Horizon Robot-W (09660) pricing of the $450 million zero-interest convertible bond due in 2027

According to Zhitong Finance App News, Horizon Robot-W (09660) announced that on July 22, 2026 (after the transaction time), the company signed a subscription agreement with the manager. Based on this and subject to certain conditions contained therein, the company has agreed to issue, and the managers have each (but not jointly) agreed to subscribe and pay (or cause the subscriber to subscribe and pay) bonds with a total principal amount of 450 million US dollars.

Bonds may be converted to Class B shares at the initial conversion price of HK$5.55 per Class B share (subject to adjustment), as set out in the terms and conditions.

The initial conversion price is HK$5.55 per Class B share, a premium of approximately 16.8% over the closing price of HK$4.75 per Class B share reported on the Hong Kong Stock Exchange on July 22, 2026 (the date of the subscription agreement).

Assuming that the bonds are all converted at the initial conversion price of HK$5.55 per Class B share, the bonds will be converted to approximately 636 million Class B shares, equivalent to approximately 4.36% of the current issued share capital and approximately 1.89% of the Company's issued share capital at the shareholders' meeting at the date of this announcement (excluding resolutions relating to reserved matters), and approximately 4.18% of the issued share capital expanded by the total conversion of the bonds and about 1.86% of the Company's issued share capital at the shareholders' meeting (excluding resolutions relating to reserved matters). All converted shares will be paid in full, and all aspects will enjoy the same benefits as Class B shares issued at the time of the relevant registration date.

Based on the estimated net proceeds from the subscription process of approximately US$445.5 million and the 636 million converted shares resulting from the total conversion of the bonds, the net issue price for each converted share is estimated to be approximately HK$5.49.

After the issuance of the bonds is completed, the total proceeds from the subscription will be approximately US$450 million, and after deducting the manager's commission and other estimated expenses payable in connection with the sale, the net proceeds from the subscription will be approximately US$446 million.

The Company will apply for the listing of bonds from the Vienna MTF operated by the Vienna Stock Exchange, and the Company will apply to the Hong Kong Stock Exchange for the listing of the converted shares to be issued as a result of the conversion of the bonds.