Swancor Advanced Materials (SH:688585) AI前线·2025-07-09 05:10Core Viewpoint - The acquisition of a controlling stake in A-share listed company Shuangwei New Materials (688585.SH) by Zhiyuan Robot is set to establish it as the "first humanoid robot stock" in the A-share market, with a total transaction value of approximately 2.1 billion RMB based on a share price of 7.78 RMB per share [2][1]. Transaction Details - Zhiyuan Hengyue, established on June 25, 2023, will acquire a total of 63.62% of Shuangwei New Materials through a combination of agreement transfers and tender offers [1][4]. - The agreement includes the acquisition of 24.99% of shares from SWANCOR Samoa and an additional 5% from Zhiyuan New Venture Partnership, totaling 29.99% [1][4]. - Zhiyuan Hengyue plans to further increase its stake by acquiring 37% of shares through a partial tender offer, with SWANCOR Samoa committing to accept the offer for its 33.63% stake [1][4][7]. Shareholding Changes - Post-acquisition, SWANCOR Samoa's shareholding will decrease from 38.43% to 4.81%, while Zhiyuan Hengyue's stake will increase from 24.99% to 61.99% [8]. - The voting rights associated with the shares held by SWANCOR Samoa and its affiliates will be irrevocably waived, ensuring Zhiyuan Hengyue's control over the company [6][8]. Financial Commitment - The total amount required for the tender offer is approximately 1.16 billion RMB, with Zhiyuan Hengyue having already deposited 232.22 million RMB as a performance guarantee [7][8]. Company Background - Zhiyuan Robot, founded in February 2023, focuses on developing advanced general-purpose humanoid robots and has established a comprehensive ecosystem from components to application scenarios [12][19]. - The company has completed nine rounds of financing, achieving a valuation of 15 billion RMB, with notable investors including Tencent, JD.com, and BYD [16][19]. Industry Context - Shuangwei New Materials specializes in the research, production, and sales of new materials, particularly in environmentally friendly and corrosion-resistant materials, and has become a leading supplier in the global market [19]. - The company reported a revenue of 1.494 billion RMB in 2024, reflecting a year-on-year growth of 6.73% [19].