Yunqi Capital Portfolio Company Manycore Tech Lists on Hong Kong Stock Exchange: From First Institutional Investment to the IPO Bell

➤ ➤ Today, Manycore Tech, an early Yunqi Capital portfolio company, officially listed on the Main Board of the Hong Kong Stock Exchange under ticker 00068.HK. As the world's first publicly listed company with spatial intelligence at its core technical foundation, Manycore Tech received an enthusiastic market response. Its shares surged over 160% at the opening bell on debut, hitting HK$20 and giving the company a market cap of nearly HK$35 billion.

Paul Chan Mo-po, Financial Secretary of the Hong Kong Special Administrative Region; Sun Dong, Secretary for Innovation, Technology and Industry of the Hong Kong SAR; and Bonnie Chan Yiting, CEO of Hong Kong Exchanges and Clearing, attended the listing ceremony. They joined Manycore Tech co-founders Xiaohuang Huang, Hang Chen, and Hao Zhu, along with the company's core management team, in witnessing this historic moment.

From a startup team that initially struggled to raise funding, to the world's largest spatial design platform provider, to ringing the bell today — Manycore Tech has completed a 15-year marathon.

As Manycore's first institutional investor, Yunqi Capital founding managing partner Chengyu Mao joined the team early in its journey: in 2013, while a partner at IDG Capital, he led the company's Series A round, securing its first institutional investment; in 2014, after founding Yunqi Capital, he immediately doubled down with the Series B, and subsequently participated in multiple follow-on rounds, providing continuous support throughout the company's growth.

At the bell-ringing ceremony, Yunqi Capital founding managing partner Chengyu Mao (second from right) poses with the founding team: Hao Zhu (first from left), Xiaohuang Huang (second from left), and Hang Chen (first from right)

After 13 years of partnership, witnessing the birth of the "world's first spatial intelligence stock." Chengyu Mao said:

"From my first meeting with the Manycore founding team to today, the most precious quality these three 'tech geeks' have maintained is their pure technological idealism — passion for technology, obsession with product, and patience for long-term value. It is precisely this persistence that has allowed them to grow step by step into the influential technology company they are today. Yunqi is delighted to have accompanied them from the early stages, and we look forward to Manycore continuing to create even greater value in this new chapter."

Starting from cloud-native spatial design software, over the past decade-plus Manycore Tech has gradually evolved into a global leader in spatial intelligence services, currently building a "spatial editing tools — spatial data — spatial foundation models" business flywheel.

Its flagship product Kujiale and overseas version Coohom cover over 200 countries and regions globally, making it the world's largest spatial design platform; its spatial intelligence platform SpatialVerse, designed for indoor environment AI development, provides critical support for embodied intelligence data training, and has already established partnerships with embodied intelligence companies including Noematrix, Zhi2, AgiBot, and Galaxy Universal.

On the commercialization front, the company has also entered a more robust development phase: from 2023 to 2025, gross margin rose steadily from 76.8% to 82.2%; in 2025, revenue reached RMB 820 million, with adjusted net profit of RMB 57 million, achieving the crossover from losses to profitability.

Listing is a milestone, but also a new starting point. We look forward to Manycore Tech continuing to drive the evolution and real-world application of spatial intelligence technology in a broader market environment!

As an early-stage investment firm focused on technology for 12 years, Yunqi Capital has also entered a new growth phase in 2026. Beyond Manycore Tech, on January 9, Yunqi's first-round project MiniMax (00100.HK) listed on the Hong Kong Stock Exchange, with more than ten additional Yunqi first-round portfolio companies including DeepRoute.ai, XTransfer, WorldEx, and DeFeng Technology reaching their own important inflection points.

We will continue to stand alongside innovative forces, reaching new milestones together!