Haier seeks control of Shenzhen-listed robotics firm in US$343 million deal
Haier joins rival Midea Group in venturing into industrial robotics, answering Beijing’s call to upgrade the nation’s traditional manufacturing sector
Haier will become Step Electric’s largest shareholder after taking a controlling stake in the company for about 2.5 billion yuan (US$343 million), according to a Shenzhen Stock Exchange filing on Monday. The deal is still subject to regulatory approvals, Step Electric said.
Founded in 1995, Step Electric started as a provider of elevator systems, before shifting its focus to industrial robotics, offering hardware and systems adopted by various industries from consumer electronics to automotive.
It also invested in the development of robotics for the semiconductor industry, as well as embodied artificial intelligence for humanoid robots.
But Step Electric has struggled to make money in the past three years. It estimated losses in 2024 to hit 185 million yuan to 367 million yuan, versus 379 million yuan in 2023 and 1.1 billion yuan in 2022, its filings showed.
For Haier, the acquisition will allow it to go deeper into industrial robotics, underpinning China’s big push to deploy robots and automation systems to upgrade the nation’s manufacturing sector.
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