After 13 Years, Manycore Tech Clears Hong Kong Stock Exchange Listing Hearing | Qixing Chronicles
Set to become the "world's first publicly traded spatial intelligence company"
Wanwu is reborn, and Yunqi Capital welcomes its 12th spring.
"12" is often seen as a marker of a full cycle. As a new 12-year cycle begins, we wanted to document the roads we've walked alongside our portfolio companies. And so, this new column was born — "Journey Notes" (「启行纪」).
Over the past 12 years, we've partnered with more than a hundred tech startups that began with a single-page BP. We've watched them pass starting lines and inflection points, reaching their own milestone moments at different stages. MiniMax, set to go public in early 2026, is one example — Yunqi began engaging with the team before they officially incorporated, and has supported them since their first funding round.
Among these companies are some even older friends whose stories with Yunqi stretch back a little more than 12 years. Manycore Tech, which recently passed its Hong Kong Stock Exchange IPO hearing, is one of them.
In 2013, Mao Chengyu, then a partner at IDG, became Manycore Tech's first institutional investor. After founding Yunqi Capital in 2014, he continued to invest and support the company — a partnership that persists to this day.
For the first "Journey Notes," we turn our attention to Manycore Tech, with whom we've walked "1+12" years.
On the evening of March 29, Manycore Tech announced that it had passed the Hong Kong Stock Exchange hearing. This means it is about to become the "world's first spatial intelligence stock," and will also be the first among the "Hangzhou Six Little Dragons" to complete an IPO milestone.
Manycore Tech currently operates China's largest spatial design platform, Kujiale, and its international version, Coohom, along with SpatialVerse — a next-generation spatial intelligence solution for indoor environment AI development.
Rewind to 2011: Huang Xiaohuang, Chen Hang, and Zhu Hao, who met on campus, returned to China with a GPU physics rendering demo in hand. From a green team that hit walls trying to raise funding, to a company now poised to ring the bell, Manycore's founding story contains both the conviction and perseverance of long-termism, and the sharpness and enthusiasm for embracing new technological turns.
As Manycore Tech reaches this new milestone, we mark these 13 years of shared journey with 13 footnotes.
01
In early 2013, shortly after the Lunar New Year, Mao Chengyu — then still a partner at IDG — met with Huang Xiaohuang (co-founder, chairman), Chen Hang (co-founder, CEO), and Zhu Hao (co-founder, CTO) in their earliest borrowed office. An iPad demo, a team that had repeatedly struck out fundraising amid the mobile internet boom and was still wavering on whether to productize — that was almost all there was to see at that first meeting. But Mao was moved by these three young technical founders' conviction and all-in spirit. Soon after, he became Manycore Tech's first institutional investor, leading the Series A.
Early photo of Manycore Tech's founding team:
Zhu Hao, Huang Xiaohuang, Chen Hang (left to right)
02
Initially, the Manycore team planned to stay product-less and mainly license their technology. After deep conversations with Mao, the three changed course. Not long after, over breakfast with Mao, they discussed renaming their first product from "House Painter" to "Kujiale." A decade later, Kujiale and its international version Coohom have become one of the world's largest spatial design platforms.
In 2013, the Kujiale tool
internal demo went live quickly
03
In 2014, Mao Chengyu left IDG to found Yunqi Capital. He maintained weekly calls with the Manycore founding team — discussing product, direction, how to go further. That habit of regular conversation continues to this day.
An interesting detail: just as they once discussed the name "Kujiale" together, when deciding whether to take the name "Yunqi," Mao also sought Huang Xiaohuang's opinion.
04
After founding Yunqi, Mao decided to continue supporting Manycore Tech. Before Yunqi's first fund had even closed, he and founding partner Yu Huang decided to invest their own capital to participate in Manycore's Series B. Also joining this round, through Mao's introduction, were GGV Capital and Matrix Partners China.
2014, at Yunqi Courtyard's opening BBQ:
Mao Chengyu, Yu Huang, Chen Hang, Huang Xiaohuang (left to right)
2014, at Yunqi Courtyard's opening BBQ:
Huang Xiaohuang (left), Chen Yu (center), Qu Kai (right, former Yunqi investor, now curator of "42Zhangjing")
05
In its early years, Manycore Tech focused on consumer-facing (To C) business, but struggled to break through after three to four years. Meanwhile, its enterprise-facing (To B) business began showing promise. At a board meeting discussing whether Manycore should go all-in on To B, Yunqi chose to support the team's pivot — and provided multifaceted support afterward. Zhu Hao later recalled: "This was a crucial turning point for us."
06
After targeting the To B market, Manycore Tech received "olive branches" from multiple internet and strategic corporate investors. But considering business autonomy and industry competition, the founding team hesitated: accept whose investment? Whether to accept investment at all? Mao and the founding team discussed this multiple times, ultimately deciding to decline them all.
2016, Mao Chengyu (right) at Manycore Tech's first Kujia+ Conference
07
In 2016, Yunqi organized a portfolio company trip to the United States to help recruit overseas talent and expand internationally. Huang Xiaohuang and other Yunqi portfolio founders visited several renowned Silicon Valley startups including Airbnb.
2016 Silicon Valley trip: Yunqi team and portfolio founders in late-night conversation with Tao Zhang, co-founder of Dianping
2016, Yunqi portfolio Silicon Valley trip @ Airbnb
08
When the pandemic hit in 2020, our annual AGM went online for the first time. Huang Xiaohuang appeared as one of our key portfolio representatives to send his well-wishes. He described Yunqi as a firm that is "technology-oriented, internationally minded, and truly considers entrepreneurs" — words we've remembered ever since, and a direction we continue striving toward.
09
In July 2021, Manycore had planned to list on Nasdaq, and Mao was preparing to attend the bell-ringing ceremony held domestically. But on the eve of listing, market sentiment shifted abruptly, and Chinese companies' US listings came to an immediate halt.
Facing this sudden change, Mao and other institutional investors communicated with the founding team immediately to jointly discuss paths forward, providing confidence and support at a critical moment. For Manycore, this was an adjustment; for us, it was uninterrupted companionship.
10
At the end of 2022, the generative AI wave rose. Manycore, which started with GPU rendering, was naturally aligned with this tide. At the very first moment the wave surged, we actively connected the Manycore team with AI startups like MiniMax to jointly embrace this new technological era.
2023, Yunqi AGI Salon series @ Manycore Tech
2023, Yunqi AGI Salon series @ Manycore Tech
11
In 2024, at Yunqi's tenth anniversary dinner, Huang Xiaohuang and Zhu Hao each spoke as portfolio representatives about their decade with us. Together, we stepped into the next ten years.
12
In 2025, at the Kujia+ Conference, Manycore launched the Aholo spatial intelligence open platform and LuxReal tool, systematically opening up the underlying spatial capabilities accumulated since the company's founding — moving from 3D software toward spatial intelligence infrastructure.
As the industry shifts from content generation toward understanding the physical world, Manycore has chosen to be the "pick-and-shovel seller." Chen Yu, managing partner of Yunqi Capital (then partner), attended the conference to discuss embodied intelligence trends with ecosystem partners. More than a decade on, business directions have evolved, and we remain present.
13
During the 2025 World Robot Conference, Yunqi hosted an "Embodied Intelligence" themed forum. Huang Xiaohuang gave a keynote speech on site, sharing Manycore Tech's latest practices in spatial intelligence with frontline entrepreneurs, researchers, and industry players.
From initial GPU rendering, to spatial design, to spatial intelligence infrastructure — the application boundaries of technology continue expanding, but the underlying thread remains the same: enabling technology to better understand and construct the real world.
2025 World Robot Conference: Huang Xiaohuang delivers keynote speech at Yunqi-hosted embodied intelligence forum — "How to Give Robots a Spatial Brain"
2025 World Robot Conference
Mao Chengyu and Huang Xiaohuang pose for photo after the event
Technology evolves, boundaries expand. On this ever-extending road of technological innovation, Yunqi will continue to be present — walking alongside sharp and resilient changemakers like Manycore Tech, step by step, without pause.
