Chen Hang, CEO of Manycore Tech, presents his thoughts at a technology summit. [Photo/WeChat account: gh_b2708d68d948]

Manycore Tech, a Hangzhou-based unicorn, has passed its listing hearing on the Hong Kong Exchanges and Clearing (HKEX), moving into the final stage of its initial public offering.

If completed, the IPO would make Manycore the first publicly listed firm among Hangzhou's "Six Little Dragons" of tech startups and potentially the world's first listed company focused on spatial intelligence services. The offering is jointly sponsored by JPMorgan and CCB International.

The company operates leading platforms including its 3D design software Kujiale and overseas version Coohom, alongside its next-generation spatial intelligence solution SpatialVerse. Leveraging vast 3D data, it has developed models such as SpatialLM and SpatialGen, advancing AI's ability to understand and generate real-world environments.

Manycore reported steady growth, with revenue reaching 820 million yuan ($118.6 million) in 2025 and achieving profitability, posting an adjusted net profit of 57.1 million yuan. Its AI-driven business segments, including 3D design tools for e-commerce, have seen rapid expansion.

Industry analysts say spatial intelligence is emerging as a key frontier as AI shifts from text and images toward three-dimensional interaction with the physical world.

With planned IPO proceeds to support global expansion and R&D, Manycore is poised to strengthen Hangzhou's position at the forefront of next-generation AI innovation.

A photo by Coohom, Manycore's AI-powered 3D rendering software, featuring the co-founders. [Photo/WeChat account: gh_b2708d68d948]