HK Stock Market Move | MANYCORE TECH (00068) soared over 48% to a record high on the day after its listing, exceeding the offering price by more than 2.6 times.

On the second day of its IPO, MANYCORE TECH (00068) surged over 48%, reaching a high of 27.6 Hong Kong dollars, an all-time high, which is 2.6 times higher than the offer price of 7.62 Hong Kong dollars. As of the time of this report, it has risen by 44.52%, closing at 26.88 Hong Kong dollars, with a trading volume of 1.02 billion Hong Kong dollars. Public information shows that MANYCORE TECH is a leading global provider of cloud-native spatial design software. Its products, Kujiale and its overseas version, Coohom, serve more than 200 countries and regions globally, making it the largest spatial design platform in the world. The company, along with Deepblue Design, Usens Technology, Game Science, Yunshenchu Technology, and StrongBrain Technology, are collectively known as the "Six Dragons of Hangzhou." It is worth noting that the enthusiasm for MANYCORE TECH has been high since its subscription stage, with the Hong Kong IPO oversubscribed by over a thousand times, raising a total of 13.12 billion Hong Kong dollars. According to the prospectus, the company is projected to generate revenue of 820 million yuan by 2025, with a gross profit margin as high as 82.2%. Adjusted net profit has turned from a loss to a profit of 57.127 million yuan, and the net revenue retention rate of major customers is 109%. Currently, the company has established strategic partnerships with industry-leading companies such as Intellifusion Siasun Robot & Automation, Galaxy General, Zhejiang Huace Film & TV, PICO, and Hangcha Group, expanding its spatial intelligence capabilities from spatial design to Siasun Robot & Automation training, industrial twins, film and television virtual production, XR content ecosystem, and other industries.