Manycore Tech surged on its first day of trading in Hong Kong on Friday, as the city’s buoyant IPO market continued to gather momentum.
The provider of cloud-native spatial design software was trading at HK$17.98 ($2.3) by midday, up nearly 136 percent from its offer price of HK$7.62, giving it a market capitalization of about HK$30.6 billion. In gray market trading a day earlier, shares increased 170 percent to HK$20.52.
Manycore raised net proceeds of HK$1.09 billion from the offering and said roughly 30 percent of the funds will be used for international expansion.
Co-founder Zhu Hao said Hong Kong would serve as a hub for the company’s international business, with plans to use the city as a launchpad for overseas expansion.
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He added the company will continue to invest in spatial intelligence foundation models and related products, refine its algorithms, and promote its solutions across more countries, regions and industries, including establishing a presence in Hong Kong.
Manycore is the first company to list from among Hangzhou’s renowned “six little dragons”, a cluster of leading startups in East China’s Zhejiang province that includes AI firm DeepSeek, robot maker Unitree Robotics and Game Science, the developer of Black Myth: Wukong.
Market research firm Frost & Sullivan said the company ranked as China’s largest spatial design software provider by revenue in 2024, with a 23.2 percent market share.
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Gpixel Changchun Microelectronics, a provider of CMOS image sensors whose products are used in industrial, scientific, and medical imaging, also soared on its Hong Kong debut on Friday. By the midday break, the stock was trading at HK$74.5, rising about 87 percent from its offer price of HK$39.88.
Chairman Wang Xinyang said Hong Kong is an important gateway to global markets and described the city’s stock exchange as an “accelerator of innovation”.
According to Deloitte, 40 companies raised HK$109.9 billion in the first quarter of 2026 in Hong Kong, jumping 167 percent in number and 504 percent in proceeds over the same period a year earlier, making the city the world’s top IPO hub by funds raised.
Hong Kong Exchanges and Clearing CEO Bonnie Chan Yi-ting said earlier this week that funds raised so far this year have reached about 40 percent of last year’s total, with a record number of companies in the listing pipeline, including more than 10 international firms.
Contact the writer at irisli@chinadailyhk.com
