Manycore Tech is the first of the so-called “Six Little Dragons of Hangzhou” to go public and the world’s first listed spatial intelligence company after debuting on the HKEX on 17 April, raising HKD1.22 billion (USD156 million).
Cooley, Commerce & Finance Law Offices, Campbells, Jingtian & Gongcheng, Tilleke & Gibbins, Bae Kim & Lee, Davis Polk and CM Law Firm provided legal support.
Manycore Tech, a provider of spatial design software based on graphics processing unit (GPU) clusters and artificial intelligence, issued around 160 million shares at HKD7.62 each, with the Hong Kong public offering oversubscribed by 1,590.56 times and the international offering oversubscribed by 14.46 times.
On debut, Manycore Tech opened around 172% above the issue price, pushing the company’s market capitalisation to more than HKD36 billion. JPMorgan and CCB International acted as joint sponsors.
Cooley advised Manycore Tech on Hong Kong and US law, led by partners Will Cai and Michael Yu, and counsel Zhang Jie. Commerce & Finance Law Offices acted as PRC counsel, led by partner Andrew Zhang. Campbells served as Cayman Islands counsel. Jingtian & Gongcheng advised on PRC cybersecurity and data privacy matters, with partner Yuan Lizhi leading the team. Tilleke & Gibbins and Bae Kim & Lee provided advice on Thai and South Korean data privacy and security laws, respectively.
Partners He Li and Jason Xu led the Davis Polk team advising the underwriters on Hong Kong and US law, with the support of counsel Kevin Zhang. CM Law Firm counselled on PRC law, with partners Wu Xiaoliang and Tao Yanpei leading the team.
Founded in 2011, Manycore Tech’s technologies are used in spatial design, 3D content creation, e-commerce advertising, cultural heritage preservation, industrial digital twins and AI agent training.
The prospectus states that IPO proceeds will be used primarily for international expansion, product upgrades and product development, investment in core technologies and infrastructure, domestic sales and marketing, and general corporate purposes.
The “Six Little Dragons of Hangzhou” refer to the six fast-rising technology firms spanning sectors including AI, robotics and spatial intelligence. They are Manycore Tech, DeepSeek, Unitree Robotics, Game Science Interactive Technology, DEEP Robotics and BrainCo.
The SSE has accepted Unitree Robotics’ application for a Star Market IPO, DEEP Robotics is undergoing listing counselling, while BrainCo has reportedly submitted a confidential application for a Hong Kong debut.
