Manycore Tech Surges 187% on HKEX Debut — Spatial AI for Robots Has Its First Public Company
Manycore Tech listed on the Hong Kong Stock Exchange today at HKD 7.62/share and surged 187% in early trading, raising approximately HKD 1.22 billion (~$156M USD). The Hangzhou-based company — first of China's 'Six Little Dragons' AI startups to go public — markets itself as a spatial intelligence provider, monetizing its library of 500M+ 3D assets as training data for robot manufacturers.
Original sourceManycore Tech rang the bell on the Hong Kong Stock Exchange today, debuting under ticker 00068.HK and immediately surging 187% as investors bet on its pivot from interior design software to robot training data. The offering was oversubscribed 1,591 times on the public tranche — one of the most heavily over-subscribed Hong Kong tech debuts in recent memory.
The company's origin story is mundane but the strategic pivot is genuinely interesting. Manycore built Kujiale, China's largest 3D interior design platform, over more than a decade — amassing a library of over 500 million high-fidelity 3D spatial assets in the process. Furniture, rooms, architectural details, lighting conditions, material surfaces. That library, originally created to let Chinese consumers virtually redecorate their apartments, turns out to be exactly what robot manufacturers need: photorealistic synthetic environments for training spatial reasoning and manipulation models.
The company has rebranded the asset library as "SpatialVerse" and positioned it as critical infrastructure for physical AI. Its industrial digital twin product, SpatialTwin, targets factory automation. The company reported RMB 820 million in 2025 revenue at an 82% gross margin — healthy numbers that helped validate the public market pitch.
Founded by a Nvidia alum and headquartered in Hangzhou (the same ecosystem that produced DJI, Unitree Robotics, and DeepSeek), Manycore is the first of what Chinese tech media calls the "Six Little Dragons" — a cohort of Hangzhou AI startups — to cross the public market finish line. Its listing will be watched closely by the other five, and by investors trying to calibrate how much a 3D asset library is worth when robots are learning to navigate the physical world.
Net proceeds of ~HKD 1.09 billion will fund expansion of SpatialVerse, R&D in physical AI, and international distribution of Coohom, the company's global interior design platform.
Panel Takes
The Builder
Developer Perspective
“The strategic insight here is real: 500 million labeled 3D spatial assets is exactly the training data bottleneck that physical AI companies are hitting. Manycore accidentally built the largest curated synthetic spatial dataset on earth while selling interior design software. That's a legitimate moat.”
The Skeptic
Reality Check
“187% on day one smells like hype math. The robot training data story is compelling, but Manycore still derives the majority of revenue from design software — the physical AI pivot is more thesis than revenue today. At these valuations, a lot needs to go right. HKEX retail over-subscriptions of 1,500x are notorious for violent post-listing corrections.”
The Futurist
Big Picture
“Manycore is a preview of a class of companies we'll see more of: businesses that accrued enormous data assets in one domain and are now re-monetizing them as AI training infrastructure in another. The spatial data angle is particularly timely as humanoid robotics startups race to solve the manipulation problem at scale.”