MANYCORE TECH (00068) experienced a dramatic surge of 174.28% during the intraday session following its highly anticipated debut on the Hong Kong stock exchange. The AI-powered spatial design software provider opened trading at a significant premium to its initial public offering price.
The stock began trading at HK$20.7 per share, substantially higher than its IPO offer price of HK$7.62 apiece. The company, which is backed by Chinese lidar-sensor maker Hesai Group, develops spatial design software that allows businesses to create designs and visuals for retail stores, residences, and other commercial projects.
According to company filings, MANYCORE TECH plans to use the IPO proceeds to fund global expansion, improve product functionalities, roll out new products and features, and invest in core technologies and infrastructure. The company operates on a subscription model and claims to be China's largest spatial design software provider by revenue.