Hangzhou startup Manycore Tech lists on Hong Kong exchange

Manycore Tech became the world's first publicly traded spatial intelligence company listed on the Hong Kong Stock Exchange on Friday, under the stock code 00068.HK. The listing also marks the first initial public offering (IPO) among Hangzhou's much-talked-about "Six Little Dragons" of tech startups.

Since the launch of its public offering, the company has attracted strong market interest, and by the close of subscriptions on April 14, the offering had been oversubscribed by 1,071 times, with total subscription funds reaching HK$131.2 billion ($16.76 billion). The company has quickly emerged as one of the most closely watched new listings in the Hong Kong stock market's AI category.

Founded in 2011 in Hangzhou, Zhejiang province, the company grew from a local startup into an innovation-driven enterprise. In its early stages, its flagship product — the 3D cloud design platform Kujiale — reshaped the industry landscape thanks to its ultra-fast rendering capability.

In recent years, Manycore Tech has transitioned into a spatial intelligence service provider, expanding its scope from enabling 3D content creation to empowering intelligent agents to enhance the intelligence of three-dimensional environments.

Zhu Hao, co-founder and chief technology officer of the company, said the funds raised will be channeled into advancing the application of spatial intelligence. "Our focus will remain unchanged — to promote the real-world implementation of spatial intelligence," he said. The proceeds will mainly be used for model training and product development, as well as for expanding the company's global presence and improving the spatial intelligence industry ecosystem.

Meanwhile, the other five members of Hangzhou's "Six Little Dragons" are also accelerating their listing plans, with four already entering an intensive IPO pipeline. Commenting on the relationship among the group, Zhu said competition is limited, with greater emphasis placed on exchanges and cooperation. He expressed hope for deeper collaboration in technological research and application scenarios, adding that he expects more globally competitive technology companies to emerge from Hangzhou.