Manycore Tech, a Hangzhou-based developer of spatial design software, has passed its listing hearing in Hong Kong, moving a step closer to an initial public offering (IPO) as it pushes deeper into what it calls “spatial intelligence” – the integration of artificial intelligence with the physical world.

The company is one of Hangzhou’s “Six Little Dragons” – a group of rising start-ups that includes AI developer DeepSeek, robotics firms Unitree Robotics and Deep Robotics, Black Myth creator Game Science, and neurotechnology company BrainCo.

Manycore first filed for a Hong Kong listing in February last year and submitted updated documents in August.

Several of its peers are also exploring capital markets. Unitree is preparing for a listing on Shanghai’s Star Market, targeting a fundraising of about 4.2 billion yuan (US$610 million).

Deep Robotics has entered IPO tutoring, an early-stage regulatory process on the mainland, while BrainCo has reportedly filed confidentially for a Hong Kong listing. The remaining companies have yet to disclose plans.

Founded in 2011 by three Chinese graduates of the University of Illinois Urbana-Champaign, who also studied at Zhejiang University and Tsinghua University, Manycore’s founding team previously worked at Nvidia, Microsoft and Amazon.