Manicore, First of 'Hangzhou Six Dragons' to List, Soars 187% on Hong Kong Debut

Manicore Tech (Qunhe Keji), a Chinese 3D spatial design company and the first listed member among the so-called 'Hangzhou Six Dragons,' debuted on the Hong Kong Stock Exchange on April 17, with its share price surging as much as 187% on its first trading day.

According to the South China Morning Post (SCMP) and Chinese financial media Sina Finance, Manicore's share price started at HKD 20.7, a 172% increase from its initial public offering (IPO) price of HKD 7.62 (approximately KRW 1,439). At one point during the day, the share price soared up to 187% above the IPO price.

Manicore logo. Captured from Baidu

For this IPO, Manicore offered approximately 161 million shares, with 16,062,000 shares allocated in Hong Kong and the remaining 145 million shares offered overseas. JPMorgan Chase and CCB International served as joint lead underwriters. The Hong Kong tranche was oversubscribed 1,590.56 times, while the overseas tranche was oversubscribed 14.46 times.

Manicore was founded in 2011 by Huang Xiaohuang, an alumnus of Zhejiang University and former software engineer at NVIDIA, along with Tian Hang and Zhu Hao. The company specializes in spatial intelligence technology, focusing on GPU clusters and artificial intelligence (AI). Its product lineup includes the spatial design software 'Kujiale,' its international version 'Coohom,' the AI-based spatial intelligence solution 'SpatialBus,' and the industrial digital twin platform 'SpatialTwin.' The majority of Manicore's revenue is generated from Kujiale, while Coohom accounted for 9% of total sales last year. Recently, the company has been strengthening collaborations with robotics manufacturers and AI developers.

In June 2021, Manicore aimed for a U.S. listing at a valuation of USD 2 billion, but subsequently shifted its focus to Hong Kong.

Manicore's revenue increased from CNY 663.5 million (approximately KRW 143.8 billion) in 2023 to CNY 820 million last year, while its net loss decreased from CNY 646.1 million to CNY 427.9 million over the same period.

Following DeepSeek's global impact, six promising tech companies based in Hangzhou, Zhejiang Province—DeepSeek, Unitree, DeepRobotics, BrainCo, Manicore, and Game Science—have gained attention and are collectively referred to as the 'Hangzhou Six Dragons.' Among them, Unitree and DeepRobotics are also preparing for IPOs.

This content was produced with the assistance of AI translation services.