Three shareholders of Ubtech Robotics will not sell their shares of the company in future 12 months

Three shareholders of mainland artificial intelligence-powered robot maker Ubtech Robotics (9880) voluntarily promised that they will not sell any of shares of the company directly held by each of them in future 12 months from today, according to the firm.

Two of them are executives of the Shenzhen-based company, Xiong Youjun and Wang Lin, they separately hold 8.29 million shares and 8.2 million shares of the company.

Besides, another shareholder who made the promise is Zhao Guoqun, he holds 2.45 million shares.

The company considers that the matter above does not have any material adverse impact on the operation of the group, according to the filing.

Ubtech Robotics’ share price dropped by 12.64 percent to HK$46.3 apiece today before the company announced lock-up undertakings.

Earlier, the chief executive of the company Zhou Jian entered into termination agreements with five  shareholders of the firm last December 29 to terminate the Concert Party Agreements, which raised visitors' concern about decentralization of control of the tech company.

(June Chen)