- The spatial intelligence company surged in its first trading session in Hong Kong after heavily oversubscribed offering
- The listing marks the first capital markets debut among Hangzhou’s “Six Little Dragons” tech cohort
Manycore Tech (群核科技), a Hangzhou-based spatial intelligence company, surged in its Hong Kong trading debut on Friday, reflecting strong investor demand following one of the city’s most heavily oversubscribed tech listings this year.
The stock opened at HK$20.70 ($2.64), up 171.65% from its IPO price of HK$7.62, briefly pushing its market value to around HK$305.68 billion before fluctuating through the session.
During over-the-counter (OTC) trading the day before the company went public, shares had already leaped 169.29% to HK$20.52, signaling strong pre-debut momentum.
Investor enthusiasm was evident in the subscription process, with the offering reportedly oversubscribed about 1,071 times, generating roughly HK$131.2 billion in margin financing demand, according to brokerage data.
Intraday trading showed sharp volatility, though. Shares fell to HK$17.98 by the morning close after opening gains, peaked at HK$21.86 midday, and later climbed back up to around HK$18.
Manycore becomes the first of Hangzhou’s so-called “Six Little Dragons” — a group of fast-rising deep-tech firms including DeepSeek, Unitree, Manycore Tech, DEEP Robotics, Game Science and BrainCo — to list in the capital markets, positioning itself as a flagship player in spatial intelligence technologies primarily used across applications from 3D home design to physical simulation.
