UBTECH ROBOTICS (09880.HK) announced the acquisition of a total of 65,529,900 shares of Fenglong (002931.SZ) from four independent third parties and proposed to partially offer to acquire 28,450,000 shares at a price of RMB 17.72 per share, with a total cash consideration of RMB 1.665 billion, to be paid using internal resources.

Upon completion, the company expects to hold no less than 93,957,500 shares of Fenglong, accounting for 43% of its total share capital. The latter is primarily engaged in the research, development, production, and sales of gardening machinery engines, electric complete machines, hydraulic control systems, and automotive components. The acquisition will help accelerate the development and commercialization of the group's humanoid robots