Citi published a research report on UBTECH ROBOTICS (09880.HK) -7.600 (-6.922%) Short selling $271.52M; Ratio 17.383% , which had recently announced a placement of 31.468 million shares of the company at an 11.4% discount, which was expected to result in approximately 6.25% dilution effect. The broker maintained its earnings forecast for UBTECH but lowered the target price from HKD170 to HKD155, corresponding to a 23x 2026E P/S. UBTECH had earlier increased the delivery volume of its humanoid robot Walker S series from 500 units to 600-700 units this year, aligning closely with Citi's forecast of 725 units and 2,000 units for 2025 and 2026, respectively. To address the growth in delivery volume, the company is endeavoring to enhance its production capacity. Citi kept its Buy rating on UBTECH for its first-mover advantage in the humanoid robot market. (HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-29 16:25.)
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