A drastically slowing economy is chiefly to blame for the anemic growth of the country's industrial robot space over the past year.
Despite the overall expansion, the industrial robot sector has been marked by a pattern of bifurcation, where top players have largely kept their momentum and grown in size.
Economic pundits have blamed the lackluster performances of some industrial companies on China's weaker economic rebound.
Construction had been going at full throttle on what is one of Jiangsu's provincial-level key projects.
Internationalization is one of the firm's three long-term strategies, and it will double down on the sale of its industrial automation products abroad, Inovance said.
A sales number breakdown suggests a pattern of bifurcation among leading overseas and domestic manufacturers of industrial robots.
Inovance, SBC's new parent, said that the transaction will accelerate its strategic layout in the precision transmission business, through synergies on the product, technology, market and capacity fronts.
Despite a challenging external environment, including a sluggish macroeconomy and declining demand in the elevator and new energy vehicle industries, Inovance adjusted its management strategies and implemented cost-cutting measures, resulting in positive business outcomes.