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South China Morning Post

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

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. 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.