Core Viewpoint - Manycore Tech Inc. (群核科技) has received approval for its overseas listing, allowing it to issue up to 314.432 million shares on the Hong Kong Stock Exchange [3][4]. Company Overview - Manycore Tech Inc., established in 2011, is a leading provider of cloud-native space design software, widely used across various business scenarios including residential, office, retail, and commercial projects [4]. - The company's software leverages artificial intelligence (AI) technology and dedicated graphics processing unit (GPU) clusters, enabling designers and businesses to create engaging designs with real-time and immersive visual effects [4]. - The software's open architecture allows for seamless data interoperability, continuous upgrades, and scalability, presenting significant potential for widespread application across various vertical industries [4]. Market Position - According to Frost & Sullivan, Manycore Tech Inc. is the largest space design software provider in China by revenue, holding a market share of approximately 23.2% as of 2024 [5].

Core Insights - Manycore Tech Inc. (群核科技) has received approval for its overseas listing in Hong Kong, marking a significant step in its capital market journey as part of the "Hangzhou Six Little Dragons" [1] - The company plans to issue up to approximately 312 million shares and aims to become the first company from this group to go public, potentially becoming the "global leader in spatial intelligence" [1] - Founded in 2011, Manycore Tech specializes in artificial intelligence and dedicated graphics processing unit clusters, with products including 3D design tools for various sectors [1] Industry Overview - The spatial design software market in China is projected to grow from RMB 3.3 billion in 2024 to RMB 6.6 billion by 2029, with a compound annual growth rate (CAGR) of 14.9% [1] - The global market for spatial design software is expected to increase from RMB 19.2 billion in 2024 to RMB 31.7 billion by 2029 [1] Financial Performance - Manycore Tech has shown significant improvement in its financials, achieving an adjusted net profit of RMB 17.825 million for the first half of 2025, after previously incurring substantial losses [4] - The company reported adjusted net losses of RMB 338 million, RMB 242 million, and RMB 70 million for the years 2022, 2023, and 2024, respectively, indicating a continuous reduction in losses [4]

Group 1 - The core point of the article is that Manycore Tech Inc. (群核科技) has received approval from the China Securities Regulatory Commission for its overseas IPO, aiming to issue up to 312 million ordinary shares and list on the Hong Kong Stock Exchange [1] - Manycore Tech Inc. is expected to become the first stock among the "Hangzhou Six Dragons," a concept referring to six cutting-edge technology companies based in Hangzhou, focusing on fields such as robotics, artificial intelligence, game development, and brain-computer interfaces [1] - The "Hangzhou Six Dragons" includes six companies: Game Science, Deep Exploration, Yushu Technology, Cloud Deep Technology, Qiang Brain Technology, and Manycore Tech Inc., all of which are headquartered in Hangzhou [1]

"杭州六小龙"之一群核科技赴港上市迎关键进展。2月14日，中国证监会披露了《关于Manycore Tech Inc.（群核科技）境外发行上市备案通知书》，公司拟发行不超过3.12亿股境外上市普通股并在香港联 合交易所上市。2025年8月，群核科技更新招股书，继续推动在港交所的上市进程，冲刺"全球空间智能 第一股"，摩根大通和建银国际为联席保荐人。招股书显示，公司已实现扭亏为盈，截至2025年6月30日 的上半年，公司实现经调整净利润1783万元。（中证报） 来源：滚动播报 ...

Core Viewpoint - Manycore Tech Inc. (群核科技) is progressing towards its overseas listing in Hong Kong, with plans to issue up to 312 million shares [1][2] Group 1: Listing Details - The company plans to issue no more than 312 million ordinary shares for its overseas listing on the Hong Kong Stock Exchange [2] - The company must report any significant events to the China Securities Regulatory Commission (CSRC) from the issuance of the filing notice until the completion of the overseas listing [2] - If the company does not complete the overseas listing within 12 months from the issuance of the filing notice, it must update its filing materials to continue the process [2] Group 2: Company Background and Financials - Manycore Tech is a leading provider of spatial intelligence services, focusing on accelerating the integration of artificial intelligence into the physical world [3] - The company has developed a business model around spatial intelligence technologies, which includes spatial editing tools, spatial data, and spatial large models, applicable across various industries [3] - As of June 30, 2025, the company achieved a net profit of 17.83 million yuan, indicating a turnaround to profitability [3] Group 3: Use of IPO Proceeds - The net proceeds from the IPO will primarily be used for international expansion, enhancing existing product functionalities, launching new products, supporting domestic sales and marketing, and investing in core technologies and infrastructure [3]

2月14日，中国证监会国际合作司发布《关于Manycore Tech Inc.(群核科技)境外发行上市备案通知书》。公司拟发行不超过312,432,000股境外上市普通股并 在香港联合交易所上市。 招股书显示，2025年2月，群核科技首次向港交所递交上市申请材料。同年8月更新招股书，摩根大通和建银国际为联席保荐人。群核科技为"杭州六小龙"之 一，Manycore是领先的云原生空间设计软件提供商，产品广泛应用于从住宅及办公楼到零售店及商业项目等业务场景。公司的软件以人工智能(AI)技术和专 用图形处理单元(GPU)集群驱动，使设计师和企业能创造出引人入胜的设计，并通过实时及沉浸式的视觉效果进行体验。 ...

Group 1 - The core viewpoint of the article is that Manycore, a leading provider of cloud-native spatial design software, is preparing for its IPO in Hong Kong with the support of JPMorgan and CCB International as joint sponsors [2] - Manycore is recognized as one of the "Six Little Dragons" of Hangzhou, indicating its significance in the local tech ecosystem [2] - The company's software leverages artificial intelligence (AI) technology and dedicated graphics processing unit (GPU) clusters, enabling designers and businesses to create engaging designs with real-time and immersive visual effects [2]

在"杭州六小龙"的上市进程中，除群核科技外，宇树科技A股IPO已完成辅导备案，云深处科技也已进 入辅导阶段。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：观察君 2月14日，据中国证监会官网披露，Manycore Tech Inc.（群核科技）获得境外发行上市备案通知书。根 据备案通知书，群核科技拟发行不超过约3.12亿股境外上市普通股并在香港联合交易所上市，摩根大 通、建银国际担任联席保荐人。这一进展意味着群核科技已满足港交所上市聆讯的前置条件，有望成 为"杭州六小龙"中首家登陆资本市场的公司。 群核科技与DeepSeek、宇树科技、游戏科学、强脑科技、云深处科技并称"杭州六小龙"。公司成立于 2011年，由黄晓煌、陈航、朱皓联合创办，三人曾先后在英伟达、微软、亚马逊及美国国家超级计算应 用中心等机构任职。公司旗下拥有空间设计平台"酷家乐"及海外版"Coohom"，同时布局了面向室内环 境AI开发的空间智能平台SpatialVerse，产品覆盖现实空间设计与具身人工智能训练、电商产品展示等 虚拟环境。根据弗若斯特沙利文的数据，按2024年收 ...

Core Viewpoint - Manycore Tech Inc. (群核科技) is progressing towards its IPO in Hong Kong, aiming to become the "global leader in spatial intelligence" after receiving approval from the China Securities Regulatory Commission [1][2]. Company Overview - Founded in 2011 by Huang Xiaohuang, Chen Hang, and Zhu Hao, Manycore Tech is a cloud-native spatial design software provider, with products widely used in residential, office, retail, and commercial projects [2]. - The company is part of the "Hangzhou Six Little Dragons," which includes other tech firms based in Hangzhou [1]. Financial Performance - Manycore Tech's subscription revenue reached 736 million RMB in 2024, a 14% increase year-over-year, accounting for over 97% of total revenue [4]. - The company reported a total revenue of 754.83 million RMB for 2024, up from 663.54 million RMB in 2023, reflecting an 11% growth [5]. - The gross profit margin improved from 72.7% in 2022 to 80.9% in 2024, indicating enhanced operational efficiency [5]. - As of June 30, 2025, the company achieved a revenue of 399.1 million RMB for the first half of the year, a 9% increase compared to the previous year [6]. Customer Base - Manycore Tech serves approximately 47,000 enterprise clients, with a net revenue retention rate of 102% for enterprise customers [4]. - The company also has a growing individual customer base, with over 432,800 personal clients by June 30, 2025 [4]. Investment and Funding - Manycore Tech has attracted investments from notable firms such as IDG Capital, GGV Capital, and Hillhouse Capital, among others [2]. Market Position - According to Frost & Sullivan, Manycore Tech is the largest spatial design software provider in China, holding a market share of approximately 23.2% as of 2024 [2].

Group 1 - The core point of the news is that Qunhe Technology, one of the "Six Little Dragons of Hangzhou," has made significant progress towards its IPO in Hong Kong, having received the overseas issuance listing notice from the China Securities Regulatory Commission [1] - Qunhe Technology is expected to officially list in 2026, becoming the first company among the "Six Little Dragons of Hangzhou" to go public, following a year since its IPO application was submitted to the Hong Kong Stock Exchange in February 2025 [1] - The company owns the spatial design platform "CoolJia" and the next-generation spatial intelligence solution "SpatialVerse," which focuses on AI development for indoor environments and virtual product displays [1] Group 2 - In addition to Qunhe Technology, other companies among the "Six Little Dragons of Hangzhou" are also actively preparing for their IPOs, indicating a broader trend of capital market engagement within this group [1][4] - Yunshe Technology has submitted IPO counseling materials to the Zhejiang Securities Regulatory Bureau, with the counseling period expected to conclude between April and June 2026, potentially leading to an A-share application [2] - Strong Brain Technology, a brain-computer interface company, is rumored to have secretly submitted an IPO application to the Hong Kong Stock Exchange [3]