On the evening of July 8, Beijing time, SWANCOR (688585.SH), an A-share listed company previously contemplating a change in control, officially announced that its controlling shareholder, SWANCOR IND. CO. LTD., had signed the "Share Transfer Agreement" with Shanghai Zhiyuan Hengyue Technology Partnership (Limited Partnership) and Shanghai Zhiyuan Xinchuang Technology Equipment Partnership (Limited Partnership) on July 8, 2025.

Upon completion of this transaction, Zhiyuan Robotics is poised to become the inaugural humanoid robotics stock in A-shares!

Unitree Technologies, on the other hand, has been slightly slower in its journey. According to reports, on May 28, 2025, Unitree completed its share reform registration and renamed itself "Hangzhou Unitree Technology Co., Ltd.", marking the commencement of its sprint towards the STAR Market of A-shares. However, Zhiyuan Robotics opted for a "backdoor listing," embarking on a swifter path to public markets.

As a prominent startup in the wave of humanoid robotics, Zhiyuan Robotics boasts a renowned figure in the robotics industry, Zhi Huijun, and a team with a strong Huawei background. This "backdoor listing" underscores the sophistication of Zhiyuan Robotics' masterminds.

However, the question arises: how can the team ensure combat effectiveness amidst such a rapid listing process? After all, the commercialization of humanoid robots is still in its nascent stages. Even Tesla's Optimus is rumored to have delayed the launch of its third-generation model.

According to SWANCOR's announcement, the tender offer period will span 30 calendar days, with an acquisition price set at RMB 7.78 per share, which coincides with SWANCOR's closing price on July 1. Based on this closing price, SWANCOR's market capitalization stands at RMB 3.138 billion. Judging from the stock price trend, Zhiyuan Robotics' stock did not experience significant fluctuations prior to the trading suspension on July 1. Compared to its historical high of RMB 20.49 in September 2020 and a low of RMB 4.11 in 2024, SWANCOR's stock price has remained unremarkable.

Regarding Zhiyuan Robotics' valuation, following the completion of Series B funding led by Tencent in March 2025, third-party research institutions estimated its valuation at RMB 15 billion.

Upon resumption of trading, how many daily limit-ups will SWANCOR experience? Will Zhiyuan Robotics' industrial chain usher in a fresh wave of growth? Time will tell.