Kujiale's parent company officially listed on the Hong Kong Stock Exchange!

Just now(April 17),Manycore Tech(hereinafter referred to as "Qunhe Technology") rang the bell on the Hong Kong stock market,officially listing on the main board of the Hong Kong Stock Exchange,stock code 00068.HK, being the first company among the "Hangzhou Six Little Dragons" to complete its IPO, becoming the "world's first spatial intelligence stock".

(Image source:Qunhe Technology)

Qunhe Technology, along with DeepSeek, Unitree Robotics, Game Science, DeepRobotics, and BrainCo, are known as the "Hangzhou Six Little Dragons". Previously, the Shanghai Stock Exchange had accepted Unitree Robotics' STAR Market IPO application, and DeepRobotics was in the pre-IPO counseling stage. Meanwhile, there were reports that BrainCo submitted a Hong Kong IPO application confidentially.

According to the issuance plan, this IPO plans to offer approximately 161 million shares globally, with an additional 15% over-allotment option. The offering price is set at a maximum of HK$7.62 per share, raising a total of approximately HK$1.224 billion. As of press time, the stock price has surged to HK$21.440, representing an increase of 181.36%.

Public information shows that Qunhe Technology was founded in 2011. It is a spatial intelligence enterprise built on artificial intelligence (AI) technology and graphics processing unit (GPU) clusters, focusing on the research and application of cloud-based design software systems. Serving the entire spatial domain including home decoration, commercial spaces, and real estate construction, it provides customers with software products and digital solutions for scenarios such as design rendering, marketing display, production integration, and construction implementation, empowering industrial digital transformation.

In terms of products, Qunhe Technology owns Kujiale, China's largest space design platform, and its overseas version Coohom, as well as SpatialVerse, a new generation of spatial intelligence solutions for indoor environment AI development. .

Among them, Kujiale, launched by Qunhe Technology in 2013, is a well-known space design software that can automatically generate engineering drawings, material bills, and cost sheets based on 3D designs. It is mainly used for designing residences, office buildings, retail chains, and e-commerce product displays. With the disruptive slogan "Generate high-definition renderings in 10 seconds, complete whole-house design plans in 5 minutes," Kujiale captured over 60% of the Chinese home decoration design software market within less than three years of its launch.

KooLux, the professional lighting design cloud platform under Kujiale, is a highly efficient, second-level professional lighting design software specifically launched for the lighting industry. It is reported that KooLux has broken the monopoly of foreign lighting design software and provided a localized solution for the lighting design industry. Based on the powerful Qunhe Qizhen (rendering) engine, KooLuxprovides users with efficient and real-time simulation calculation capabilities. Users can observe scheme effects and data in real time through the real-time preview function, including lighting simulation maps, false-color maps, and workplane data. Meanwhile, KooLux can one-click import design results from the internal Qunhe ecosystem and gradually兼容主流 3D 场景模型，实现了上下游数据的无缝对接，这种便捷性使得照明设计从业者无需在不同软件之间频繁切换。

In the lighting industry, Kujiale has also partnered with several leading lighting brands, including MLS / MLS Co., Ltd., Foshan Lighting, OPPLE, NVC / NVC Lighting, Bull, Yangguang Lighting, Pak, Hongyan, Signify, Yeelight, Cidun Lighting, Sanfeng Lighting, and Ouman Lighting.

Financially, Qunhe Technology has maintained steady revenue growth over the past three years, achieving Revenue of 820 million yuan in 2025, with gross margin rising to 82.2%. From 2023 to 2025, Qunhe Technology's cumulative R&D investment exceeded 1 billion yuan.

In 2025, measured by non-IFRS standards, Qunhe Technology's profitability improved, turning from loss to profit, with an adjusted Net profit of 57.1 million yuan for the full year. This indicates that the company has achieved self-sustainability. Additionally, its overseas business Revenue grew by 28% Year-on-year (YoY) in 2025.

The announcement stated that the net proceeds from the IPO will be mainly used to implement international expansion strategies; enhance existing product features and launch new products and/or features to meet the needs of real-world spaces and virtual environments; invest in core technologies and infrastructure; conduct domestic sales and marketing activities to enhance brand awareness; and serve as working capital and for general corporate purposes.

The announcement revealed that this global offering introduced Taikang Life, Sunshine Life, GF Fund, Redwood, Mirae Asset, Wusong Capital, Hesai HK, Guohui Hong Kong, Huaying Construction, and others as cornerstone investors. The cornerstone lineup covered top-tier long-term insurance capital, leading public mutual funds, professional private equity institutions, international asset management firms, and Industry leaders, with diversified institutions subscribing to approximately HK$455 million in total.

The concentrated entry of long-term capital and Industry strategic investors fully demonstrates the high recognition by professional institutions in the global capital market of Qunhe Technology's core technical strength, commercialization capabilities, and long-term development prospects.

The three founders of Qunhe Technology are Chairman Huang Xiaohuang, CEO Chen Hang, and CTO Zhu Hao. The three co-founders are not only university classmates but also have experience working in core positions at top global technology companies.

Huang Xiaohuang, Co-founder and Chairman of Qunhe Technology, stated in his IPO speech: "AI is sweeping across the globe with unprecedented power, which imposes greater responsibility on us: to drive AI from generation and dialogue limited to the virtual world towards understanding, action, and creation in the physical world. Spatial intelligence is key to this process. We have been committed to building a bridge between the digital and physical worlds through spatial intelligence technology, providing services in various industries such as spatial design, 3D AI content creation, industrial twins, and agent training."

Today, Qunhe Technology has extended from design tools to spatial data platforms and large spatial models, covering frontier scenarios such as embodied intelligence and industrial simulation. It is expected that with the advent of the physical AI era, the capabilities in spatial understanding and spatial computing accumulated by Qunhe Technology over the past 15 years, along with its high-quality data, will bring greater possibilities for imagination.

Congratulations on Qunhe Technology's successful IPO!