Citigroup has issued a research report highlighting that MINTH GROUP (00425) has announced a framework agreement with Green Harmonic (688017.SH) to establish a joint venture in the United States. The joint venture will focus on the assembly of joint modules for humanoid robots. MINTH's wholly-owned subsidiary, MINTH California, will hold a 60% stake in the joint venture, while Green Harmonic will retain the remaining 40% stake. Citigroup reiterated its "Buy" rating for MINTH GROUP with a target price of HK$46 and added the stock to its 90-day potential upside catalyst watchlist.

Citigroup believes the collaboration strategically combines MINTH's strengths in local production and robotics/component manufacturing with Green Harmonic's technological leadership in the field of reducers. The partnership is expected to significantly increase order volumes from American humanoid robot manufacturers. The joint venture is anticipated to be formally established in the second half of this year, at which time the company is expected to provide further details regarding revenue and production outlook.