- AI firm’s offering attracts HK$131 billion in subscriptions
- Shares set to start trading April 17
Manycore Tech (群核科技), one of China’s leading spatial intelligence firms, has attracted more than 1,000 times subscription demand in its Hong Kong initial public offering, underscoring strong investor appetite for artificial intelligence listings in the city.
The Hangzhou-based company’s public tranche was oversubscribed about 1,071 times, with total margin financing and subscriptions reaching HK$131.2 billion ($16.75 billion), according to brokerage data, making it one of the most closely watched AI-related offerings in recent months.
Manycore is scheduled to begin trading on April 17 under the stock code 00068.HK, positioning itself as a pure-play listing in the emerging “spatial intelligence” segment.
Internet brokerage Futu Securities accounted for the largest share of retail margin subscriptions at about HK$87.6 billion, followed by Phillip Securities with HK$18.7 billion and Tiger Brokers with HK$12 billion, while other brokerages recorded sums from HK$3.98 billion to HK$700 million.
The IPO involves the sale of roughly 161 million shares globally, with 10% allocated to Hong Kong investors and 90% to international buyers, alongside a 15% over-allotment option. The deal is being jointly sponsored by J.P. Morgan Chase and CCB International.
