Media365
Manycore Tech, a spatial design software developer and one of Hangzhou’s fast-rising “Six Little Dragons”, launched its Hong Kong initial public offering (IPO) on Thursday, aiming to raise about HK$1.02 billion (US$130 million).
Manycore is issuing about 161 million shares, of which 90 per cent have been set aside for institutional investors and the rest for retail investors in Hong Kong.
The shares are priced between HK$6.72 and HK$7.62 each, valuing the company at between HK$11.4 billion and HK$13 billion.
The share sale is set to close on Tuesday, with the company targeting a listing on April 17 under the stock code 00068, making Manycore the first of its Hangzhou peers to successfully tap the market.
Apart from Manycore, the “Six Little Dragons” include artificial intelligence developer DeepSeek, robot makers Unitree Robotics and Deep Robotics, Black Myth: Wukong video game developerGame Science, and neurotechnology company BrainCo.
Cornerstone investors have subscribed to about HK$454.5 million worth of shares. They include insurers Taikang Life Insurance and Sunshine Life Insurance, asset managers GF Fund, Goldstream Investment and South Korea’s Mirae Asset, as well as strategic industrial investors such as lidar maker Hesai Group and construction contractor CR Construction Group.
