New Stock News: Qunhe Technology passes through the Hong Kong Stock Exchange hearing to become the largest provider of design software for the domestic spatial market.

According to the disclosure of the Hong Kong Stock Exchange on March 29, ManycoreTech Inc. (referred to as ManycoreTech) has conducted a listing hearing on the main board of the Hong Kong Stock Exchange, with J.P. Morgan and CMB International as joint sponsors. The prospectus shows that ManycoreTech is a leading provider of cloud-native spatial design software, with its products widely used in various business scenarios such as residential and office buildings, retail stores, and commercial projects. The company's software is driven by artificial intelligence (AI) technology and dedicated graphics processing unit (GPU) clusters, allowing designers and businesses to create engaging designs and experience them through real-time and immersive visual effects. The designs created by the company's software can be converted into production drawings, supporting automated production processes. The software's open architecture allows seamless data interoperability, ongoing upgrades, and scalability, bringing great potential for wide application in various vertical industries. The company primarily targets the spatial design software market and, according to Frost & Sullivan data, is the largest provider in China with a 23.2% market share based on revenue projections for 2024. The company has expanded to include AI training for virtual humans and e-commerce product displays, enabling the company to enter a broader market of general design and visualization software, in which Chinese spatial design software only holds a 4.4% market share in 2024. The company's product matrix revolves around Kuajiale, a cloud-native spatial design platform in China, offering fast drag-and-drop 3D design, real-time realistic rendering, a wide model library, and Building Information Modeling (BIM) capabilities. In the international market, the company has launched a localized spatial design solution called Coohom for the Asian and American markets, featuring region-specific design interfaces and model libraries supporting 18 languages. In addition to software products, the company provides professional services through its next-generation spatial intelligence solution, SpatialVerse, utilizing realistic and physically accurate synthesized 3D data sets to accelerate AI development and reduce testing costs in the real world. The company mainly targets the spatial design software market. According to Frost & Sullivan data, the company is the largest spatial design software provider in China with a 23.2% market share based on revenue projections for 2024. China's spatial design software industry has seen significant growth in recent years, with revenue expected to increase from RMB 3.3 billion in 2024 to RMB 6.6 billion in 2029, representing a compound annual growth rate of 14.9% from 2024 to 2029. According to Frost & Sullivan data, the global spatial design software market was worth RMB 19.2 billion in 2024 and is projected to reach RMB 31.7 billion by 2029. The company only provides a free version of its product to individual users. In 2023, 2024, and 2025, the monthly average number of non-paying individual users who accessed the company's software without subscribing to any premium versions were 2.5 million, 2.2 million, and 2 million respectively. The conversion rate of non-paying individual users to paying individual users (calculated by dividing the monthly average number of paying individual subscribers by the monthly average number of active individual users) has been steadily increasing, reaching 6.8%, 8.5%, and 9.6% in 2023, 2024, and 2025 respectively. Financially, the revenue of ManycoreTech was approximately RMB 664 million, RMB 755 million, and RMB 820 million in 2023, 2024, and 2025 respectively. The company incurred losses of approximately RMB 646 million, RMB 513 million, and RMB 428 million in the same years.