Manycore Tech Surges 185% on Hong Kong Debut — First of Hangzhou’s ‘Little Dragons’ Goes Public

Manycore Tech made a thunderous entrance on the Hong Kong Stock Exchange on Thursday, with shares rocketing as much as 185% above their offering price in early trading. The AI-powered spatial design company raised approximately HK$1.23 billion ($130 million) in an initial public offering that was oversubscribed more than 101 times — signaling that investor hunger for AI listings in Asia shows no sign of fading.

From Interior Design Software to Spatial Intelligence Pioneer

The Coohom Platform

Manycore operates what it describes as the world’s largest spatial design platform. Its flagship product, Coohom, uses AI and dedicated GPU clusters to deliver real-time 3D rendering for residential, office, retail, and commercial projects. The platform has amassed roughly 500 million 3D assets from real-world environments — a data moat that competitors would struggle to replicate overnight.

Co-founder Victor Huang frames the technology as “spatial intelligence” — AI models that understand and interact with physical space. “When you enter a room, you can understand where you are and what’s in front of you,” Huang told Fortune. “We want machines to have the same capability.”

The Robotics Pivot

Rather than relying on video data — the approach championed by researchers like Meta’s Yann LeCun — Manycore is leveraging its 3D asset repository to build world models for robotics and autonomous vehicles. The company has released open-source models including SpatialLM and SpatialGen, signaling an ambition that extends well beyond interior design software into the emerging physical AI stack.

The Numbers Behind the Debut

IPO Mechanics

Manycore priced roughly 161 million shares at HK$7.62 apiece, raising up to HK$1.23 billion. Brokerages extended approximately HK$12.6 billion in margin financing against a public tranche of just HK$122 million — a retail oversubscription ratio of 101.8 times. The stock trades under ticker 0068 on the Hong Kong Stock Exchange.

Revenue vs. Losses

According to IPO filings, Manycore generated 820 million yuan ($120 million) in revenue last year, up 8.6% year over year. The company posted a slim operating profit of 18.6 million yuan but recorded a net loss of 428 million yuan ($62.8 million), reflecting heavy R&D investment in its AI infrastructure and open-source model development.

First Dragon to Fly: The Hangzhou Six

Manycore’s listing carries symbolic weight. The company is the first of Hangzhou’s so-called “Six Little Dragons” to reach public markets. This cluster of rapidly growing AI startups — nurtured in the same eastern Chinese city that incubated Alibaba — has attracted attention from investors including IDG Capital, Hillhouse Investment, and Singapore-based Granite Asia.

Manycore’s successful debut adds momentum to what has already been a historic run for AI IPOs in Hong Kong. Companies in the sector raised nearly $14 billion in the first quarter of 2026 alone. Peers MiniMax and Knowledge Atlas have surged approximately 450% and 650% respectively since their January listings, underscoring the ferocious demand for publicly traded AI exposure in Asia.

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Sources

1. Nikkei Asia — Manycore shares up as much as 185% in first day of Hong Kong trading
2. Fortune — Manycore bets on spatial intelligence after HK IPO
3. South China Morning Post — Hangzhou Six Little Dragons member Manycore seeks US$130m from Hong Kong IPO