Core Insights - Manycore Tech Inc. aims to become the "first global space intelligence stock" as it updates its prospectus on August 22 [1] - The company is backed by joint sponsors Morgan Stanley and Jianyin International [1] Financial Performance - Manycore Tech is projected to turn a profit in the first half of 2025, achieving an adjusted net profit of 17.83 million yuan [1] Strategic Development - The company has upgraded its space intelligence strategy, focusing on three core areas: "space editing tools, space data, and space large models" [1] - Manycore Tech is building a "space intelligence" flywheel system to enhance its operational efficiency and market position [1]

Group 1 - Manycore Tech Inc. is advancing its listing process on the Hong Kong Stock Exchange, aiming to become the "first global space intelligence stock" [1] - The company has updated its prospectus as of August 22, with Morgan Stanley and Jianyin International serving as joint sponsors [1] - Manycore Tech is projected to achieve profitability in the first half of 2025, with an adjusted net profit of 17.83 million yuan [1]

Group 1 - Manycore Tech Inc. (群核科技) has reported significant performance improvement in the first half of the year, achieving a net profit of 17.83 million yuan and a gross margin of 82.1% [1] - According to Frost & Sullivan, Manycore Tech is the largest provider of spatial design software in China, holding approximately 23.2% market share based on projected 2024 revenue [1] - The company's AI-related vertical solutions have shown impressive growth, with e-commerce AI solutions increasing by 188% year-on-year in the first half of the year [1] Group 2 - Manycore Tech has recently upgraded its "Spatial Intelligence" flywheel strategy, focusing on three core areas: spatial editing tools, spatial data, and spatial large models, which promote each other to create a positive feedback loop [2] - The company has accumulated a vast amount of physically accurate spatial data, owning over 441 million 3D models and more than 500 million structured 3D spatial scenes as of June 30, 2025 [2] - The data drives continuous iteration of large model algorithms, which in turn enhances the tools, leading to widespread applications in 3D spatial design, e-commerce 3D AI design, industrial digital twins, and agent training [2]

Group 1: Core Insights - The "Hangzhou Six Little Dragons" are emerging as a focal point in the capital market, showcasing strong capabilities in cutting-edge technologies such as artificial intelligence, robotics, and brain-computer interfaces [1] - Qunhe Technology, the first among the "Hangzhou Six Little Dragons" to pursue an IPO, submitted its prospectus to the Hong Kong Stock Exchange on February 14, but it automatically lapsed on August 14 due to not completing the listing process within the six-month validity period [3] - Despite impressive gross margins of 72.7%, 76.8%, and 80.4% for 2022, 2023, and the first three quarters of 2024 respectively, Qunhe Technology remains in a loss-making position with adjusted net losses of 338 million, 242 million, and 93.61 million yuan [3] Group 2: Investment Trends - Investment institutions are increasingly focused on the "Hangzhou Six Little Dragons," with Qiangna Technology reportedly negotiating an IPO pre-financing of approximately 100 million USD at a valuation exceeding 1.3 billion USD [5] - Yushutech has initiated its A-share IPO process, signing a counseling agreement with CITIC Securities on July 7, with plans for a comprehensive evaluation of listing conditions by October [4] - The influx of venture capital not only provides essential funding for these companies but also brings valuable industry resources and management experience, reflecting the growth potential of the Hangzhou tech industry [5] Group 3: Government Support - Government-guided funds play a crucial role in nurturing tech enterprises, with many newly established funds having a duration of over 10 years, some even extending to 20 years, which supports a more patient capital approach [6] - The Shenzhen Futian guiding fund has set a benchmark by extending the duration of its managed sub-funds by 2 years, demonstrating a commitment to long-term investment strategies [6]

8月14日，群核科技于2月14日递交的港股招股书自动失效。据悉，港交所IPO流程规定，企业递交的招 股书有效期为6个月。若未在6个月规定期限内完成上市聆讯或上市流程，招股书将自动失效，失效后企 业可更新数据后重新提交申请。 校对：杨立林 除群核科技外，"杭州六小龙"的宇树科技、强脑科技、云深处等企业，也频频与资本市场发生交集。 今年7月18日，证监会网站披露了宇树科技的上市辅导备案文件，文件显示宇树科技于今年7月7日与中 信证券签署辅导协议，启动A股IPO进程。按计划，中信证券将在7月至9月对接受辅导人员进行集中授 课，最早将于今年10月上市条件综合评估，并协助公司准备IPO申请文件。 此外，本月有消息传出强脑科技正以超13亿美元的估值，洽谈约1亿美元的IPO前融资，但未获公司确 认。7月，云深处宣布完成近5亿元人民币的新一轮融资。 业内人士指出，"杭州六小龙"在资本市场的积极布局，不仅是企业自身发展的战略选择，也反映了杭州 科技产业的蓬勃生机与强大潜力。随着它们在资本市场的不断深耕，有望吸引更多的资金、人才和技术 汇聚，形成良性循环，推动杭州乃至全国科技产业迈向新的高度。 群核科技成立于2011年，是一家以 ...

Core Viewpoint - The IPO application of Qunhe Technology has officially lapsed due to the expiration of the six-month validity period, requiring the company to prepare new listing materials [1][2]. Company Overview - Qunhe Technology, established in 2011, focuses on spatial design software and utilizes AI technology along with specialized graphics processing unit clusters to create a physically accurate world simulator [1]. - The company is recognized as the largest spatial design platform globally based on average monthly active users in 2023 and holds approximately 22.2% market share in China by revenue, leading the industry [1]. Financial Performance - Qunhe Technology operates on a subscription model, with revenue increasing from 601 million yuan in 2022 to 664 million yuan in 2023, reflecting a growth of 10.5% [1]. - For the first nine months of 2024, the company reported revenue of 553 million yuan, a year-on-year increase of 13.8% compared to the same period in 2023 [1]. - The gross profit margins were 72.7% in 2022 and improved to 76.8% in 2023 [1]. - The annual loss decreased from 704 million yuan in 2022 to 646 million yuan in 2023, marking an 8.2% reduction [1]. Product Portfolio - Qunhe Technology's product offerings include the spatial design software KuJiaLe and its overseas version Coohom, along with a virtual environment training platform for AI-generated content, embodied AI, augmented reality/virtual reality, and robotics [1]. Market Context - Qunhe Technology is part of the "Hangzhou Six Little Dragons," a group of innovative tech companies from Hangzhou, Zhejiang, showcasing strong innovation capabilities in their respective fields [2]. - The lapse of the IPO application indicates that Qunhe Technology must re-submit an updated prospectus if it intends to pursue listing again [2].

人民财讯8月14日电，8月14日，据港交所披露，Manycore Tech Inc.(简称：群核科技)于2025年2月14日 向港交所递交的招股书满6个月，于2025年8月14日失效，递表时摩根大通、建银国际为联席保荐人。 ...

Group 1 - The core viewpoint of the article is that Manycore Tech Inc. (群核科技) has submitted a prospectus for its Hong Kong IPO, which has now expired after six months [1] - Manycore Tech Inc. is described as a rapidly growing and disruptive design and visualization cloud platform driven by artificial intelligence (AI) technology and dedicated graphics processing unit (GPU) clusters [1] - The platform enables businesses of various sizes to create engaging designs and brings them to life through instant and immersive visual effects [1] Group 2 - Designs created on the platform can be transformed into producible drawings, facilitating automated and accurate production processes [1] - The company's platform features an open architecture that allows seamless data interoperability, continuous platform upgrades, and scalability, presenting significant potential for widespread applications across various vertical industries [1]

Group 1 - The company, Qunhe Technology, submitted its prospectus to the Hong Kong Stock Exchange on February 14, 2025, which will expire six months later on August 14, 2025 [1] - JPMorgan and CCB International are the joint sponsors for the company's IPO [1]

Group 1 - Manycore Tech Inc. (referred to as "the company") submitted its Hong Kong IPO prospectus on February 14, which became invalid after six months on August 14, with JPMorgan and CCB International as joint sponsors [1] - The company is a rapidly growing and disruptive design and visualization cloud platform driven by artificial intelligence (AI) technology and dedicated graphics processing unit (GPU) clusters [2] - The platform enables businesses of various sizes to create engaging designs and brings them to life through instant and immersive visual effects, with designs that can be converted into producible drawings for automated and accurate production processes [2] - The company's open architecture allows for seamless data interoperability, continuous platform upgrades, and scalability, presenting significant potential for widespread applications across various vertical industries [2]