Tencent Holdings-backed AgiBot plans to acquire a controlling stake in a Shanghai-listed company for roughly 2 billion yuan (US$279 million), sparking speculation that the humanoid robot maker could pursue a back-door listing less than three years after it was founded.
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Agibot, the start-up also known as Zhiyuan Robotics, has offered to buy at least 63.62 per cent of Swancor Advanced Materials through affiliates Shanghai Zhiyuan Hengyue Technology Partnership and Shanghai Zhiyuan Xinchuang Technology Equipment Partnership, according to a filing to the Shanghai Stock Exchange on Tuesday by the listed manufacturer of high-performance corrosion-resistant materials and wind turbine blade components.
A deal would see AgiBot chairman and CEO Deng Taihua become the de facto controller of Swancor, as the firm’s current controllers have agreed to give up their voting rights, according to the filing.
As of Thursday, the transaction was pending approval from Swancor’s shareholders and the Shanghai bourse, among others stipulated by relevant laws and regulations, the company said.
AgiBot did not immediately respond to a request for comment. Regarding the speculation, the start-up said the Swancor deal was not intended to be a back-door listing, according to reports by China Securities Journal and Yicai.
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The start-up’s acquisition plan reflects the growing need in China’s robotics industry to raise more funds, as a number of humanoid robot manufacturers aim for mass production this year.
Six out of 11 domestic humanoid robot makers plan to manufacture more than 1,000 units this year, market research firm TrendForce said in a report in April. These include AgiBot, Unitree Robotics, Galbot, Engine AI and Leju Robotics.