Tencent-backed humanoid robot maker AgiBot is seeking to acquire a controlling stake in Swancor Advanced Materials, a Shanghai-listed manufacturer, in a move widely seen as a potential precursor to a back-door listing.
The start-up, also known as Zhiyuan Robotics, intends to acquire at least 63.62 per cent of Swancor through its affiliates Shanghai Zhiyuan Hengyue Technology Partnership and Shanghai Zhiyuan Xinchuang Technology Equipment Partnership, according to a regulatory disclosure made by Swancor to the Shanghai Stock Exchange on Tuesday.
The proposed transaction, valued at approximately 2 billion yuan (US$279 million), would position AgiBot chairman and CEO Deng Taihua as the de facto controller of Swancor. The current controlling shareholders have agreed to relinquish their voting rights, the filing confirmed.
Pending approval from Swancor shareholders and the relevant regulatory bodies including the Shanghai Stock Exchange, the deal has triggered considerable market interest. Swancor’s share price surged by the daily limit of 20 per cent to close at 11.21 yuan on Thursday.
While AgiBot did not respond to requests for comment, reports from China Securities Journal and Yicai cited the company as denying any intention to pursue a back-door listing through the Swancor deal.
Nonetheless, the acquisition underscores the intensifying capital requirements of China’s burgeoning humanoid robotics industry. According to a TrendForce report published in April, six out of 11 domestic humanoid robot firms, including AgiBot, Unitree Robotics, Galbot, Engine AI and Leju Robotics, plan to manufacture over 1,000 units each this year.
Following a successful acquisition, AgiBot could raise additional capital and potentially operate under Swancor’s listed ticker. However, AgiBot has pledged not to alter Swancor’s principal business operations or implement major structural reorganisations for at least 12 months, as stated in a separate filing from Swancor on Tuesday.
If completed, the deal could enable AgiBot to become the first Chinese humanoid robotics firm to list on the Shanghai market. By comparison, Unitree Robotics is reportedly preparing dual listings in both Shanghai and Hong Kong, while Shenzhen-based UBTech Robotics listed in Hong Kong in 2023.
Despite the strategic significance of the Swancor transaction, regulatory challenges remain. AgiBot, established in February 2023, does not currently meet the three-year operational requirement for a reverse initial public offering under Chinese listing rules.
The start-up has attracted substantial investment, having completed multiple financing rounds backed by Hillhouse Investment, Tencent, and JD.com. During a funding round in March, AgiBot was valued at over 10 billion yuan. At the time, Yao Maoqing, head of AgiBot’s embodied intelligence division, stated that the company aims to deliver between 3,000 and 5,000 robots in 2025, up from fewer than 1,000 units the previous year.
-SCMP
