Swancor Advanced Materials Co., Ltd. (688585.SH) has completed its leadership transition under the "Zhiyuan" umbrella by year-end. On November 25, the company announced Peng Zhihui's election as chairman of its fourth board, with Tian Hua appointed CEO and legal representative, alongside other key appointments. Peng, co-founder of AI giant Shanghai Zhiyuan Innovation Technology, now adds a listed company chairmanship to his credentials.
Despite earlier stock surges, Swancor's shares showed muted reaction post-announcement, closing at 118.97 yuan on November 26 (+0.53%). Market observers noted profit-taking after months of AI sector speculation, with one Shanghai hedge fund analyst remarking, "The 142 yuan early-session limit-up couldn't sustain as investors digested the finalized news."
Peng Zhihui, the 32-year-old internet celebrity known as "Zhi Hui Jun" (2.836 million Bilibili followers), holds multiple industry firsts. The 1992-born graduate of UESTC's communications program previously served at OPPO and Huawei (where he earned the "Genius Youth" title) before co-founding Zhiyuan. Swancor clarified that while Peng and two other Zhiyuan executives joined its board, they hold no operational roles, with daily management handled by full-time executives including co-CEO/CTO Zhou Bin and CFO Zhang Biao.
Notably, Peng was recently named vice chair of China's humanoid robot standardization committee and sits on the SSE's Sci-Tech Innovation Advisory Council. Swancor emphasized operational independence despite Zhiyuan's majority stake (63.62% via 2.6 billion shares), stating both entities will pursue separate business lines—Swancor maintaining its specialty materials focus while Zhiyuan develops embodied AI robotics, with no material competition.
The company issued fresh risk warnings on November 26, noting its 1,373.78% surge since July 2025 far outpaced indices, with nine abnormal volatility alerts. It cautioned that robotics development remains pre-revenue and won't contribute to 2025 earnings, with core business still centered on corrosion-resistant and wind power materials.
Industry voices questioned the strategic rationale behind maintaining separate operations post-acquisition. "If both firms operate independently, what justifies Zhiyuan's costly takeover?" pondered one AI insider. Market participants view Zhiyuan's backdoor listing approach as unconventional in the AI sector's Darwinian landscape, where most either IPO or sell out.
Analysts attribute Swancor's investor appeal to Zhiyuan's "Huawei-style" ecosystem strategy and all-star team: CTO Luo Jianlan (ex-Google DeepMind), B2B specialist Jiang Qingsong (former Huawei executive), and autonomous driving veteran Yao Maoqing (Waymo/NIO alum). "Their full-stack expertise in AI, robotics, and industrial integration explains the market's confidence," noted a Shanghai state-backed fund manager, highlighting how Swancor's valuation reflects Zhiyuan's potential as much as its own fundamentals.
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