Tesla rival robot builder bids to buy wind blade giant in bold deal

China’s humanoid robot maker AgiBot, backed by Tencent and other major investors, has announced plans to acquire a controlling stake (at least 63.62%) in Swancor Advanced Materials, a Shanghai-listed company specializing in corrosion-resistant materials and wind turbine blade components. The proposed deal, valued at about 2 billion yuan (US$279 million), could serve as a back-door listing for AgiBot on the Shanghai Stock Exchange, potentially making it the first Chinese humanoid robot company to go public in Shanghai. Swancor’s stock surged 20% following the announcement, reflecting market optimism about the synergy between robotics and advanced materials sectors. However, AgiBot has denied intentions of executing a back-door listing, and the transaction still requires approval from Swancor’s shareholders and regulatory authorities. The acquisition move highlights the intense competition among China’s humanoid robot startups to scale production and secure funding. AgiBot, founded in early 2023, aims to ramp up shipments