Manycore Tech, a Hangzhou 'Six Little Dragons' firm, aims for $130 million IPO in Hong Kong

On Thursday, Manycore Tech, a developer of spatial design software and a member of Hangzhou's 'Six Little Dragons,' initiated its initial public offering in Hong Kong, aiming to secure around HK$1.02 billion (US$130 million). The company is set to be listed on April 17 under the stock code 00068, marking it as the first from its Hangzhou counterparts to enter the market. It plans to issue approximately 161 million shares priced between HK$6.72 and HK$7.62 each, leading to a valuation of HK$11.4 billion to HK$13 billion. Cornerstone investors, including Taikang Life Insurance and Mirae Asset, have pledged around HK$454.5 million. The share sale will conclude on Tuesday, with 90% allocated to institutional investors and the rest to retail investors. Other 'Six Little Dragons' members are DeepSeek, Unitree Robotics, Deep Robotics, Game Science, and BrainCo.