The first stock of the "Six Little Dragons of Hangzhou" is here!

On April 9th, Manycore Tech Inc., a global spatial intelligence unicorn (hereinafter referred to as "Qunhe Technology"), disclosed the global offering documents, officially launching the share offering, which will end on April 14th, 2026, and is scheduled to be listed on the Hong Kong Stock Exchange on April 17th under the stock code "00068".

According to the offering plan, this IPO intends to globally issue approximately 161 million shares, with an additional 15% over-allotment option. Among them, 16.062 million shares will be offered in Hong Kong and 145 million shares will be offered internationally, accounting for 10% and 90% of the total number of shares issued globally, respectively. JPMorgan and CCB International will serve as joint sponsors. The offering price is set at a maximum of HK$7.62 per share, with an expected total fundraising amount not exceeding HK$1.227 billion. As a result, Qunke Technology will become the "world's first spatial intelligence stock" and will also be the first company among the "Six Little Dragons of Hangzhou" to enter the capital market.

Introduce a diversified lineup of cornerstone investors

The announcement shows that this global offering has introduced Taikang Life Insurance, Sunshine Life Insurance, GF Fund, Redwood, Mirae Asset, Wusong Capital, Hesai HK, Guohui Hong Kong, and Huaying Construction as cornerstone investors. The cornerstone investor lineup covers top long-term insurance funds, leading public funds, professional private equity investment institutions, international asset management institutions, and industry leaders, with a total subscription of approximately HK$455 million by diversified institutions.

The concentrated entry of long-term capital and industrial strategic investors this time fully demonstrates the high recognition of global capital market professional institutions towards the core technological strength, commercialization implementation ability and long-term development prospects of Graviti.

Previously, Qunke Technology has received investments from renowned institutions such as GGV Capital, Shunwei Capital, IDG Capital, Hillhouse Capital, Matrix Partners, Coatue, Hearst, Pavilion Capital, Yunqi Capital, and Linear Capital.

In terms of products, Qunke Technology owns the largest space design platform in China, Kujiale, and its overseas version Coohom, as well as the next-generation spatial intelligence solution SpatialVerse for AI development in the indoor environment.

In terms of finance, Qunhe Technology has maintained a steady growth in revenue over the past three years. By 2025, the company is expected to achieve a revenue of 820 million yuan, with a gross profit margin rising to 82.2%. From 2023 to 2025, Qunhe Technology's cumulative R&D investment will exceed 1 billion yuan.

It is worth noting that in 2025, Graviti Technology reached a turning point in its performance, making a leap from loss to profit. Its adjusted net profit for the year reached 57.1 million yuan, indicating that the company has achieved self-sustaining growth. Additionally, its overseas business revenue increased by 28% year-on-year in 2025.

The announcement indicates that the net proceeds from the IPO will primarily be used to implement international expansion strategies; enhance the functionality of existing products and launch new products and/or features to meet the demands of both the real-world space and virtual environments; invest in core technologies and infrastructure; domestic sales and marketing activities, and enhance brand awareness, as well as for working capital and general corporate purposes.

Seize the opportunity in the field of physical AI

Due to their significant influence in the field of cutting-edge technology, Qunke Technology, DeepSeek, Unitree Robotics, Game Science, CloudMinds Technology, and BrainCo are collectively known as the "Six Little Dragons of Hangzhou", and are regarded as a microcosm of Hangzhou's innovative technological strength.

Among them, Qunke Technology, which started from spatial design, focuses on simulating and computing the physical world based on GPU. Over the years, it has accumulated rich underlying spatial capabilities and a vast amount of physically correct 3D data, taking the lead in the cutting-edge spatial intelligence race and thus attracting global market attention.

It is widely believed in the industry that AI is extending from the flat interaction mainly based on text and images to three-dimensional space scenarios, and spatial intelligence is at the core of this trend. In recent years, Groutine has further upgraded from a cloud-native space design software provider to a spatial intelligence service provider, forming a business flywheel system of "space editing tools - spatial data - spatial large models", and its business scope has also expanded from assisting humans in completing three-dimensional space creation to helping intelligent entities improve the intelligence level of three-dimensional environments.

Based on the massive 3D data brought by the product platform, Qunke Technology has been continuously focusing on the advantageous track of large-scale spatial models. In 2025, it launched the spatial language model SpatialLM and the spatial generation model SpatialGen, combining spatial cognition and generation capabilities to help artificial intelligence understand, reason about, and generate 3D scenes.

At the product level, in 2025, Qunke Technology also launched the Aholo Spatial Intelligence Open Platform, integrating various capabilities of spatial intelligence such as spatial reconstruction, spatial generation, spatial editing, and spatial understanding, and gradually opening it up in the form of a bottom-level infrastructure. Through the combination of products and open platforms, it further promotes the integration of AI and the physical world. In addition, the company also released the cloud-native industrial AI twin platform SpatialTwin for the era of embodied intelligence, supporting real-time simulation of dynamic real industrial environments and large-scale operation of intelligent agents; for the creative content creation fields such as e-commerce and film and television, the company launched the 3D AI content creation tool LuxReal.

It is learned that Qunke Technology has established strategic partnerships with leading enterprises in various industries such as Zhiyuan Robotics, Galaxy General, PICO, Hesa Technology, Hangcha Group, Huace Film & Television, and Aosen E-commerce, to support the application of spatial intelligence in fields such as interior design, e-commerce, embodied intelligence, film and television, and XR.

Risk Warning and Disclaimer Clause

Investing involves risks. Please exercise caution. This article does not constitute personal investment advice and has not taken into account the individual investment objectives, financial situation or needs of any specific user. Users should consider whether any opinions, views or conclusions in this article are suitable for their particular circumstances. Any investment made based on this article is at the user's own risk.