Agibot denies backdoor listing via Swancor Advanced Materials acquisition

On Wednesday, Chinese tech firm Agibot denied market speculation that its acquisition of Swancor Advanced Materials was an attempt to go public through a backdoor listing. The purchase of a 63.62% stake in Swancor was intended to gain controlling interest and does not meet the definition of a backdoor listing under China’s Administrative Measures for Major Asset Restructurings, Agibot said. The company added that it has no plans for any major asset restructuring in the next 12 months and will remain focused on embodied intelligence research. The acquisition, valued at about 2.1 billion yuan ($289 million), was carried out through a combination of negotiated transfer and tender offer, according to a statement released by Swancor on Tuesday. [Jiemian, in Chinese]