BlockBeats News, June 23rd. At the initial trading of China's AI leading company Horizon Robotics (02513.HK), there were approximately 17.35 million tradable shares. As a high market cap and low float "manipulation" stock, Horizon Robotics will face a lock-up expiration on July 8th. According to current public information, the most confirmed unlocking on July 8th is about 25.68 million shares held by cornerstone investors. The 11 cornerstone investors subscribed a total of around HK$2.984 billion at an issue price of HK$116.2, converting to approximately 25.68 million shares, representing about 5.76% of the total share capital. The tradable shares after July 8th will expand from 17.35 million shares to approximately 43.03 million shares, nearly 2.5 times the original amount. Based on the intra-day high price on June 22nd, the 25.68 million shares correspond to a book value of about HK$73.4 billion, indicating a forthcoming change in chip supply and demand.

Horizon Robotics had a market capitalization of around $137 billion on June 22nd, with an estimated full-year revenue of $100 million in 2025, resulting in a PS (Price-to-Sales) ratio of approximately 1280x. In comparison, OpenAI, based on the Financial Times' disclosed revenue of around $13 billion and a valuation of $730 billion in 2025, has a ratio of roughly 56x. Applying OpenAI's multiplier, Horizon Robotics' "reasonable" market value is approximately between $4 to $8 billion. Even with JPMorgan's forecasted 534% revenue growth in 2026 (approximately $640 million), applying OpenAI's multiplier would only support a market cap of $25 to $50 billion. The current price of Horizon Robotics is upheld by scarcity, imagination, and capital structure.

For more coverage, please visit "Institutions Earn 100x, Has Horizon Robotics' Stock Price Peaked?"