Investing.com–Stocks Uptech Robots Corp Ltd (HK:) rose sharply on Wednesday after shares of the company and electronics giant rose Yes yes Precision Industry (TW:), also known as Foxconn (SS:) They said they would cooperate in developing humanoid robots.
Ubtech shares rose 10.5% to HK$52.60 in Hong Kong trading, significantly outpacing the benchmark index's 0.1% rise.
Chinese media reported that the company and Foxconn said they would form a long-term partnership with the aim of developing humanoid robots for the manufacturing sector.
Ubtech specializes in humanoid robots, and went public in 2023 with investments from Tencent Holdings Ltd (HK:) and ICBC. The partnership with Foxconn will likely leverage the company's robotics expertise with the Taiwanese electronics giant's manufacturing capabilities.
Foxconn shares fell 1.7% in Taiwan trading on Wednesday. The company is the world's largest contract electronics manufacturer, and a major supplier to technology giants such as Apple Inc (NASDAQ:) and NVIDIA Corporation (NASDAQ:).
News of the partnership comes as Foxconn attempts to diversify into a large number of different electronics sectors. The company launched a foray into the heavily crowded electric vehicle market over the past year.
Humanoid robots have also become the subject of increasing interest over the past year, especially after electric car maker Tesla Inc (NASDAQ:) unveiled its Optimus prototype. Particular focus is on integrating artificial intelligence and robotics.
