IPO News | Manycore (Kujiale Technology), the "world's first spatial intelligence stock," has launched its IPO subscription, with plans to list on April 17. The minimum subscription amount for one lot is HKD 3,848.43.

Futu News reported on April 9 that$MANYCORE TECH (00068.HK)$An announcement was made, with the offering taking place from April 9 to April 14. The company plans to globally offer approximately 161 million shares and expects to be listed on April 17.

Company Overview

Manycore Tech Inc. (ClusterCore Technologies) is a global leading provider of spatial intelligence services. Leveraging GPU to compute and simulate the physical world, it has established a business flywheel encompassing 'spatial editing tools - spatial data - large spatial models,' aiming to accelerate the integration of artificial intelligence into the physical world. Its product portfolio includes China's largest spatial design platform, Kujiale, and its international version Coohom, as well as SpatialVerse, a next-generation spatial intelligence solution for AI development in indoor environments. SpatialVerse accelerates AI development using realistic and physically accurate synthetic 3D datasets.

The company independently developed large spatial model systems such as the Spatial Language Model (SpatialLM) and the Spatial Generation Model (SpatialGen), enabling AI systems to comprehend, reason, and generate three-dimensional environments. Currently, the company’s technologies and products are widely applied in scenarios such as spatial design, embodied AI training, and e-commerce product displays, helping people realize their imagination in 3D spatial design while further enhancing the cognitive abilities of robots, AR/VR systems, and AIGC models.

The company’s products are widely used across various business scenarios, ranging from residential and office buildings to retail stores and commercial projects. The company’s software is powered by artificial intelligence (AI) technology and dedicated graphics processing unit (GPU) clusters, enabling designers and enterprises to create captivating designs and experience them through real-time and immersive visualizations. Designs created using the company’s software can be converted into production-ready drawings, supporting automated manufacturing processes.

Financial Overview

The company’s revenue increased from RMB 664 million in 2023 to RMB 755 million in 2024, and is projected to further rise to RMB 820 million in 2025. Gross margins for 2023, 2024, and 2025 were 76.8%, 80.9%, and 82.2%, respectively. The adjusted net loss decreased by 71.0% from RMB 242 million in 2023 to RMB 70 million in 2024, and the company recorded its first adjusted net profit of RMB 57.1 million in 2025.

Use of Proceeds

In terms of use of proceeds, Manycore (Cluster Core Technology) is expected to receive net proceeds of approximately HKD 1.024 billion from the global offering (assuming the over-allotment option is not exercised and based on the mid-point offer price of HKD 7.17). According to the prospectus, Manycore intends to allocate the net proceeds from the global offering for the following purposes in the specified amounts:

Approximately 30.0% will be used to implement the company’s international expansion strategy; around 20.0% will be allocated to enhance the functionality of existing products and launch new products or features to meet the needs of real-world spaces and virtual environments; about 20.0% will support the company's domestic sales and marketing activities and enhance brand awareness; roughly 20.0% will be invested in the company’s core technologies and infrastructure; and approximately 10.0% will be used as working capital and for general corporate purposes.