Chinese spatial AI company Manycore Tech surged 144% on its Hong Kong IPO debut after raising $160M in an oversubscribed offering

Manycore Tech, a Hangzhou-based design software company known as one of the city's “Six Little Dragons,” raised HK$1.09B ($160M) in its Hong Kong IPO and saw its shares surge 144% on debut after the retail tranche was oversubscribed roughly 1,590 times. The company, founded in 2011 on the back of its Kujiale interior design platform, has pivoted toward what it calls “spatial intelligence,” building products for robotics training, industrial digital twins, synthetic data generation, and 3D content creation for e-commerce and film. Revenue grew from 663.5M yuan in 2023 to 820M yuan in 2025 while net losses narrowed, with Manycore planning to use IPO proceeds to accelerate international expansion and AI infrastructure investment.