Manycore Tech, a leader in spatial intelligence and the first among Hangzhou's "Six Little Dragons" to seek a public listing, rose 143.18% in Hong Kong’s grey market trading, while Gpixel Changchun Microelectronics shares rose 63.74%.

The planned offerings come as Chinese companies, particularly technology firms, rush to list in Hong Kong, driven by strong investor optimism and a rally in artificial-intelligence and semiconductor-related stocks since last year.

Gpixel said that it will use the net proceeds to boost its research and development investments, establish an advanced R&D center that will serve as its regional headquarters, and expand its international operations.

The fabless company specializes in designing and developing image sensors using metal-oxide semiconductor technology. The sensors enhance the performance and imaging quality of industrial, scientific and cinema cameras, with uses in DNA sequence imaging and lithium battery production.

Manycore, which is backed by Chinese lidar-sensor maker Hesai Group, said it will use the proceeds to fund its global expansion, improve product functionalities, roll out new products and features, and invest in core technologies and infrastructure, it said in an exchange filing.

The Hangzhou-based company develops AI-powered spatial design software that allows businesses to create and produce designs and visuals for retail stores, residences and other commercial projects.

Manycore, which operates on a subscription model, said it is China's largest spatial design software provider by revenue, citing data from market-research firm Frost & Sullivan.