Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Investing.com– Shares of Ubtech Robots Corp Ltd (HK: ) rose sharply on Wednesday after the firm and electronics giant must be Precision Industry (TW:), also known as Foxconn (SS:), said they will collaborate on the development of humanoid robots.
Ubtech rose 10.5% to HK$52.60 in Hong Kong trading, outpacing the 0.1% rise in the benchmark.
The company and Foxconn said they will form a long-term partnership with the aim of developing humanoid robots for the manufacturing sector, Chinese media reported.
Ubtech specializes in humanoid robots, and was listed publicly in 2023 with investments from Tencent Holdings Ltd (HK:) and ICBC. The partnership with Foxconn is likely to leverage the robotics company’s experience with the Taiwanese giant’s electronics manufacturing capabilities.
Foxconn shares fell 1.7% in Taiwanese trading on Wednesday. The company is the largest manufacturer of electronic components in the world, and is a major supplier for technology giants such as Apple Inc (NASDAQ: ) and NVIDIA Corporation (NASDAQ: ).
News of the partnership comes as Foxconn tries to branch out into many different electronics industries. The company started its business in the high-speed electric vehicle market last year.
Humanoid robots have also come into focus in the past year, especially after EV maker Tesla Inc (NASDAQ: ) unveiled its Optimus prototype. A special focus is on combining artificial intelligence and robotics.
