve Spillover from Automotive 'Parent Ecosystem'

HORIZONROBOT-W Repurchases Approx. 6.6798 Million Shares Yesterday for HKD39.0735 million

Pre-market trend | HESAI-W (2525.HK) surged over 6% on May 7, with strong capital inflow for the leading autonomous driving company!