New Stock News | It is rumored that one of the "Six Little Dragons of Hangzhou", the group Nucleus Technology, will be the fastest to go public this Thursday. It has already confirmed cornerstone investors such as Hesa, Taikang, and four others.

One of the "Hangzhou Six Little Dragons", the cloud-native spatial design software provider Qunhe Technology has recently passed the listing hearing on the Hong Kong Stock Exchange. It was reported that HexaTech (02525) and Taikang Insurance will be cornerstone investors in Qunhe Technology's IPO, while CR CONSTRUCTION (01582) and GOLDSTREAM INV (01328) have announced that they will also be cornerstone investors, subscribing for shares worth 3 million USD and 8 million USD respectively. Qunhe Technology is expected to start its IPO on Thursday (April 9th), with a fundraising scale expected to exceed 100 million USD (about 780 million HKD). Morgan Stanley and Credit Suisse will act as joint sponsors for Qunhe Technology. According to the prospectus, Qunhe Technology is a leading cloud-native spatial design software provider, with its products widely used in various business scenarios from residential and office buildings to retail stores and commercial projects. The company primarily targets the spatial design software market, and according to Frost & Sullivan data, it is expected to become China's largest provider with a market share of 23.2% by revenue in 2024. The company has expanded into embodied artificial intelligence training and e-commerce product displays, enabling it to enter a broader market of general design and visualization software, in which the Chinese spatial design software only accounts for 4.4% in 2024. In terms of financials, Qunhe Technology is projected to have revenues of approximately 664 million RMB, 755 million RMB, and 820 million RMB in the fiscal years 2023, 2024, and 2025, with net losses of around 646 million RMB, 513 million RMB, and 428 million RMB respectively.