Chinese emerging robotics startup AgiBot denied market speculation surrounding a backdoor listing on its 2.1 billion yuan (HK$2.29 billion) acquisition of a mainland-listed company.
Swancor Advanced Materials, traded in Shanghai Stock Exchange STAR Market, announced on Tuesday that AgiBot plans to buy at least 63.62 percent of the company's shares and become a controlling shareholder, sparking speculation that AgiBot would become the first public embodied artificial intelligence firm.
But AgiBot clarified on Wednesday that the share purchase is not for a backdoor listing. Swancor also said some of its businesses involve robotics, adding that it will later release details about the collaboration plans.
On the purchase, Swancor's shares jumped 20 percent to 9.34 yuan on Wednesday when trading resumed, triggering a trading halt mechanism.
According to the purchase plan, AgiBot, together with other investors, proposed to buy Swancor shares at 7.78 yuan a piece, the same as Swancor's closing price before trading began on July 2.
This comes as Chinese AI robot makers have begun facing pressure from investors. Unitree Robotics, a shining star following a performance in CCTV's Spring Gala, finished its Series C fundraising round involving 700 million yuan last month, sparking speculation that it could be the startup's final go before an initial public offering. The Series C brought the company's valuation to 12 billion yuan.
But Unitree chief executive Wang Xingxing admitted that humanoid robots have not entered into a large-scale commercialization phase.
AgiBot gained attention in March, mostly due to its founder Peng Zhihui – who joined Huawei in 2020 through a genius program – and the launch of its model GenieOperator-1, which was claimed to enable robots to acquire skills from human videos.
This year, AgiBot has received funds from Tencent (0700), JD.com (9618), and SAIC Motor Venture Capital as well as other investors.
THEMIS QI
