"Hangzhou's First 'Little Dragon' Stock" is coming! Qunhe Technology passes the Hong Kong Stock Exchange listing hearing

According to the Hong Kong Stock Exchange’s disclosure on March 29, the spatial intelligence unicorn Manycore Tech Inc. (hereinafter referred to as Manycore Technology) has updated its post-hearing information set, marking its entry into the sprint phase for an IPO on the Hong Kong stock market.

Among the “Six Little Dragons of Hangzhou,” Manycore Technology is the first company to submit an IPO application, followed by Yushu Technology and Yundongchu Technology, which have successively announced the start of their IPO journeys.

If Manycore Technology successfully lists on the Hong Kong stock market, it will become the “world’s first stock in spatial intelligence” and the “first stock among the Six Little Dragons of Hangzhou.”

2025 Welcomes Performance Turning Point

Rapid Growth in AI-Related Business

According to its official website, Manycore Technology was established in 2011 in Hangzhou and is a spatial intelligence company based on artificial intelligence technology and dedicated graphics processing unit clusters.

In the past three years, Manycore Technology has achieved steady growth in performance, and it is expected to welcome a performance turning point in 2025.

The prospectus shows that in 2025, Manycore Technology’s revenue will be 820 million yuan, with a gross margin of 82.2%, and it will achieve a leap from loss to profit, with an adjusted net profit of 57.1 million yuan.

At the same time, Manycore Technology’s cumulative R&D investment from 2023 to 2025 will exceed 1 billion yuan. The company has significantly improved development efficiency and productivity through deep application of AI technology, effectively enhancing the technical iteration capabilities of its R&D team.

From a business segment perspective, Manycore Technology has achieved rapid growth in AI-related vertical solutions, including the launch of the 3D AI design tool CoolJia for e-commerce photo shoots in 2024, replacing traditional on-site shoots with virtual studios, helping cross-border e-commerce companies reduce costs and increase efficiency, with revenue growth of 123% year-over-year in 2025.

In recent years, Manycore Technology has continuously iterated its AI product matrix, launching an AI intelligent design platform that can complete a full house space design plan in 5 minutes.

In the industrial sector, Manycore Technology has released the cloud-native industrial AI twin platform SpatialTwin, aimed at the era of embodied intelligence, supporting real-time simulation of dynamic real industrial environments and large-scale operation of intelligent agents; for creative content creation fields like e-commerce and film, it has launched the 3D AI content creation tool LuxReal.

Accelerating the Digitization of the Physical World

Positioning for the Next AI Trend

The post-hearing information set shows that the net proceeds from Manycore Technology’s IPO on the Hong Kong stock market will mainly be used to implement international expansion strategies; enhance existing product functions and launch new products and/or functions to meet the needs of real-world spaces and virtual environments; domestic sales and marketing activities, and increase brand awareness; invest in core technologies and infrastructure; and serve as working capital and for general corporate purposes.

Manycore Technology owns the world’s largest spatial design platform CoolJia and its overseas version Coohom, as well as the next-generation spatial intelligence solution SpatialVerse, which is suitable for both real spaces and virtual environments such as embodied AI training and e-commerce product displays.

In 2025, Manycore Technology will launch the Aholo spatial intelligence open platform, integrating various spatial intelligence capabilities and opening them up in the form of underlying infrastructure, further promoting the integration of AI with the physical world through the combination of products and open platforms.

Based on the massive 3D data brought by the product platform, Manycore Technology continues to focus on the advantageous track of spatial large models, launching the spatial language model SpatialLM and the spatial generative model SpatialGen in 2025, combining spatial cognition and generative capabilities to help AI understand, reason, and generate the physical world.

AI is extending from flat interactions dominated by text and images to three-dimensional spatial scenarios, and spatial intelligence is at the core of this trend. The digitization of the physical world will be an important foundation for deep interaction between AI and the real world.

Starting from spatial design, Manycore Technology’s business scope has expanded from assisting humans in completing 3D spatial creations to further supporting intelligent agents in enhancing the intelligence level of three-dimensional environments.

Currently, Manycore Technology has established strategic partnerships with industry leaders such as Zhiyuan Robotics, Galaxy General, PICO (a XR brand under ByteDance), Hesai Technology, Hangcha Group, Huace Film & Television, and Aoshen E-commerce, supporting the application of spatial intelligence in fields such as interior design, e-commerce, embodied intelligence, film, and XR (extended reality).

(Source: China Fund News)