Spatial AI Pioneer Manycore Tech Soars in Landmark Hong Kong Debut

HONG KONG – April 17, 2026 – The Hong Kong Stock Exchange today witnessed the explosive debut of Manycore Tech Inc., a company heralding a new chapter in artificial intelligence with its listing as the self-proclaimed “world's first spatial intelligence company.” Trading under the stock code 00068.HK, Manycore’s shares surged dramatically upon opening, cementing a milestone for both the burgeoning AI sector and Hong Kong's ambition to become a global technology hub.

The company’s stock opened at HKD 20.7, a staggering 172% leap from its IPO price of HKD 7.62. It closed its first trading day at HKD 18.60, up 144%, giving the 15-year-old firm an impressive market capitalization of approximately HKD 35 billion. The blockbuster listing, attended by top Hong Kong government officials, signals intense investor appetite for technologies that promise to bridge the gap between the digital and physical worlds.

A Market Frenzy for a New AI Frontier

The fervor surrounding Manycore Tech’s IPO was palpable well before the opening bell. The offering was met with overwhelming demand, with the Hong Kong public offering oversubscribed by a remarkable 1,591 times. The international portion was also heavily sought after, oversubscribed by nearly 15 times, reflecting a global consensus on the company’s potential. The IPO raised total proceeds of HKD 1.224 billion.

This strong investor confidence is underpinned by a high-quality lineup of cornerstone investors who subscribed for HKD 455 million worth of shares. The group includes major insurance firms like Taikang Life and Sunshine Life, asset managers such as GF Fund Management and Mirae Asset Securities, and strategic partners like Hesai HK, providing a solid foundation for the company’s long-term growth.

The successful listing validates a strategic shift in the AI landscape. While much of the recent focus has been on generative AI for text and images, Manycore is a standard-bearer for a different kind of intelligence—one that perceives, understands, and interacts with three-dimensional space.

“We aim to push AI beyond content generation and dialogue in the virtual world toward true understanding, action, and creation in the physical world,” stated Victor Huang, Co-founder and Chairman of Manycore Tech, at the listing ceremony. “Spatial intelligence is the key to this transformation.”

Defining Spatial Intelligence

Manycore Tech has boldly claimed the title of the world's first publicly listed spatial intelligence company. While other firms operate in related arenas, Manycore's focus is on building a comprehensive ecosystem for what it calls “computable spaces.” This emerging field equips AI with the ability to reason about real-world environments, a crucial step for applications ranging from industrial automation to embodied AI and robotics.

Founded in 2011, the company began by building Kujiale, now China's largest cloud-native spatial design platform. This platform, along with its international version Coohom, allowed the company to accumulate a massive trove of interactive 3D data. This data became the foundation for its proprietary AI models, creating a powerful technological flywheel: spatial editing tools generate vast amounts of spatial data, which in turn trains powerful spatial large models.

While the “world’s first” claim is a strong marketing statement, it exists within a competitive landscape. In late 2025, digital twin company 51WORLD listed on the HKEX, branding itself as a “Physical AI stock.” However, Manycore’s definition of spatial intelligence appears broader, encompassing not just digital twins but also 3D content generation, AI-powered design, and the foundational models for training robots and other intelligent agents. The company's mission is to build the underlying digital infrastructure for any AI to understand the physical world, positioning itself as a platform rather than just an application provider.

A Technological Moat Built on Data and R&D

Manycore's competitive advantage is rooted in its deep investment in technology. The company has spent over RMB 1 billion on research and development between 2023 and 2025, representing a significant 45.5% of its total revenue during the period. Its R&D team comprises over 500 personnel, accounting for more than 41% of its workforce.

This investment has yielded a suite of powerful tools and models. In 2025, Manycore launched its spatial language model, SpatialLM, and spatial generative model, SpatialGen. Upon its open-source release, SpatialLM quickly gained global recognition, ranking among the top trending projects on the developer platform Hugging Face alongside models from tech giants.

The company’s product portfolio extends far beyond its original design platforms. It now includes LuxReal for 3D AI content creation, SpatialTwin for industrial digital twins, and SpatialVerse, a solution for generating synthetic data to train AI. These capabilities are integrated into the Aholo development platform, which is open to external developers, further accelerating the adoption of its technology across industries.

This robust technological stack is paired with a strong financial performance. The company reached a critical inflection point in 2025, turning profitable with an adjusted net profit of RMB 57.1 million on revenue of RMB 820 million. Its gross margin also improved to a healthy 82.2%, indicating the scalability of its cloud-native business model.

Bolstering Hong Kong’s Tech Ambitions

Manycore Tech's IPO is a significant victory for Hong Kong as it vies to establish itself as a premier hub for technology and innovation in Asia. The presence of Financial Secretary Paul Chan Mo-po and Secretary for Innovation, Technology and Industry Sun Dong at the listing ceremony underscored the government's support for the tech sector.

The listing demonstrates that the Hong Kong exchange can attract and successfully launch high-value, “hard tech” companies from mainland China, diversifying its reputation beyond traditional finance and real estate. It follows other successful AI IPOs in the city, including those of Minimax and Zhipu, which also saw significant post-listing gains. This trend is creating a vibrant ecosystem for AI firms seeking capital, talent, and a gateway to international markets.

By providing a platform for companies at the forefront of AI, Hong Kong is positioning itself as a critical node in the global technology supply chain, particularly for companies with deep industrial applications. Manycore’s success is expected to encourage other high-tech startups to view Hong Kong as a viable and attractive listing destination.

With its war chest of IPO funds, Manycore plans to further develop its AI models, expand its global presence, and invest in the broader spatial intelligence ecosystem. Having already established strategic partnerships with leaders in robotics, film, and e-commerce, the company is now poised to translate its powerful technological vision into tangible, real-world impact across a multitude of industries.