Cnpc kunlun manufacturing and unitree to form joint venture for industrial embodied AI robotics

China Petroleum Corporation's Kunlun Manufacturing Co., Ltd., along with its related entity Kunlun Capital, is planning to establish a new joint venture with Unitree Technology Co., Ltd. and Beijing Fanjie Smart Technology Co., Ltd. The proposed venture will focus on providing solutions for industrial embodied intelligent robots. According to the public notice from the Beijing Municipal Administration for Market Regulation, the joint venture structure will grant Kunlun Manufacturing and its related parties a 60% stake, while Unitree Technology and Fanjie Smart will each hold a 20% share, ensuring shared control over the new entity. This development follows prior engagement, as Kunlun Capital was an investor in Unitree Technology's Science & Technology Board IPO, holding 2.23% of the shares. Furthermore, the two companies had previously signed a strategic cooperation memorandum specifically targeting robot applications within the oil and gas sector. Kunlun Manufacturing itself was established in October 2023 in Xiong'an New Area, Hebei Province, and is ultimately controlled by China National Petroleum Corporation.