Manycore Tech Photo: VCG

Manycore Tech Inc, a spatial intelligence unicorn based in Hangzhou, East China's Zhejiang Province, on Thursday released its global offering document, revealing that the company plans to list on the Hong Kong Stock Exchange on April 17.

Upon successful initial public offerings (IPO) in Hong Kong, Manycore Tech will become the first listed company among what has become widely known as "Hangzhou Six Little Dragons" of rapidly rising tech start-ups, media reports and analysts said.

According to the offering document published on the company's website, Manycore Tech intended to globally offer approximately 161 million shares, with a maximum offering price of HK$7.62 ($0.97) per share. This means the firm aims to raise up to HK$1.227 billion, according to media reports.

Through this global offering, Manycore Tech has secured cornerstone investors including Taikang Life Insurance, Sunshine Life Insurance, GF Fund, Redwood, Mirae Asset, Wu Song Capital, Hesai HK and others, according to Manycore Tech's offering document.

The diverse group of institutional investors - spanning major long-term insurance capital, top public funds, professional private equity firms, international asset managers, and industry leaders - has committed a total of approximately HK$455 million, according to a report by Securities Times.

The report said that the inclusion of Mirae Asset, one of the largest independent financial groups in Asia, to a certain extent, showed the recognition by international long-term capital of the spatial intelligence sector and the intrinsic value of Manycore Tech.

"Manycore Tech's IPO can send a strong signal to global capital: China's AI sector is not only about general large models. Hard tech companies operating in vertical domains with strong real-world application scenarios also possess substantial high-valuation potential," Wang Peng, an associate researcher at the Beijing Academy of Social Sciences, told the Global Times on Thursday.

Due to their influence in cutting-edge technology fields, Game Science, DeepSeek, Unitree Robotics, DEEP Robotics, BrainCo and Manycore Tech are collectively known as the "Hangzhou Six Little Dragons," and they are regarded as a microcosm of Hangzhou's and China's scientific and technological innovation strength.

So far, several of the "Hangzhou Six Little Dragons" have begun their IPO journeys. In addition to Manycore Tech, Unitree Robotics' IPO application for the STAR Market has been accepted by the Shanghai Stock Exchange (SSE), which is set to become the first humanoid robot stock on the A-share market, according to a statement by the SSE.

Other members of the group have also been reportedly advancing their IPO plans.

Overall, the IPO processes of "Hangzhou Six Little Dragons," covering cutting-edge hard tech sectors such as spatial intelligence, robotics, and brain-computer interfaces, demonstrated the vibrant momentum of China's tech innovation sector, Wang said.

"The entry into the capital markets also indicated that China's high-tech sector is transitioning from the research and development stage to the growth and expansion stage," said Wang.

Global Times