ZS Intelligent, a member of the Guangzhou Robot Industry Alliance, signed a strategic partnership agreement with Nanjing Estun Automation Company on Jan 13.
ZS Intelligent will issue 3,114,176 shares worth 37,494,679 yuan ($5.5 million) through designated placement towards Estun Automation. The funds raised will mainly be used to supplement the company's daily liquidity and expand its business.
ZS Intelligent is an important part of the intelligent manufacturing industry in Huangpu and a spare parts production line supplier of Guangzhou Automobile Group. It is known for creating the world's first pig-raising equipment robot automation production line.
Estun Automation, on the other hand, is one of the leading domestic enterprises of industrial robots with strength in core part manufacturing. It was listed on the Shenzhen GEM on Mar 20, 2015.
Wu Bo, president of Estun Automation, said that two companies will realize resource integration and use their complementary advantages to work together for a brighter future of robot manufacturing in China.