On April 17, Manycore Tech Inc. (HK:00068), also known as Manycore Tech, officially listed on the main board of the Hong Kong Stock Exchange. This marks its debut as the world's first spatial intelligence stock and the first company among the "Hangzhou Six Dragons" to successfully enter the capital markets.

On its first trading day, Manycore Tech's stock price surged 135.96% by noon, reaching HK$17.98 per share, giving the company a market capitalization of HK$30.568 billion.

In his listing ceremony speech, Huang Xiaohuang, Co-founder and Chairman of Manycore Tech, stated, "AI is sweeping across the globe with unprecedented force, which places greater responsibility on us to push AI beyond generation and dialogue in virtual worlds toward understanding, action, and creation in the physical world. Spatial intelligence is key to this process."

Prior to the listing, on the evening of April 16, Manycore Tech announced its placement results. The Hong Kong public offering was oversubscribed by 1,591 times, while the international offering was oversubscribed by 14.46 times.

At the listing ceremony on April 17, Huang Xiaohuang emphasized, "We have always been committed to building a bridge between the digital and physical worlds through spatial intelligence technology, and we already provide services across numerous industries including spatial design, 3D AI content creation, industrial digital twins, and intelligent agent training."

Since its establishment in 2011, Manycore Tech has focused on using GPU technology to simulate and compute the physical world, aiming to connect physical and digital realms and accelerate the integration of AI into the physical world. The company operates China's largest cloud-native spatial design platform and has amassed vast amounts of interactive 3D data. Leveraging this foundation, it has developed its own spatial large model, creating a "spatial editing tools - spatial data - spatial large model" flywheel system, securing a leading position in the global spatial intelligence sector.

For its IPO, Manycore Tech set the final offer price at the top of the range, HK$7.62 per share. The global offering involved approximately 160.6 million shares, raising about HK$1.224 billion in total, with net proceeds of approximately HK$1.092 billion. During the offering period, the company received strong market recognition.

The global offering also attracted nine cornerstone investors, including Taikang Life Insurance, Sunshine Life Insurance, GF Fund Management, Redwood, Mirae Asset Securities, Rime Capital, Hesai HK, Guohui Hong Kong, and Huaying Construction. This diverse group, comprising top insurance funds, major public funds, prominent private equity, foreign capital, and industrial players, collectively subscribed to HK$455 million worth of shares.

Notably, recent months have seen major Chinese internet companies Alibaba and Tencent release their own world models. On April 16, Alibaba launched the open-world model Happy Oyster, while Tencent open-sourced its 3D world model HY-World 2.0. Earlier, in March, "AI godmother" Fei-Fei Li's World Labs secured $1 billion in funding, and Yann LeCun's AMI Labs astonished Silicon Valley with a $1.03 billion seed round.

Spatial intelligence, which Fei-Fei Li predicted in November would be the next battleground for AI, has now become a new focus for capital and corporate investment.

Manycore Tech's product portfolio includes China's largest spatial design platform, Kujiale; its overseas version, Coohom; the 3D AI content creation tool LuxReal; the next-generation spatial intelligence solution SpatialVerse; and the cloud-native industrial AI twin platform SpatialTwin. The company has integrated four key spatial intelligence capabilities—spatial reconstruction, generation, editing, and understanding—into its Aholo spatial intelligence development platform, which it offers as underlying infrastructure to external developers, further advancing the integration of AI with the physical world.

Financially, Manycore Tech has maintained steady revenue growth over the past three years. In 2025, the company reported revenue of RMB 820 million, with gross margin rising to 82.2%. Its full-year adjusted net profit reached RMB 57.1 million. Overseas business revenue grew 28% year-over-year in 2025. From 2023 to 2025, cumulative R&D investment exceeded RMB 1 billion.

However, the core revenue still primarily comes from "Kujiale." In 2025, 96.9% of revenue was derived from software subscription services, largely contributed by Kujiale, while other businesses, including SpatialVerse, accounted for only 3.1% of total revenue.

Based on revenue contribution, spatial intelligence-related businesses currently represent a small portion of Manycore Tech's overall revenue, indicating that the spatial intelligence concept remains in its early stages.

Moving forward, secondary market investors will be keenly watching whether spatial intelligence can transition from a technological frontier to a significant source of commercial revenue, and whether market enthusiasm translates into tangible orders. The critical test for Manycore Tech's capital narrative will not be its listing day, but whether, in one to two years, the market recognizes it as a foundational player in the next generation of physical AI.

In response to the current wave of physical AI technological advancement, Manycore Tech is accelerating its investments in technology and global market expansion.

According to reports, net proceeds from the IPO will be primarily used to support international expansion strategies; enhance existing products and launch new offerings to meet demands in both real-world spaces and virtual environments; invest in core technology and infrastructure; bolster domestic sales and marketing efforts while raising brand awareness; and serve as working capital and for general corporate purposes.