Manycore's Hong Kong IPO surges 144% as company pivots to AI spatial intelligence platforms

Manycore's stock debuted at HK$20.70, a 172% jump from its HK$7.62 offer price, before closing at HK$18.60 with a 144% gain. The company raised HK$1.09 billion (US$160 million) through its initial public offering. Retail investors oversubscribed the share sale by approximately 1,590 times, with shares surging 169% on Futu Securities' grey market to HK$20.53 before the official listing. Founded in 2011, Manycore initially gained traction with its Kujiale space design software and its international version Coohom, which provide real-time rendering and visualization while converting design specifications into production-ready instructions and Building Information Modeling deliverables. Chairman and co-founder Huang Xiaohuang described spatial intelligence as a foundational capability applicable across various scenarios, not merely an industry. The company has shifted focus from design tools to advanced AI-driven spatial platforms, developing products like SpatialVerse for generating realistic synthetic data sets, SpatialTwin for industrial digital twins, SpatialLM and SpatialGen for spatial language and generative models, and LuxReal for 3D content creation. Manycore positions spatial intelligence as central to achieving artificial general intelligence, noting AI's expansion beyond language into real-world environments. The firm, known as one of Hangzhou's 'Six Little Dragons', aims for overseas growth with this strategic pivot.