SWANCOR's Majority Stake Acquisition by Zhiyuan Robotics

On July 9, it was noted that the listed company on the STAR Market, SSWANCOR MATERIALS, announced that its controlling shareholder, SWANCOR IND. CO. LTD., signed share transfer agreements with Shanghai Zhiyuan Hengyue Technology Partnership (Limited Partnership) and Shanghai Zhiyuan Xinchuan Technology Equipment Partnership (Limited Partnership) on July 8, 2025. According to the announcement, Zhiyuan Hengyue intends to acquire 24.99% of the shares held by SWANCOR Samoa through a negotiated transfer, while Zhiyuan Xinchuan will acquire 5% of the shares, totaling 29.99%. Additionally, Zhiyuan Hengyue plans to further increase its holdings by 37% through a partial tender offer, with SWANCOR Samoa committing to tender its 33.63% of shares. Once the transaction is completed, Zhiyuan Robotics will hold at least 63.62% of SSWANCOR MATERIALS, becoming the absolute controlling shareholder. Analysts suggest that once this transaction is completed, Zhiyuan Robotics may use SSWANCOR MATERIALS as a shell company to become the first publicly listed humanoid robot company on the A-share market. In response to industry media inquiries, Zhiyuan Robotics stated, 'This action is solely for acquiring control and does not constitute a reverse merger as defined by the Major Asset Restructuring Measures.' Furthermore, regarding the potential for effective business synergy between the two companies in the fields of new materials and robotics, relevant personnel from SSWANCOR MATERIALS explained that 'some existing business will indeed be applied in the robotics field, and specific business collaboration plans will be announced externally after a period of integration.' Zhiyuan Robotics, established in 2023, focuses on the integration of AI and robotics for the research and production of general humanoid robots. In August 2023, Zhiyuan Robotics launched the Expedition A1 intelligent robot; in August 2024, it released five new commercial humanoid robots across the 'Expedition' and 'Lingxi' series; in October of the same year, it announced the open-source release of the Zhiyuan Lingxi X1 humanoid robot; and in December, it commenced mass production of general-purpose robots.