Manycore Tech has launched a Hong Kong initial public offering that could raise up to about HK$1.227 billion, with roughly 161 million shares on offer at a price range of HK$6.72 to HK$7.62. The spatial design software company is scheduled to begin trading on April 17 under stock code 00068, placing it among the most closely watched mainland technology flotations in Hong Kong this month. If the deal closes as planned, Manycore would become the first listed company from Hangzhou’s so-called “Six Little Dragons” cohort of high-profile startups.
Offer Structure
The offer allocates about 90 percent of the shares to institutional investors and 10 percent to Hong Kong retail buyers, with a board lot of 500 shares costing around HK$3,848 at the top end. Media reports said the bookbuilding window runs through April 14, giving investors a short but concentrated period to judge demand for a business positioned at the intersection of design software and artificial intelligence. The launch also comes as Hong Kong’s IPO market continues to recover, helped by renewed appetite for technology names and mainland issuers seeking offshore capital.
Cornerstone Demand
Manycore has already lined up a sizable cornerstone tranche, with investors including Taikang Life Insurance, Sunshine Life Insurance, GF Fund, Mirae Asset and Hesai Group subscribing for about HK$455 million worth of shares. At a press conference in Hong Kong, the company said about 30 percent of net proceeds would go to international expansion, while the balance would mainly fund new products, marketing, core technologies and general corporate purposes. That planned deployment suggests the listing is being used primarily as growth financing rather than as a simple capital-markets milestone.
Business Profile
According to its prospectus, Manycore positions itself as a cloud-native spatial design software provider whose flagship domestic product is Kujiale and whose international platform is Coohom. The filing says the company was China’s largest provider in the spatial design software market by 2024 revenue, with a 23.2 percent share, while Coohom supports 18 languages and the group’s products were present in more than 200 countries and regions by the end of 2025. Kujiale’s library contained more than 479.6 million 3D models and spatial design elements, underscoring the scale of the content ecosystem behind the company’s software business.
Financial Performance
The prospectus also shows a business that is still loss-making under IFRS but improving operationally, with revenue rising from RMB663.5 million in 2023 to RMB754.8 million in 2024 and RMB820.0 million in 2025. Gross margin expanded from 76.8 percent to 80.9 percent and then 82.2 percent over the same period, while annual losses narrowed from RMB646.1 million to RMB513.5 million and then RMB427.9 million. On a non-IFRS basis, Manycore reported an adjusted profit of RMB57.1 million in 2025, alongside approximately 2.5 million monthly active users, 47,416 enterprise customers and 416,175 individual customers.
Strategic Positioning
Management has been increasingly explicit about framing the company as a spatial intelligence story rather than a conventional software vendor, and chief executive Huang Xiaohuang told reporters the company has been pivoting in that direction since 2023. In an earlier LinkedIn post about its IPO filing, Manycore similarly described the transaction as a milestone for spatial intelligence and said fresh capital would support overseas growth, product diversification and continued investment in AI and GPU infrastructure. That message aligns with commentary in Chinese media that Manycore’s deal may help show whether investors are willing to back specialized, real-world AI businesses in addition to large-model developers.
The company’s debut will therefore be watched for more than its fundraising total, because it offers a market reading on how far public investors are prepared to extend the current enthusiasm for Chinese hard-tech listings. Manycore enters the market with improving margins, a large customer base and a clear expansion narrative, but it is still proving that overseas growth can become a larger share of revenue and that profitability can hold up under public-market scrutiny. If the shares price smoothly and trade well after listing, the flotation could strengthen the case for other members of Hangzhou’s startup cluster and for a broader pipeline of applied-AI issuers in Hong Kong.