Manycore Tech, a spatial design software developer and one of Hangzhou’s fast-rising “Six Little Dragons”, launched its Hong Kong initial public offering (IPO) on Thursday, aiming to raise about HK$1.02 billion (US$130 million).

Manycore is issuing about 161 million shares, of which 90 per cent have been set aside for institutional investors and the rest for retail investors in Hong Kong.

The shares are priced between HK$6.72 and HK$7.62 each, valuing the company at between HK$11.4 billion and HK$13 billion.

The share sale is set to close on Tuesday, with the company targeting a listing on April 17 under the stock code 00068, making Manycore the first of its Hangzhou peers to successfully tap the market.

“Since 2023, Manycore has undergone a comprehensive strategic pivot towards spatial intelligence,” said CEO Huang Xiaohuang at a media conference in Hong Kong on Thursday. “Within the broader landscape of physical AI – alongside embodied AI and world models – we are doubling down on spatial understanding, generation and reconstruction.

“These core capabilities allow us to not only upgrade our existing product suite but also expand into new, high-growth public sectors. This is where our focus lies, and it is where the majority of our IPO proceeds will be deployed.”