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2026 IPO bonanza! Over 90% of new stocks rose on their debut!
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joined discussion · Apr 17 07:43 ·

IPO Pricing | Quhe Technology goes public today with nearly 1,600 times subscription, priced at HKD 7.62 per share, earning HKD 6,450 per lot in the gray market

Futu News, April 17th $MANYCORE TECH (00068.HK)$ Announced the allocation results, with a price of HKD 7.62 per share, issuing a total of 161 million shares, each lot consisting of 500 shares, officially listed today.
On the previous trading day, ClusterCore Technology's grey market closed up 169.29% at HKD 20.52 per share. With each lot consisting of 500 shares, excluding commission fees, one lot generated a profit of HKD 6,450.
During the public offering phase, ClusterCore Technology received subscriptions totaling 1,590.56 times the available shares. The final number of shares offered to the public amounted to 16.062 million shares, representing approximately 10% of the total offering. A total of around 240,700 valid applications were received, with about 28,487 applications processed. The approximate percentage of allocated shares for one-lot applicants relative to their total applied shares was 3%.
Additionally, during the international placement phase, ClusterCore Technology garnered 14.46 times subscription. The final number of shares in the international offering reached 145 million shares, equivalent to 90% of the total offering. Futu Information has compiled the relevant data in the following table:
Futu News, April 17th $MANYCORE TECH (00068.HK)$ Announced the allocation results, with a price of HKD 7.62 per share, issuing a total of 161 million shares, each lot consisting of 500 shares, officially listed today. On the previous trading day, Quhe Technology's gray market closed up 169.29% to HKD 20.52. Each lot consists of 500 shares, and without considering handling fees, one lot earned HKD 6,450. During the public offering phase, Quhe Technology received 1,590.56 times subscription. The final number of shares offered to the public was 16.062 million shares, accounting for approximately 10% of the total issued shares. A total of about 240,700 valid applications were received, with around 28,487 applications processed. The percentage of shares allocated per lot relative to the total number of applied shares is approximately 3%. Additionally, during the international placement phase, Quhe Technology received 14.46 times subscription. The final number of international placement shares was 145 million shares, equivalent to 90% of the total issued shares. Futu News has compiled the relevant data in the table below. Company Overview Quhe Technology is a global leader in spatial intelligence services, leveraging GPU computing to simulate the physical world. It has built a business flywheel of 'spatial editing tools - spatial data - large spatial models,' dedicated to accelerating artificial intelligence's entry into the physical world. Its product portfolio includes China’s largest spatial design platform, Coolhome, and its overseas version Coohom, as well as offerings targeting indoor environments...
Futu News, April 17th $MANYCORE TECH (00068.HK)$ Announced the allocation results, with a price of HKD 7.62 per share, issuing a total of 161 million shares, each lot consisting of 500 shares, officially listed today. On the previous trading day, Quhe Technology's gray market closed up 169.29% to HKD 20.52. Each lot consists of 500 shares, and without considering handling fees, one lot earned HKD 6,450. During the public offering phase, Quhe Technology received 1,590.56 times subscription. The final number of shares offered to the public was 16.062 million shares, accounting for approximately 10% of the total issued shares. A total of about 240,700 valid applications were received, with around 28,487 applications processed. The percentage of shares allocated per lot relative to the total number of applied shares is approximately 3%. Additionally, during the international placement phase, Quhe Technology received 14.46 times subscription. The final number of international placement shares was 145 million shares, equivalent to 90% of the total issued shares. Futu News has compiled the relevant data in the table below. Company Overview Quhe Technology is a global leader in spatial intelligence services, leveraging GPU computing to simulate the physical world. It has built a business flywheel of 'spatial editing tools - spatial data - large spatial models,' dedicated to accelerating artificial intelligence's entry into the physical world. Its product portfolio includes China’s largest spatial design platform, Coolhome, and its overseas version Coohom, as well as offerings targeting indoor environments...
Company Overview
ClusterCore Technology is a global leader in spatial intelligence services, utilizing GPU-based computation and simulation of the physical world. It has built a business flywheel encompassing 'spatial editing tools - spatial data - large spatial models,' dedicated to accelerating the integration of artificial intelligence into the physical world. Its product portfolio includes China’s largest spatial design platform, Cool Home 3D, along with its international version Coohom, as well as SpatialVerse, a next-generation spatial intelligence solution targeting AI development for indoor environments. SpatialVerse accelerates AI development using realistic and physically accurate synthetic 3D datasets.
Futu News, April 17th $MANYCORE TECH (00068.HK)$ Announced the allocation results, with a price of HKD 7.62 per share, issuing a total of 161 million shares, each lot consisting of 500 shares, officially listed today. On the previous trading day, Quhe Technology's gray market closed up 169.29% to HKD 20.52. Each lot consists of 500 shares, and without considering handling fees, one lot earned HKD 6,450. During the public offering phase, Quhe Technology received 1,590.56 times subscription. The final number of shares offered to the public was 16.062 million shares, accounting for approximately 10% of the total issued shares. A total of about 240,700 valid applications were received, with around 28,487 applications processed. The percentage of shares allocated per lot relative to the total number of applied shares is approximately 3%. Additionally, during the international placement phase, Quhe Technology received 14.46 times subscription. The final number of international placement shares was 145 million shares, equivalent to 90% of the total issued shares. Futu News has compiled the relevant data in the table below. Company Overview Quhe Technology is a global leader in spatial intelligence services, leveraging GPU computing to simulate the physical world. It has built a business flywheel of 'spatial editing tools - spatial data - large spatial models,' dedicated to accelerating artificial intelligence's entry into the physical world. Its product portfolio includes China’s largest spatial design platform, Coolhome, and its overseas version Coohom, as well as offerings targeting indoor environments...
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 Summary
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.
Futu News, April 17th $MANYCORE TECH (00068.HK)$ Announced the allocation results, with a price of HKD 7.62 per share, issuing a total of 161 million shares, each lot consisting of 500 shares, officially listed today. On the previous trading day, Quhe Technology's gray market closed up 169.29% to HKD 20.52. Each lot consists of 500 shares, and without considering handling fees, one lot earned HKD 6,450. During the public offering phase, Quhe Technology received 1,590.56 times subscription. The final number of shares offered to the public was 16.062 million shares, accounting for approximately 10% of the total issued shares. A total of about 240,700 valid applications were received, with around 28,487 applications processed. The percentage of shares allocated per lot relative to the total number of applied shares is approximately 3%. Additionally, during the international placement phase, Quhe Technology received 14.46 times subscription. The final number of international placement shares was 145 million shares, equivalent to 90% of the total issued shares. Futu News has compiled the relevant data in the table below. Company Overview Quhe Technology is a global leader in spatial intelligence services, leveraging GPU computing to simulate the physical world. It has built a business flywheel of 'spatial editing tools - spatial data - large spatial models,' dedicated to accelerating artificial intelligence's entry into the physical world. Its product portfolio includes China’s largest spatial design platform, Coolhome, and its overseas version Coohom, as well as offerings targeting indoor environments...
Use of Proceeds
In terms of capital usage, ClusterCore Technology expects to receive net proceeds of approximately HKD 1.092 billion from the global offering (based on an offer price of HKD 7.62). According to the prospectus, ClusterCore Technology plans to allocate the 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.
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Futu News, April 17th $MANYCORE TECH (00068.HK)$ Announced the allocation results, with a price of HKD 7.62 per share, issuing a total of 161 million shares, each lot consisting of 500 shares, officially listed today. On the previous trading day, Quhe Technology's gray market closed up 169.29% to HKD 20.52. Each lot consists of 500 shares, and without considering handling fees, one lot earned HKD 6,450. During the public offering phase, Quhe Technology received 1,590.56 times subscription. The final number of shares offered to the public was 16.062 million shares, accounting for approximately 10% of the total issued shares. A total of about 240,700 valid applications were received, with around 28,487 applications processed. The percentage of shares allocated per lot relative to the total number of applied shares is approximately 3%. Additionally, during the international placement phase, Quhe Technology received 14.46 times subscription. The final number of international placement shares was 145 million shares, equivalent to 90% of the total issued shares. Futu News has compiled the relevant data in the table below. Company Overview Quhe Technology is a global leader in spatial intelligence services, leveraging GPU computing to simulate the physical world. It has built a business flywheel of 'spatial editing tools - spatial data - large spatial models,' dedicated to accelerating artificial intelligence's entry into the physical world. Its product portfolio includes China’s largest spatial design platform, Coolhome, and its overseas version Coohom, as well as offerings targeting indoor environments...
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Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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