Founders of ManyCore announce the company's listing on the Hong Kong stock market. [Photo/Hangzhou Daily]

ManyCore Tech Inc, the first listed company among Hangzhou's "Six Little Dragons", made a strong debut on the Hong Kong Stock Exchange on April 17, opening more than 170 percent higher than its IPO price.

Shares of the spatial intelligence firm were priced at HK$7.62 ($0.97) and surged sharply in early trading, with active turnover pushing its market capitalization to around HK$34 billion. The IPO also saw extraordinary investor demand, with the retail tranche oversubscribed by a factor of 1,591— among the highest levels recorded amid recent Hong Kong listings.

Founded in Hangzhou in 2011 by three Zhejiang University and Tsinghua University graduates, ManyCore initially focused on GPU-based cloud rendering and simulation before launching its flagship product Coohom, a cloud-based interior design platform that accelerated 3D rendering workflows from hours to mere seconds. The company has since grown into one of China's leading spatial design software providers, reporting annual revenue of over 800 million yuan ($117.18 million).

In recent years, ManyCore has shifted its focus toward spatial intelligence, positioning itself at the intersection of AI, robotics, and 3D simulation. In 2025, it launched a spatial foundation model capable of generating 3D environments from text, images, and video, and built a dataset of 480 million 3D models to support robotics and XR applications.

The company posted an adjusted net profit of 57.1 million yuan in 2025 and reported a gross margin of 82.2 percent, marking a turnaround from earlier losses.

Analysts view the listing as a milestone for Hangzhou's innovation ecosystem, offering a capital market blueprint for other emerging tech firms in the city.

The founders of ManyCore. [Photo/Hangzhou Daily]