AsianFin -- AgiBot, a rising star in embodied intelligence, has denied speculation that it plans to list in Hong Kong, despite acquiring a controlling stake in a Shanghai STAR Market-listed company.

The company clarified its position on Thursday after multiple media reports suggested that the acquisition of Shangwei New Materials (688585.SH) could pave the way for a backdoor listing in Hong Kong. In an exclusive response, AgiBot told AsianFin: “This is not true. AgiBot currently has no concrete plans for a Hong Kong IPO.”

On July 8, Shangwei New Materials disclosed that AgiBot, through affiliated entities, intends to purchase at least 63.62% of its shares in a deal worth approximately 2.1 billion yuan (US$290 million). The transaction is structured in two phases: a 941 million yuan share transfer from key shareholders to secure a 29.99% stake, and an additional 1.16 billion yuan investment to acquire 37% through a tender offer. Upon completion, AgiBot will gain control of Shangwei New Materials without undergoing a formal restructuring.

The acquiring entity is Shanghai AgiBot Hengyue Technology Partnership, jointly controlled by AgiBot’ operational entity and its chairman Deng Taihua, both holding 49.5% stakes. Two smaller stakeholders—each holding 0.5%—are also affiliated with the company and Deng.

Founded in February 2023, AgiBot is focused on building general-purpose embodied robots and application ecosystems. Its co-founder and CTO Peng Zhihui, better known online as "Zhihui Jun" or “Wild Iron Man,” is a prominent figure in China’s tech scene. A former member of Huawei’s elite "Genius Youth Program," Peng worked on Ascend AI chips and algorithms before leaving the tech giant in late 2022 to launch AgiBot alongside former Huawei executive Deng Taihua.

Despite its short history, AgiBot has already attracted a formidable lineup of investors and raised billions of yuan, with a valuation surpassing 10 billion yuan. Backers include Hillhouse Venture Capital, Gaorong Capital, Sequoia China, Tencent, BYD, JD Technology, Baidu Ventures, and SAIC Investment, among others.

The acquisition of Shangwei New Materials marks a bold step into China’s capital markets. Some investors interpreted the move as a strategy to strengthen AgiBot’s presence in multi-tiered public markets and prepare for future listings. However, the company strongly denied the transaction constitutes a “backdoor listing.”

“The acquisition was made via agreement transfer and voluntary tender offer. It does not qualify as a major asset restructuring,” AgiBot stated, referencing China's Measures for the Administration of Major Asset Restructurings. The company also emphasized it has no immediate plans to alter the listed firm's core business, pursue asset swaps, or undertake significant restructuring within the next 12 months.

While AgiBot may not be heading to Hong Kong anytime soon, its swift entry into the public company sphere through strategic acquisition signals strong ambitions—and growing momentum in China's burgeoning embodied AI space.