Three "Tech Guys" Valentine's Day Gift: Early-Stage Portfolio Company Manycore Tech Completes Filing for Hong Kong IPO | Yunqi Capital

On February 14, exactly one year after filing its prospectus in Hong Kong, Manycore Tech — an early Yunqi Capital portfolio company and one of the "Hangzhou Six Little Dragons" — received its filing approval from the China Securities Regulatory Commission for an overseas listing.

The three tech founders — Xiaohuang Huang, Hang Chen, and Hao Zhu — got the best Valentine's Day gift.

This means Manycore Tech has cleared the prerequisite for a Hong Kong Stock Exchange hearing, keeping it on track toward becoming the "first global spatial intelligence stock" and potentially the first among the "Hangzhou Six Little Dragons" to complete an IPO.

In 2013, Yunqi Capital founding managing partner Chengyu Mao, then at IDG Capital, led the first institutional round in Manycore Tech. After founding Yunqi Capital, he continued to double down, making Manycore one of our very first portfolio companies.

With the holiday upon us, we're sharing this good news as a special bonus edition of "Full Throttle · Yunqi New Year Collection".

Left: Hao Zhu, CTO; Center: Xiaohuang Huang, Chairman; Right: Hang Chen, CEO

The following is excerpted from "IPO Zaozhidao"

Founded in 2011, Manycore Tech operates the world's largest spatial design platform Kujiale and its international version Coohom, as well as SpatialVerse, a next-generation spatial intelligence solution for indoor environment AI development. Its products serve both physical spaces and virtual environments such as embodied AI training and e-commerce product display. Additionally, in 2025, Manycore Tech launched the Aholo Spatial Intelligence Open Platform, consolidating over a decade of core capabilities in spatial reconstruction, generation, editing, and understanding — gradually opening them up as underlying models and tools to empower broader industry applications and innovation ecosystems.

In 2025, Manycore Tech upgraded its "spatial intelligence" flywheel strategy — the company has now sharpened its focus on spatial intelligence with three core pillars: spatial editing tools, spatial data, and spatial foundation models, each reinforcing the others in a virtuous flywheel cycle.

Notably, thanks to the massive 3D data assets and tool capabilities accumulated through its spatial design platform, Manycore Tech has secured an early foothold in the critical spatial intelligence track. On the foundation model front, in early 2025, the company open-sourced its spatial language model SpatialLM, which ranked alongside DeepSeek V3 and Qwen2.5-Omni among the top three trending models on HuggingFace, the world's largest open-source community.

To date, Manycore Tech has established strategic partnerships with industry leaders including AgiBot, Galaxy Universal, Noematrix, PICO, Hesai Technology, Huace Film & TV, and Aosom E-commerce. Looking ahead, the company is positioned to provide spatial intelligence infrastructure and services to a growing array of global AI foundation model companies, embodied intelligence firms, XR platforms, e-commerce businesses, and film studios — creating new growth curves.

Manycore Tech co-founder and CEO Hang Chen has noted that as AI accelerates into the three-dimensional world, what the industry needs most is a "pick-and-shovel" player for underlying technology. "Manycore Tech is committed to delivering 'deployable' spatial intelligence capabilities — not just visual realism, but structured spatial data output. And given real-world constraints on computing power, we're using a combination of generation, simulation, and other technologies to more efficiently bridge the physical and digital worlds."

Furthermore, in 2025 Manycore Tech introduced 3D Gaussian technology into AI spatial training. Building on its existing datasets, the company is leveraging 3D Gaussian reconstruction capabilities to fully embrace real-world data, significantly enhancing the realism and physical consistency of simulated environments and further narrowing the Sim2Real gap.

Manycore Tech's commercial capabilities are also strengthening — in the first half of 2025, the company generated 400 million yuan in revenue. Its gross margin reached 82.1%, up nearly 10 percentage points from 72.7% in 2022.

More critically, thanks to scale effects from continued business growth and optimized cost structure, Manycore Tech turned profitable in the first half of 2025, posting adjusted net profit of 17.83 million yuan and an adjusted net margin of 4.5%.

Since its founding, Manycore Tech has received investments from Yunqi Capital, GGV Capital, Shunwei Capital, IDG Capital, Hillhouse, Matrix Partners China, Coatue, Hearst, Pavilion Capital, Linear Capital, and other prominent institutions.