Manycore, a 3D spatial design company, is set to become the first among the "Hangzhou Six Little Dragons" — a group that includes DeepSeek — to enter the stock market.
The Hong Kong Stock Exchange said Wednesday that Manycore cleared its listing review the previous day. The listing is expected to be completed within two weeks at the earliest and roughly a month at the latest. The move comes about a year after the company filed its prospectus for a Hong Kong listing in February last year, putting its initial public offering in the final stages. JP Morgan and CCB International are serving as joint lead underwriters. The company's valuation at listing is estimated at approximately 3 trillion won ($2.2 billion).
Manycore is an AI-based 3D design and simulation company founded in 2011 by Huang Xiaohuang, a graduate of Zhejiang University's gifted program known as the Chu Kochen Honors College. Starting with home interior design software, the company built a digital twin platform that replicates real indoor spaces such as factories and warehouses. More recently, it has expanded into services that train robots and AI agents at scale within those virtual environments. For the latest fiscal year, revenue stood at 820 million yuan (approximately 174 billion won), with a net loss of 42.8 million yuan (approximately 9.4 billion won). However, on a non-IFRS adjusted basis, net profit reached 57.127 million yuan (approximately 12.5 billion won), marking a turnaround to profitability.
Manycore had previously pursued a U.S. listing in 2021 at a valuation of $2 billion (approximately 3.03 trillion won) but shelved the plan after a series of setbacks, including the suspension of Ant Group's IPO and the delisting of Didi Chuxing from the New York Stock Exchange. If the listing proceeds smoothly, Manycore will be the first among the Hangzhou Six Little Dragons — a group drawing significant market attention recently — to achieve the IPO milestone.
The Hangzhou Six Little Dragons is a collective term for Hangzhou-based science and technology startups including DeepSeek, robot manufacturers Unitree and DeepRobotics, game developer Game Science, and brain-computer engineering firm BrainCo.
Starting with Manycore, a significant number of the Hangzhou Six Little Dragons are expected to make their stock market debuts this year. Unitree submitted its application to list on the Shanghai Stock Exchange's STAR Market — a board dedicated to science and technology stocks — on the 20th of this month and cleared the preliminary review in just four months, a process that typically takes six to 12 months. The target fundraising amount is 4.2 billion yuan (approximately 900 billion won), putting the company's valuation at more than 9 trillion won. BrainCo is also reported to have filed a confidential listing application with the Hong Kong Stock Exchange following a fundraising round of approximately 2 billion yuan in January this year. DeepRobotics likewise began the STAR Market preliminary listing review process on December 23 last year.
