"Hangzhou's First 'Six Little Dragons' Stock" is here, Qunhe Technology passes the Hong Kong Stock Exchange listing hearing

Why can the AI spatial large model SpatialLM top the open-source community trend list?

Chao News Client Reporter Zhang Yunshan

On March 29, according to the Hong Kong Stock Exchange, the spatial intelligence unicorn company Manycore Tech Inc. (hereinafter referred to as “Manycore Technology”) updated its post-hearing information set, marking the company has successfully passed the listing hearing of the Hong Kong Stock Exchange, and the IPO process has entered the final sprint stage. This IPO is co-sponsored by JPMorgan and CCB International.

If the listing goes smoothly, Manycore Technology will become the “first stock of global spatial intelligence,” and it will also be the first technology enterprise among the “Six Little Dragons of Hangzhou” to achieve the IPO milestone, adding a new target to the 2026 Hong Kong stock AI listing boom.

Accelerating the Digitalization of the Physical World, Positioning for the Next AI Trend

According to the post-hearing information set, Manycore Technology owns the world’s largest spatial design platform “CoolJia” and its overseas version “Coohom,” as well as the next-generation spatial intelligence solution “SpatialVerse.” These products are suitable for real spaces as well as virtual environments such as embodied artificial intelligence training and e-commerce product displays. In 2025, Manycore Technology will also launch the Aholo spatial intelligence open platform, integrating various spatial intelligence capabilities and opening them up as underlying infrastructure, further promoting the combination of AI and the physical world through the integration of products and the open platform.

Based on the massive three-dimensional data generated by the product platform, Manycore Technology continues to strengthen its advantages in the spatial large model track, launching the spatial language model SpatialLM and the spatial generation model SpatialGen in 2025. These models combine spatial cognition and generation capabilities to help artificial intelligence understand, reason, and generate in the physical world. After its open-source release, SpatialLM quickly rose to the top three of the trend list in the world’s largest AI open-source community HuggingFace, alongside Deepseek and Tongyi Qianwen Qwen2.5-Omni, garnering widespread attention from the global tech community.

Currently, Manycore Technology has formed a business flywheel system of “spatial editing tools - spatial data - spatial large models,” further upgrading from a cloud-native spatial design software provider to a spatial intelligence service provider. The company’s business scope has also expanded from assisting humans in completing three-dimensional spatial creations to helping intelligent agents enhance the intelligence level of three-dimensional environments.

It is widely believed in the industry that AI is extending from text and image-based flat interactions to three-dimensional spatial scenarios, with spatial intelligence being at the core of this trend. The digitalization of the physical world will be an important foundation for deep interactions between AI and the real world.

Starting from spatial design, Manycore Technology has accumulated rich underlying spatial capabilities and vast amounts of physically accurate three-dimensional data over the years, securing a first-mover advantage in the cutting-edge spatial intelligence track. For this reason, Manycore Technology is often mentioned alongside DeepSeek, Yushu Technology, Game Science, Qiangnao Technology, and Yundongchu, collectively referred to as the “Six Little Dragons of Hangzhou,” attracting significant attention from the global market.

It is reported that Manycore Technology has established strategic partnerships with leading companies across various industries, including ZhiYuan Robotics, Galaxy Universal, PICO, Hesai Technology, Hangcha Group, Huace Film & TV, and Aosen E-commerce, supporting the application of spatial intelligence in indoor design, e-commerce, embodied intelligence, film and television, and XR.

Achieved Profitability Last Year, Rapid Growth in AI-Related Business

Data shows that Manycore Technology has maintained steady revenue growth over the past three years, achieving revenue of 820 million yuan in 2025, with a gross margin rising to 82.2%. Notably, 2025 marked a turning point for Manycore Technology, achieving a transition from loss to profitability, with an adjusted net profit for the year reaching 57.1 million yuan.

In terms of R&D investment, from 2023 to 2025, Manycore Technology’s cumulative R&D investment exceeded 1 billion yuan, continuously strengthening its technological capabilities. The deep application of artificial intelligence technology has significantly improved the company’s development efficiency and productivity, effectively enhancing the technical iteration capabilities of the R&D team.

In its segmented business sectors, the company’s AI-related vertical solutions have achieved rapid growth. Among them, in 2024, the company launched the 3D AI design tool “CoolJia E-commerce Studio,” replacing traditional on-site photography with a virtual studio, helping cross-border e-commerce companies reduce costs and increase efficiency, with revenue from this business growing by 123% year-on-year in 2025.

In recent years, Manycore Technology has continuously iterated its AI product matrix, launching the “AI Intelligent Design Platform,” which can complete a full home spatial design plan in 5 minutes; in the industrial sector, the company released the cloud-native industrial AI twin platform SpatialTwin for the embodied intelligence era, supporting real-time simulation of dynamic real industrial environments and large-scale operations of intelligent agents; for creative content creation sectors such as e-commerce and film and television, the company also launched the 3D AI content creation tool LuxReal.

The post-hearing information set indicates that the net proceeds from the IPO will mainly be used to implement international expansion strategies; enhance existing product functionalities and launch new products and/or features to meet the demands of real-world spaces and virtual environments; domestic sales and marketing activities, and enhance brand awareness; invest in core technologies and infrastructure; and for working capital and general corporate purposes.

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