IPO Update | Manycore Tech (00068) Concludes Bookbuilding with 1074x Oversubscription in Margin Financing; Initial Investment Approximately HKD 3,848

According to Zhitong Finance APP, Manycore Tech (Manycore Tech)(00068), one of the 'Six小龙of Hangzhou', $MANYCORE TECH (00068.HK)$ has concluded its subscription. Based on market information, Manycore Tech received margin financing from brokers amounting to HKD 131.18 billion, compared to the public offering portion of HKD 122 million, representing an oversubscription of 1074 times. Manycore Tech conducted its IPO from April 9 to 14 and is set to list on April 17. The company plans to issue 161 million shares, with 10% available for public offering in Hong Kong. The indicative price range per share is between HKD 6.72 and HKD 7.62, aiming to raise up to HKD 1.224 billion. Each lot consists of 500 shares, with an initial investment of approximately HKD 3,848.43. JPMorgan and CCB International are the joint sponsors.

The company has brought in Taikang Life Insurance Co., Ltd., Sunshine Life Insurance Co., Ltd., Guangfa Fund Management Co., Ltd., Guangfa International Asset Management Co., Ltd., REDWOOD ELITE LIMITED, Mirae Asset Securities Co., Ltd., among others.Cornerstone Investors。

The prospectus shows that Manycore Tech is a leading provider of cloud-native spatial design software, with products widely used in 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 engaging designs and experience them through real-time and immersive visual effects. Designs created using the company’s software can be converted into production-ready drawings, thus supporting automated manufacturing processes. The open architecture of the company’s software enables seamless data interoperability, continuous upgrades, and scalability, bringing tremendous potential for widespread applications across various vertical industries.

The company primarily targets the space design software market. According to Frost & Sullivan, based on 2024 revenue, the company holds a 23.2% market share, making it the largest provider in China. The company has expanded into embodied AI training and e-commerce product displays, allowing it to enter the broader general design and visualization software market, where Chinese space design software accounted for only 4.4% in 2024.

The company's product portfolio centers around CoolHome, a cloud-native spatial design platform in China that offers fast drag-and-drop 3D design, instant generation of photorealistic renderings, an extensive model library, and BIM capabilities. In international markets, the company has launched Coohom, a localized spatial design solution tailored for the Asian and US markets. Coohom features a design interface and model library adapted to specific regions, supporting 18 languages. Beyond its software products, the company provides professional services through SpatialVerse, a next-generation spatial intelligence solution that accelerates AI development using realistic and physically accurate synthetic 3D datasets, while reducing real-world testing costs.

The company primarily targets the spatial design software market. According to Frost & Sullivan, the company is the largest spatial design software provider in China by revenue in 2024, accounting for approximately 23.2% of the market share. According to Frost & Sullivan, China’s spatial design software industry has experienced significant growth over the past few years and is expected to increase from RMB 3.3 billion in 2024 to RMB 6.6 billion in 2029, with a compound annual growth rate (CAGR) of 14.9% between 2024 and 2029. According to Frost & Sullivan, the global spatial design software industry had a market size of RMB 19.2 billion in 2024 and is projected to reach RMB 31.7 billion by 2029.

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