北京商报讯（记者 翟枫瑞）2月25日，中国证券监督管理委员会官网发布关于ManycoreTechInc.（群核 科技）境外发行上市备案通知书。根据通知书显示，群核科技拟发行不超过3.12亿股境外上市普通股， 并在香港联合交易所上市；自备案通知书出具之日起至完成境外发行上市前，如发生重大事项，公司需 通过备案管理信息系统向证监会报告；完成境外发行上市后15个工作日内，公司需报告发行上市情况； 若备案通知书出具之日起12个月内未完成境外发行上市，拟继续推进的，应更新备案材料。 据了解，群核科技成立于2011年，是一家以人工智能技术和专用GPU集群为底座的空间智能企业。旗下 产品包括酷家乐、Coohom及群核空间智能平台。其中，酷家乐主要面向家居家装、公装及房地产领 域，提供3D云设计服务。 ...

Core Viewpoint - Manycore Tech Inc. (群核科技) has received approval for its overseas listing in Hong Kong, marking a significant step in its journey to become the first company among the "Hangzhou Six Little Dragons" to go public and potentially the "global leader in spatial intelligence" [1][6]. Company Overview - Established in 2011, Manycore Tech is a spatial intelligence company leveraging artificial intelligence and specialized graphics processing unit clusters. Its products include Cool Home, Coohom, and the Manycore Spatial Intelligence Platform, with services extending to over 200 countries [1][2]. - The company operates in a promising market, with the Chinese spatial design software industry projected to grow from 3.3 billion RMB in 2024 to 6.6 billion RMB by 2029, reflecting a compound annual growth rate (CAGR) of 14.9%. The global market is expected to increase from 19.2 billion RMB in 2024 to 31.7 billion RMB by 2029 [1]. Financial Performance - Manycore Tech has shown a trend of narrowing losses, with adjusted net losses of 338 million RMB in 2022, 242 million RMB in 2023, and an expected 70 million RMB in 2024. The company achieved an adjusted net profit of 17.825 million RMB in the first half of 2025 [3]. - Revenue has steadily increased from 601 million RMB in 2022 to 664 million RMB in 2023, and is projected to reach 755 million RMB in 2024. In the first half of 2025, revenue was 399 million RMB, a 9.4% increase from the same period in 2024 [4]. Business Model - The company's revenue primarily comes from a subscription-based (SaaS) model, ensuring strong revenue stability. In the first half of 2025, 84.4% of subscription revenue was generated from enterprise clients, with approximately 95% of total revenue derived from residential, office, retail, and commercial projects [5]. Strategic Importance - As a foundational provider of spatial intelligence infrastructure, Manycore Tech's strategic value is increasingly recognized, attracting investments from notable firms such as IDG Capital, GGV Capital, and Hillhouse Capital [2]. - The company is part of the "Hangzhou Six Little Dragons," a group of leading hard-tech enterprises in fields like robotics and artificial intelligence, with its progress setting a benchmark for other companies in the group [6][7]. IPO Plans - Manycore Tech's IPO process is advancing, having submitted its application to the Hong Kong Stock Exchange on February 14, 2025, and updated its prospectus in August 2025. The approval of the filing brings the company closer to its public listing, pending final hearings and issuance [7]. - The funds raised from the IPO are intended for international expansion, enhancing existing product features, increasing domestic sales and marketing efforts, investing in core technologies and infrastructure, and general corporate purposes [7].

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]

Core Viewpoint - Manycore Tech Inc. (群核科技) has received approval from the China Securities Regulatory Commission (CSRC) for its overseas IPO application, marking a significant milestone as it aims to become the first listed company among the "Hangzhou Six Little Dragons" [1][4]. Group 1: IPO Progress - Manycore Tech submitted its IPO application to the Hong Kong Stock Exchange on February 14, 2025, coinciding with the one-year anniversary of its IPO filing [5]. - The company plans to issue no more than 312 million ordinary shares for its overseas listing [7]. - Following the issuance, Manycore Tech must report its listing status within 15 working days to the CSRC [9]. Group 2: Financial Performance - Manycore Tech entered the unicorn club with a valuation of 16 billion RMB as of June 26, 2025 [11]. - The company reported adjusted net profits of -70.05 million RMB for 2024 and 17.83 million RMB for the first half of 2025 [16]. - Revenue figures for the years 2022 to 2025 show a growth trajectory: 600.62 million RMB in 2022, 664.54 million RMB in 2023, 755.83 million RMB in 2024, and 399.10 million RMB in the first half of 2025 [18]. Group 3: Business Strategy - Manycore Tech aims to transition from a 3D space software provider to a space intelligence infrastructure provider, focusing on AI technologies and specialized graphics processing units [13][15]. - The company has outlined a strategic plan for "space intelligence," which includes three core areas: space editing tools, space data, and space large models [15]. - The CEO emphasized the importance of foundational technology in connecting the physical and digital worlds, especially as AI advances into three-dimensional spaces [15].

Core Viewpoint - Manycore Tech Inc. has submitted its listing application to the Hong Kong Stock Exchange, with JPMorgan and CCB International acting as joint sponsors [1]. Company Overview - Manycore is a leading provider of cloud-native space design software, widely used in various business scenarios including residential, office, retail, and commercial projects. The software leverages AI technology and GPU clusters to create engaging designs with real-time immersive visual effects [3]. - The company targets the space design software market and is the largest provider in China, holding approximately 23.2% market share as of 2024. The market value of China's space design software industry is projected to reach RMB 3.3 billion in 2024, with an expected growth to RMB 6.6 billion by 2029, reflecting a compound annual growth rate (CAGR) of 14.9% [3]. Product Matrix - Manycore's flagship product, Coolhome, is a cloud-native space design software primarily aimed at the Chinese market. Users can quickly start new designs using drag-and-drop 3D models and achieve realistic rendering in real-time. As of June 30, 2025, the product's database includes over 441.4 million 3D models and design elements, with approximately 61.6 million publicly accessible [4]. - The company also offers professional services to enterprise clients, including modeling services, technical configuration, and customer training. The SpatialVerse platform, set to launch in 2024, aims to provide next-generation space intelligence solutions, enhancing AI development in indoor environments [4]. Market Strategy - Manycore has adopted a freemium marketing model and a product-led growth strategy, gaining popularity among designers. As of June 30, 2025, the average monthly active users reached approximately 2.7 million [5]. - The software processes millions of renderings and billions of API calls daily, serving over 432,897 individual clients by June 30, 2025 [6]. Financial Performance - Manycore's revenue for the fiscal years ending December 31 for 2022, 2023, and 2024 was approximately RMB 601 million, RMB 664 million, and RMB 755 million, respectively. For the six months ending June 30, 2025, the revenue was about RMB 399 million. The company reported losses of RMB 704 million, RMB 646 million, RMB 513 million, and RMB 226 million for the respective periods [6][9].

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].

Market Performance - Hong Kong stock market indices rose collectively, with the Hang Seng Index increasing by 3.2% to close at 24,284.15 points, the Hang Seng Tech Index up by 4.06% to 5,341.43 points, and the National Enterprises Index rising by 2.76% to 8,762.47 points during the week of June 27 [2] - The IPO market in Hong Kong is experiencing a surge, with several companies successfully listing or initiating the IPO process, including Sanhua Intelligent Control, which officially listed on June 23 [2] IPO Trends - The first half of 2023 saw a staggering 711% year-on-year increase in IPO fundraising in Hong Kong, with many new listings coming from the technology sector [2] - Nearly 20 technology companies, including leading firms in AI and robotics, are currently pursuing listings on the Hong Kong Stock Exchange [3] Policy Environment - The Hong Kong Stock Exchange has been continuously optimizing its listing policies for technology companies, including the introduction of Chapter 18A in 2018 for unprofitable biotech firms and Chapter 18C in 2023 for various specialized tech companies [4] - Recent initiatives by the Hong Kong Securities and Futures Commission and the Stock Exchange allow for confidential listing applications for certain tech firms, further lowering the barriers to entry for these companies [4] Financial Cooperation - The People's Bank of China and the Hong Kong Monetary Authority announced six measures to deepen financial cooperation between Hong Kong and mainland China, including optimizing cross-border financial services [5] Investment Opportunities - Hong Kong's status as a global financial hub provides technology companies access to a diverse range of investors, essential for funding high R&D costs and business expansion [6] - The IPO market is expected to continue to be driven by a "technology + consumer" dual engine, with AI and its applications likely to dominate [6] Financial Challenges - Many technology companies seeking to list in Hong Kong face challenges such as poor profitability and ongoing losses, which are common in sectors focused on high R&D investments [7] - For instance, Beijing Haizhi Technology Group reported significant losses while pursuing its IPO, highlighting the financial struggles faced by tech firms [8] Globalization Strategy - The globalization strategy of technology companies is a significant factor driving their decision to list in Hong Kong, as it allows them to build an international capital platform and enhance their global market presence [10] - Companies like Qunhe Technology are explicitly stating that part of their IPO proceeds will be used for international expansion, targeting markets in the U.S., South Korea, Japan, and Southeast Asia [11] Market Dynamics - The flexibility of Hong Kong's capital market mechanisms makes it an attractive option for technology firms needing to raise funds, especially in light of tightening financing conditions in other markets [9] - The ability to connect with global supply chains and attract international clients through a Hong Kong listing is seen as a crucial advantage for tech companies aiming for global operations [12]

Core Viewpoint - The Hong Kong stock market is experiencing unprecedented enthusiasm this year, particularly with a surge in IPOs from AI companies, driven by favorable policies and improved liquidity [4][5]. Group 1: Market Trends - The Hong Kong stock market has seen a significant increase in liquidity and investor confidence since the beginning of the year, leading many startups to pursue IPOs [5]. - AI companies are particularly favored in the market, with notable examples including DeepSeek, which has led to a reevaluation of the value of Chinese tech companies [5]. - The market has shown signs of recovery since the second half of 2024, with consumer stocks like Pop Mart and Mixue Ice City gaining attention [5]. Group 2: Company Developments - Several AI companies have filed for IPOs, including Teslin, Yunzhisheng, and Qunhe Technology, with a focus on international expansion in their fundraising plans [6][7]. - Teslin, a key player in the AIoT sector, has a projected revenue growth rate of 58.0% from 2022 to 2024, with revenues of 7.38 billion, 10.06 billion, and 18.43 billion respectively [8][9]. - Qunhe Technology aims to expand its market presence in the U.S., South Korea, Japan, and Southeast Asia, indicating a strategic focus on international markets [6]. Group 3: Financial Performance - Many AI companies have relatively small revenue scales, with companies like Yunji Technology reporting revenues of 1.61 million, 1.45 million, and 2.45 million for 2022, 2023, and 2024 respectively [7]. - Teslin stands out with a valuation exceeding 20 billion, positioning it as one of the largest AI IPOs in Hong Kong this year [8]. - The R&D investment for Teslin has been substantial, with R&D expenses reaching 2.87 billion, 3.29 billion, and 3.22 billion over the past three years, representing a significant portion of its revenue [9][10].

Core Viewpoint - The Hong Kong stock market is experiencing unprecedented enthusiasm this year, driven by a surge in AI companies seeking IPOs, with significant policy support and improved liquidity attracting many tech firms to list in Hong Kong [1][3][5]. Group 1: AI Companies Going Public - Notable AI companies such as Teslin, Cloudwalk, and Qunhe Technology are actively pursuing IPOs in Hong Kong, with Teslin updating its prospectus and focusing on its "spatial intelligence" strategy [1][3]. - The emergence of AI models like ChatGPT and DeepSeek has accelerated the development of AI applications across various industries, prompting companies to consider IPOs as a natural progression [3][5]. - The recent IPOs of AI companies have been facilitated by the introduction of new listing rules in Hong Kong, particularly the 18C chapter, which lowers the market cap requirements for tech firms [6][11]. Group 2: Market Conditions and Policy Support - Since the beginning of the year, liquidity in the Hong Kong market has significantly improved, boosting investor confidence and encouraging startups to seize the opportunity to go public [5][9]. - The 18C mechanism has relaxed traditional profitability requirements, allowing companies with strong R&D and technological barriers to qualify for listing, thus benefiting high-growth tech firms [6][10]. - Hong Kong's status as an international financial center allows AI companies to access global investors and enhance their international market presence [6][7]. Group 3: Financial Performance and Growth - Teslin is positioned to become the largest AI IPO in Hong Kong this year, with a valuation exceeding 20 billion RMB and a projected revenue CAGR of 58% from 2022 to 2024 [11][12]. - Other AI companies, such as Cloudwalk and Yushi Technology, have shown significant revenue growth, with Cloudwalk's revenue projected to increase from 1.61 million RMB in 2022 to 2.45 million RMB in 2024 [10][11]. - The R&D investment in AI companies is substantial, with Teslin allocating a significant portion of its revenue to R&D, indicating a long-term commitment to technological advancement [13].

Core Viewpoint - The Hong Kong stock market is experiencing unprecedented enthusiasm this year, driven by a surge in AI companies seeking IPOs, with significant policy support and improved liquidity attracting these firms to the market [1][3][4]. Group 1: AI Companies Going Public - Several AI companies, including Teslin, CloudWalk, and others, are actively pursuing IPOs in Hong Kong, indicating a trend towards increased market participation from the AI sector [1][2][4]. - The emergence of DeepSeek has led to a reevaluation of the value of Chinese tech companies, creating new opportunities for AI firms in the Hong Kong market [1][3]. - The introduction of new listing rules, particularly sections 18A and 18C, has made it easier for biotech and specialized tech companies to go public, with 18C allowing for a focus on R&D and technology barriers rather than traditional profit requirements [3][4]. Group 2: Market Conditions and Opportunities - The liquidity in the Hong Kong market has significantly improved since the beginning of the year, boosting confidence among investors and encouraging startups to list [3][4]. - The performance of consumer stocks has shown signs of recovery, with notable companies like Bubble Mart and Mixue Ice Cream gaining attention, which may also reflect positively on the broader market [3]. - AI companies are increasingly recognized for their potential, with significant market interest in firms like Horizon Robotics and Yujing Technology, which have seen their valuations rise dramatically post-IPO [3][6]. Group 3: Financial Performance and Growth - Teslin is projected to be the largest AI IPO in Hong Kong this year, with a valuation exceeding 20 billion RMB and a compound annual growth rate of 58% in revenue from 2022 to 2024 [6][7]. - Other AI companies, such as CloudWalk and Yujing Technology, have also reported substantial valuations, with CloudWalk nearing 9 billion RMB and Yujing Technology at 7.3 billion RMB prior to their IPOs [7][8]. - The R&D investment by Teslin is significant, with a team of 363 researchers making up over 52% of its workforce, reflecting the company's commitment to innovation and technology development [8][9].