China National Petroleum Corporation Kunlun Manufacturing Co., Ltd. and its concert party China National Petroleum Corporation Kunlun Capital Co., Ltd. will jointly establish a joint venture with Unitree Robotics Co., Ltd. and Beijing Fanjie Intelligent Technology Co., Ltd., mainly engaged in industrial embodied-intelligence robot solutions, according to a notice published by the Beijing Municipal Administration for Market Regulation on Nov. 4, with a public notice period running from Nov. 4 to Nov. 13. After the transaction is completed, Kunlun Manufacturing and Kunlun Capital will together hold 60% of the JV, while Unitree and Fanjie Intelligent will each hold 20%, with the three parties jointly controlling the JV. The case is being published under the simplified case procedure, with the checked simplified-review grounds involving relevant market share thresholds below 15% and 25%. The JV has not yet completed business registration, and its name has not been disclosed. This is the second capital-level contact between the CNPC system and Unitree within about three months; in August this year, Unitree listed on the SSE STAR Market, and Kunlun Capital, as a strategic investor, was allotted 903,300 shares for about CNY 136 million (approximately $20.4 million), accounting for 2.23% of the shares in that public offering, with a 12-month lock-up period. The two arrangements are independent of each other, and the shares obtained in the