杭州六小龙「群核科技」，递交IPO招股书，拟赴香港上市，摩根大通、建银国际联席保荐

Core Viewpoint - Manycore Tech Inc. (群核科技) is seeking to list on the Hong Kong Stock Exchange, having previously submitted applications that expired in 2025. The company aims to issue up to 314.432 million shares and has received approval from the China Securities Regulatory Commission for overseas listing [2][4]. Company Overview - Founded in 2011, Manycore Tech is a leading provider of cloud-native space design software, utilizing AI technology and GPU clusters to enhance design experiences across various business scenarios, including residential, office, and commercial projects [4]. - The company's software allows for the creation of production-ready designs, supporting automated production processes, and offers seamless data interoperability and scalability across various industries [4]. Market Position - According to Frost & Sullivan, Manycore Tech holds approximately 23.2% market share in China's space design software industry as of 2024, making it the largest player in this sector [5]. - The company has generated around 2.5 billion images using AI capabilities by 2025, with an average of 2.5 million monthly active users on its platform [5]. Product Offerings - The main product, Coohom, is a space design software tailored for the Chinese market, allowing users to create designs using drag-and-drop 3D models and providing realistic rendering in real-time [8]. - Coohom has an extensive database of over 480 million 3D models and design elements as of December 31, 2025, and features enhanced Building Information Modeling (BIM) capabilities for generating engineering drawings and material lists [8]. Financial Performance - Manycore Tech's revenue for the years 2023, 2024, and 2025 is projected to be RMB 664 million, RMB 755 million, and RMB 820 million, respectively, with corresponding net losses of RMB 646 million, RMB 513 million, and RMB 428 million [13][14]. - The adjusted net profit is expected to improve from a loss of RMB 241 million in 2023 to a profit of RMB 57 million in 2025 [15]. Shareholder Structure - Prior to the IPO, the major shareholders include co-founders Huang Xiaohuang (15.46%), Chen Hang (11.04%), and Zhu Hao (4.22%), along with various institutional investors such as IDG Venture and Hillhouse Investment [10][11]. Board Composition - The board of directors consists of nine members, including four executive directors and three independent non-executive directors, with key figures being Huang Xiaohuang as Chairman and Chen Hang as CEO [12].