New stock news | Qunhe Technology (00068) completes its IPO with a subscription oversubscribed by 1074 times. The cost per lot is approximately HK$3,848.

One of the "Hangzhou Six Little Dragons", Manycore Tech (00068) has successfully completed its subscription. According to market data, Manycore Tech has received a margin loan of HK$131.18 billion from brokerage firms, with only HK$122 million publicly offered for subscription, oversubscribed by 1074 times. Manycore Tech conducted its IPO from April 9th to 14th and was listed on April 17th. The company plans to issue 161 million shares, with 10% publicly offered in Hong Kong at a subscription price of HK$6.72 to HK$7.62 per share, raising up to HK$1.224 billion. Each lot consists of 500 shares, with an entry fee of approximately HK$3,848.43. J.P. Morgan and China International Capital Corporation are the joint sponsors. The company has introduced cornerstone investors such as Taikang Life Insurance Company Limited, Sunshine Life Insurance Co., Ltd., GF Fund Management Co., Ltd., GF International Asset Management Limited, REDWOOD ELITE LIMITED, Mirae Asset Securities Co., Ltd. According to the prospectus, Manycore Tech is a leading 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, driven by artificial intelligence (AI) technology and dedicated graphics processing units (GPUs) clusters, enables designers and businesses to create engaging designs and experience them through real-time and immersive visual effects. The designs created with the company's software can be converted into production drawings, supporting automated production processes. The open architecture of the company's software allows seamless data interoperability, continuous upgrades, and scalability, bringing huge potential for wide application in various vertical industries. The company primarily targets the spatial design software market and, according to Frost & Sullivan data, is projected to become China's largest provider with a 23.2% market share based on revenue in 2024. The company has expanded to provide artificial intelligence training and e-commerce product display capabilities, allowing it to enter a wider general design and visualization software market, where the Chinese spatial design software held only a 4.4% market share in 2024. The company's product matrix centers around Kujiale, a cloud-native spatial design platform in China, offering fast drag-and-drop 3D design, real-time rendering effects, an extensive model library, and BIM capabilities. In the international market, the company has launched a localized spatial design solution called Coohom for the Asian and American markets, featuring design interfaces and model libraries adapted to specific regions and supporting 18 languages. In addition to software products, the company offers professional services through its next-generation spatial intelligence solution, SpatialVerse, which uses realistic and physically correct synthetic 3D data sets to accelerate artificial intelligence development while reducing testing costs in the real world. The company's primary focus is on the spatial design software market. According to Frost & Sullivan data, in China, the company is the largest spatial design software provider, with approximately 23.2% market share based on revenue in 2024. The Chinese spatial design software industry has seen significant growth in recent 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 of 14.9% from 2024 to 2029. According to Frost & Sullivan data, the global spatial design software industry reached RMB 19.2 billion in market size in 2024 and is projected to reach RMB 31.7 billion by 2029.