Robot maker AgiBot seeks stake in Shanghai-listed firm in potential back-door listing move

The Tencent-backed start-up plans to acquire a controlling stake in Swancor Advanced Materials for US$279 million Tencent Holdings-backed Ag...

The Tencent-backed start-up plans to acquire a controlling stake in Swancor Advanced Materials for US$279 million

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.

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.

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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.

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.

AgiBot's acquisition plan has ignited increased investor interest in Swancor, whose share price surged above the daily limit of 20 per cent to close at 11.21 yuan on Thursday.

After obtaining a controlling stake in Swancor, AgiBot has the option to raise new funds and operate under the acquired company's ticker symbol. AgiBot, however, has promised it would not make significant changes to Swancor's main businesses or carry out any major reorganisation over the next 12 months, according to another Swancor filing on Tuesday.

The deal could potentially help AgiBot become the first Chinese humanoid robot maker to go public in Shanghai. Unitree, meanwhile, is seeking to list in both Shanghai and Hong Kong. Shenzhen-based UBTech Robotics went public in Hong Kong in 2023.

AgiBot's deal, however, faces some uncertainties. Founded in February 2023, AgiBot apparently does not qualify for a reverse initial public offering, which requires the company making that move to be at least three years old.

The start-up has completed multiple fundraising rounds, which attracted prominent venture capital firms such as Hillhouse Investment, as well as financing from mainland Big Tech firms Tencent and JD.com.

AgiBot was valued at more than 10 billion yuan during a funding round in March, according to Yao Maoqing, head of the company's embodied intelligence unit. At the time, Yao said AgiBot planned to deliver between 3,000 and 5,000 robots this year, up from fewer than 1,000 units last year.

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