(Yicai) Aug. 30 -- Shares of Miracle Automation Engineering soared after the Chinese automated equipment supplier said it plans to set up a joint venture with a humanoid robot developer to make androids and parts used in auto manufacturing.

Miracle Automation [SHE: 002009] closed up 5.3 percent at CNY13.97 (USD1.92) a share in Shenzhen today, after earlier surging by its 10 percent exchange-imposed daily trading limit.

Miracle Automation and Ubtech Robotics will form the JV with a registered capital of CNY100 million (USD13.7 million), the Wuxi-based equipment maker said yesterday. Ubtech Robotics will own 87 percent of the new firm. 

It will develop androids and solutions used in auto production and then gradually shift to products used in other smart manufacturing fields and scenarios, Miracle Automation added, noting that the first sample robot is expected to be delivered before the end of the year.

Ubtech Robotics will develop core technologies, and Miracle Automation will oversee the development and production of core parts and promote the application of humanoid robots and related solutions in the automated production of cars, power and energy storage battery recycling, and automated logistics, which are the businesses Miracle Automation specializes in.

Founded in 2012, Ubtech Robotics has already released multiple robots and solutions. It has completed the listing hearing for the Hong Kong Stock Exchange and will likely become the first Chinese android developer to go public, according to a filing disclosed by the China Securities Regulatory Commission on Aug. 25.

Chinese internet giant Tencent Holdings is Ubtech’s largest institutional shareholder, with a stake of 6.5 percent. Tencent has co-developed many robots with Ubtech. Australian telecoms firm Telstra was another early investor in Ubtech.

Editor: Futura Costaglione