MANYCORE TECH (00068) plans to globally issue 160.6 million shares, introducing cornerstone investors such as Sunshine Life Insurance.

Manycore TECH (00068) will be listed from April 9, 2026, to April 14, 2026, with a total of 160.6 million shares to be sold globally, with approximately 10% sold in Hong Kong and around 90% sold internationally, with an additional 15% of over-allotment option. The offering price is set at HK$6.72-7.62 per share, with a board lot of 500 shares, and trading is expected to commence at 9:00 am on April 17, 2026 on the Hong Kong Stock Exchange. Manycore is a leading Chinese provider of cloud-native spatial design software, widely used in various business scenarios from residential and office buildings to retail stores and commercial projects. The company's software is driven by artificial intelligence (AI) technology and clusters of dedicated graphics processing units (GPUs), enabling designers and businesses to create engaging designs and experience them through real-time and immersive visual effects. Designs created with the company's software can be converted into production drawings, supporting automated production processes. The company primarily targets the spatial design software market and, according to Frost & Sullivan data based on 2024 revenue, it holds a 23.2% market share, making it the largest provider in China. The company has also expanded into human-controlled AI training and e-commerce product display. Additionally, the company sees significant growth potential in the broader general design and visualization software market, where Chinese spatial design software only held a 4.4% market share in 2024. The company's product matrix centers around Kujiale, a cloud-native spatial design software in China, which offers fast drag-and-drop 3D design, real-time realistic rendering, a wide-ranging model library, and BIM capabilities. In the international market, the company has introduced a localized spatial design software called Coohom for the Asian and American markets, with a design interface and model library tailored to specific regions and support for 18 languages. In addition to software products, the company provides professional services that include model services, technical deployment services, and customer training. With the launch of SpatialVerse in 2024, the company created a realistic and physically accurate synthetic 3D data set. The company primarily operates on a subscription model and has experienced continuous growth in recent years. Its revenue increased by 13.8% from RMB 6.635 billion in 2023 to RMB 7.548 billion in 2024 and further increased by 8.6% to RMB 8.20 billion in 2025. The company's gross margin was 76.8%, 80.9%, and 82.2% in 2023, 2024, and 2025, respectively. The company's net loss decreased by 20.5% from RMB 6.461 billion in 2023 to RMB 5.135 billion in 2024 and further decreased by 16.7% to RMB 4.279 billion in 2025. The company's adjusted net loss (non-IFRS measure) decreased by 71.0% from RMB 2.419 billion in 2023 to RMB 70 million in 2024. In 2025, the company achieved an adjusted net profit of RMB 57.1 million (non-IFRS measure). Assuming a share price of HK$7.17 per share and no exercise of the over-allotment option, the net proceeds from the global offering would be approximately HK$1.024 billion. Of that, approximately 30.0% of the net proceeds will be used for implementing the company's international expansion strategy. Approximately 20.0% of the net proceeds will be used to enhance existing product features and launch new products and/or features to meet the needs of real-world spatial and virtual environments. Approximately 20.0% of the net proceeds will be used to support the company's domestic sales and marketing activities and enhance the company's brand awareness. Approximately 20.0% of the net proceeds will be used to invest in the company's core technology and infrastructure. Approximately 10.0% of the net proceeds will be used for working capital and general corporate purposes. In addition, the company has entered into cornerstone investment agreements with cornerstone investors, under which they have agreed to subscribe, or cause designated entities to subscribe, a total of US$58 million worth of shares at the offering price. The cornerstone investors include: Taikang Life Insurance Co., Ltd.; Sun Life Insurance Company Limited; GF Fund Management Co., Ltd. and GF International Asset Management Co., Ltd. (collectively "GF Fund"); REDWOOD ELITE LIMITED; Mirae Asset Securities Co., Ltd.; Mist Capital Limited; Hesai Hong Kong Limited; China Merchants Huajian Holdings Company Limited; CR CONSTRUCTION Group Holdings Limited.