Hangzhou's "Six Little Dragons" Group Core Technology Hong Kong Stock IPO accelerates, Huang Xiaohuang leads a 14-year journey from losses to a net profit of 57.12 million | Yangtze River Delta Capital Bureau

MaticHoleFiller · 2026-04-01T10:07:38+00:00

Qunhe Technology, one of the "Hangzhou Six Little Dragons," has successfully passed the Hong Kong Stock Exchange listing hearing and is moving toward the IPO stage. Since its founding in 2011, the company has focused on GPU computing power and commercialization development. Its "CoolJiaLe" product has significantly improved design efficiency. Despite facing losses, adjusted net losses have continued to narrow, and profitability is expected by 2025. The company's transformation faces challenges, and future efforts will need to address issues such as customer structure.

MaticHoleFiller

2026-04-01 10:07:38

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By | Sina Finance Shanghai Station, Shili

During the process in which “Hangzhou’s Six Little Dragons” are gradually moving into the capital markets, Manycore Tech Inc. is the first to reach the final crucial step. Currently, the company’s Chairman is Huang Xiaohuang, the CEO is Chen Hang, and the Chief Technology Officer is Zhu Hao.

On March 29, the company updated its post-hearing materials, meaning it has passed the listing hearing at the HKEX. With the arrangement of Morgan Stanley and Jianyin International serving as joint sponsors, its Hong Kong stock IPO has entered the final sprint stage. From the trio’s startup in 2011 to now standing at the doorstep of the capital market—Manycore Tech has taken 14 years on this path. It is not loud, yet it has always centered on one thing: turning GPU computing power into a sustainable business.

The company was founded by Huang Xiaohuang, Chen Hang, and Zhu Hao. Unlike many internet startup founders, the trio’s starting point is more geared toward underlying technology. Huang Xiaohuang previously worked at NVIDIA on CUDA-related development and has long been engaged in research on general-purpose graphics processing unit (GPU) computing. This experience provided a clear direction for the trio’s later entrepreneurship. In 2011, the three founded Manycore Tech in Hangzhou. In the early days, the team size was limited, and under conditions where capital and resources were relatively constrained, they conducted technical exploration mainly around cloud-based GPU clusters.

What truly changed the company’s fate was “KooJiaLe,” launched in 2013. Built on GPU parallel computing capabilities, the product compresses design rendering time from the traditional range of several hours to within 10 seconds, while emphasizing “physical correctness.” It quickly gained adoption in the home furnishing design industry, becoming the company’s most core early revenue source, and also helping it achieve the leap from technical capability to commercial implementation.

In the years that followed, Manycore Tech’s business long remained concentrated in the field of spatial design software. It was not until 2021 that, facing uncertainty brought by fluctuations in the real estate market, Huang Xiaohuang pushed the company to transition toward “spatial intelligence.” The company further integrated its existing GPU computing, rendering, and data capabilities, extending into new scenarios such as AI-generated content and embodied intelligence training.

The impact of the transformation is directly reflected in the financial data. From 2023 to 2025, the company’s revenue was 660 million yuan, 750 million yuan, and 820 million yuan, respectively—maintaining growth—while losses in the same periods were 650 million yuan, 510 million yuan, and 430 million yuan, respectively. However, its adjusted net losses continued to narrow, and in 2025 it turned profitable, recording an adjusted net profit of 57.127 million yuan.

From the trio’s startup to sprinting toward listing, Manycore Tech’s path has always revolved around underlying technology: first entering the design industry with GPU computing power, then extending the technology outward as industry cycles change, in an effort to open up a broader application space. Currently, the company has already achieved a phased leap from ongoing losses to adjusted profitability. However, issues such as the low proportion of new business and the divergence in customer structure still need to be addressed.

Against the backdrop of “Hangzhou’s Six Little Dragons” entering the capital markets one after another, Manycore Tech is the first to reach the closing stage. For a technology-driven company like this, the IPO is not only a financing milestone—it also means its business model will be tested by the market in a longer-term and more direct way.

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