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Story summary
- UBTech Robotics, a Chinese humanoid-robot maker, will acquire nearly 1.7 billion yuan stake in Zhejiang Fenglong to boost production.
- The deal unfolds in two stages: 29.99% for 1.16 billion yuan, then about 504 million yuan for 13.02%.
- UBTech can nominate six of Fenglong's seven board directors, aiming for at least 43% ownership.
- Fenglong makes engines for garden tools and automotive components; its shares hit the daily limit after trading resumed.
