AgiBot "Leaps Onto" STAR Market, World's First Livestream of General-Purpose Embodied Robot Performing Routine Industrial Operations Coming Soon | BlueRun Ventures Family Headlines

On the evening of July 8, SWANCOR Advanced Materials (688585) announced that AgiBot intends to acquire control of the company through a shareholding platform jointly funded by the company and its core team, via both agreement transfer and tender offer. Upon completion of this equity transaction, the controlling shareholder of SWANCOR Advanced Materials will change to Shanghai Zhiyuan Hengyue Technology Partnership (Limited Partnership) ("Zhiyuan Hengyue"), a vehicle jointly held by AgiBot and its management team, and the actual controller will become Deng Taihua.

If this transaction is successfully completed, it is expected to become a landmark acquisition case on the A-share market for new quality productive forces enterprises since the implementation of the new "National Nine Articles" and "Six M&A Measures," and will also mark the first acquisition by an embodied intelligence company on the STAR Market.

Notably, in March this year, AgiBot completed a funding round led by Tencent, with follow-on investments from multiple industrial investors and existing shareholders including BlueRun Ventures, Longcheer Technology, Wolong Electric, and Huafa Group. In May, JD.com and the Shanghai Embodied Intelligence Fund participated in AgiBot's latest funding round, with existing shareholders Sequoia Capital, SAIC Venture Capital, and TCL making additional oversubscribed investments.

Today, AgiBot will conduct the world's first live broadcast of general-purpose robots performing routine operations in an industrial setting (Reserve livestream) — this represents not only a major milestone for AgiBot, but for general-purpose robots globally.

BlueRun Ventures stated: This transaction represents the first major acquisition by a general-purpose robotics company in the capital markets, and an important milestone in AgiBot's development. This acquisition will help the company build out a multi-tier capital market strategy. We believe that through persistent independent innovation and ecosystem collaboration, AgiBot will further advance the high-quality development of China's AI industry.

BlueRun Ventures is an early investor in AgiBot and has participated in three consecutive rounds. In the Booming Talk series launched by BlueRun Ventures in the second half of last year, AgiBot CTO Zhiyuan Jun (Peng Zhihui) spoke with investors for the first time, noting: "Sometimes if you don't stretch yourself to reach for challenging targets, you don't know what you're capable of." We congratulate AgiBot on another successful challenge.

Further reading: Zhiyuan Jun: The Wild Iron Man Begins a New Adventure | What's Blue About Entrepreneurship

SWANCOR Advanced Materials listed on the STAR Market in 2020. The company focuses on the R&D, production, and sales of new materials, with main businesses covering environmentally friendly high-performance corrosion-resistant materials, wind turbine blade materials, new composite materials, and circular economy materials. In 2024, the company recorded revenue of 1.494 billion yuan, up 6.73% year-on-year; net profit attributable to parent company shareholders was 88.6814 million yuan, up 25.01% year-on-year.

Examining the specifics of this proposal, AgiBot intends to acquire control of SWANCOR Advanced Materials through a shareholding platform jointly funded by the company and its core team, via both agreement transfer and tender offer.

On July 8, SWANCOR IND.CO.,LTD. (Samoa) ("SWANCOR Samoa"), the controlling shareholder of SWANCOR Advanced Materials, Zhiyuan Hengyue, Strategic Capital Holding Limited (Samoa) ("STRATEGIC Samoa"), and SWANCOR Holding Co., Ltd. ("SWANCOR Holding"), the indirect controlling shareholder of the listed company, jointly signed the "Share Transfer Agreement Regarding SWANCOR Advanced Materials Co., Ltd." ("Share Transfer Agreement I"). Zhiyuan Hengyue intends to acquire 100 million unrestricted tradable shares of the listed company held by SWANCOR Samoa, a wholly-owned subsidiary of SWANCOR Holding, together with all shareholder rights and interests corresponding thereto, representing 24.99% of the total shares of the listed company.

On the same day, SWANCOR Samoa signed "Share Transfer Agreement II" with Shanghai Zhiyuan Xinchuang Technology Equipment Partnership (Limited Partnership) ("Zhiyuan Xinchuang"). Zhiyuan Xinchuang intends to acquire 2.4 million unrestricted tradable shares of the listed company held by SWANCOR Samoa, together with all shareholder rights and interests corresponding thereto, representing 0.60% of the total shares of the listed company.

Goldwind Investment Holding Co., Ltd. ("Goldwind Holding") signed "Share Transfer Agreement III" with Zhiyuan Xinchuang. Zhiyuan Xinchuang intends to acquire 17.7673 million unrestricted tradable shares of the listed company held by Goldwind Holding, together with all shareholder rights and interests corresponding thereto, representing 4.40% of the total shares of the listed company.

Following this equity change, Zhiyuan Hengyue and Zhiyuan Xinchuang will collectively hold 29.99% of the shares and corresponding voting rights of the listed company. The controlling shareholder of the listed company will change from SWANCOR Samoa to Zhiyuan Hengyue, and Deng Taihua will become the actual controller of the listed company.

Furthermore, conditional upon this agreement transfer, Zhiyuan Hengyue intends to further increase its shareholding in the listed company through a partial tender offer, with the proposed tender offer covering 149 million shares (representing 37.00% of the total shares of the listed company).

Among these, SWANCOR Samoa, STRATEGIC Samoa, and SWANCOR Holding have made irrevocable commitments that SWANCOR Samoa will validly tender 136 million unrestricted tradable shares of the listed company held by it (representing 33.63% of the total shares of the listed company) in response to this tender offer; without written consent from the offeror Zhiyuan Hengyue, SWANCOR Samoa may not withdraw or modify its tender.

Overall, Zhiyuan Hengyue and Zhiyuan Xinchuang intend to acquire 29.99% of shares through transfer; and propose to acquire 37% through tender offer, of which SWANCOR Samoa will validly tender 135 million unrestricted tradable shares of the listed company held by it (representing 33.63% of the total shares of the listed company). Based on this calculation, Zhiyuan Hengyue and Zhiyuan Xinchuang intend to acquire at least 63.62% and at most 66.99% of the shares of the listed company.

According to the announcement, the closing price of SWANCOR Advanced Materials before trading halt was 7.78 yuan per share, and both the share transfer price and tender offer price have been set at 7.78 yuan per share. Based on this calculation, the total consideration for this control transaction is approximately 2.1 billion yuan.

Regarding the purpose of this equity change, Zhiyuan Hengyue and Zhiyuan Xinchuang stated that they recognize the long-term value of the listed company and the A-share capital market's capacity to serve technological and industrial innovation, and intend to acquire control of the listed company through this equity change. Upon completion of this equity change, Zhiyuan Hengyue and Zhiyuan Xinchuang will, with a view toward sustainable development of the listed company and the interests of shareholders particularly minority shareholders, further leverage the advantages of technology enterprises in integrating industrial chain resources, breaking through technical bottlenecks, and accelerating industrial upgrading, improve the operation and management of the listed company, and promote its long-term healthy development.

According to the company, AgiBot has built leading full-stack robot "hardware + AI" technology, with capabilities in core component self-development and complete machine integration and manufacturing. Currently, AgiBot has three robot families — Yuanzheng, Lingjing, and Lingxi — with products covering multiple commercial scenarios including interactive services, industrial manufacturing, commercial logistics, and research education, with projected shipments reaching several thousand units in 2025.

Notably, AgiBot has also independently trained an embodied foundation model. In March this year, AgiBot released its first general-purpose embodied foundation model — the GO-1 (Genie Operator-1) model. Based on this model, robots can learn from human videos to achieve rapid generalization with few samples, lowering the barrier to embodied intelligence, and has been successfully deployed across multiple AgiBot hardware platforms to enable continuous evolution.

On the hardware side, on July 7, AgiBot released a new "Nezha" robot, the Lingxi X2-N. The standout feature of this robot is its dual-form design, enabling free switching between wheeled and legged modes.

Looking back, AgiBot has also been one of the most sought-after projects in the venture capital community, achieving "unicorn" status in the year of its founding in 2023. In May this year, the National Enterprise Credit Information Publicity System showed that JD.com and the Shanghai Embodied Intelligence Fund participated in a new funding round for AgiBot, with existing shareholders Sequoia Capital, SAIC Venture Capital, and TCL making additional oversubscribed investments.

Prior to this, AgiBot had also completed a funding round led by Tencent within the year. This round included follow-on investments from multiple industrial investors and existing shareholders including BlueRun Ventures, Longcheer Technology, Wolong Electric Drive, and Huafa Group.

Zhiyuan Jun: The Wild Iron Man Begins a New Adventure | What's Blue About Entrepreneurship Dialogue with AgiBot Chief Scientist: Over-analogizing Embodied Intelligence to Large Models Is the Biggest Misreading | BlueRun Family Headlines From VLA to ViLLA: AgiBot Releases First General-Purpose Embodied Foundation Model GO-1 | BlueRun Family Headlines