"Manycore Tech" Clears Hong Kong Stock Exchange Listing Hearing, Linear Capital Is Earliest Angel Investor | Linear Portfolio
Will become the earliest listed company among Hangzhou's "Six Little Dragons."
Manycore Tech has passed its Hong Kong Stock Exchange listing hearing, and will officially become the "first global spatial intelligence stock" to list on the exchange. It will also be the first of the "Hangzhou Six Little Dragons" to reach the IPO milestone.
Manycore Tech owns China's largest spatial design platform, "Kujiale" (酷家乐) and its international version "Coohom," along with next-generation spatial intelligence solutions for indoor environment AI development — the Manycore Spatial Intelligence Platform "SpatialVerse."
Harry Wang, founder and CEO of Linear Capital, invested in the Manycore team as an angel investor in 2013. After establishing the fund, Linear Capital continued to back Manycore Tech across multiple rounds. Over these 13 years, we've been there every step of the way — observing, learning, and doing what we can to help the founders grow together. We've watched this resilient team persist in building the world's best real-time cloud rendering for spatial design, then open a new door in spatial intelligence that gives the company a second growth curve. Congratulations to the Manycore team!
Manycore Tech Inc. (hereinafter referred to as "Manycore Tech") recently passed its Hong Kong Stock Exchange listing hearing and disclosed its post-hearing prospectus on March 29, with JPMorgan Chase and CCB International serving as joint sponsors.
This means Manycore Tech is about to officially become the "first global spatial intelligence stock," and will also be the first of the "Hangzhou Six Little Dragons" to complete the IPO milestone.**
Founded in 2011, Manycore Tech has evolved from a cloud-native spatial design software provider into a spatial intelligence services provider**, forming three core pillars — "spatial editing tools, spatial data, and spatial foundation models" — that reinforce each other and create a self-reinforcing flywheel system.**
Currently, Manycore Tech's portfolio includes China's largest spatial design platform "Kujiale" and its international version "Coohom", as well as next-generation spatial intelligence solutions for indoor environment AI development — the Manycore Spatial Intelligence Platform "SpatialVerse" — with products applicable to both physical spaces and virtual environments such as embodied AI training and e-commerce product displays.
SpatialVerse accelerates AI development using photorealistic, physically accurate synthetic 3D datasets while reducing real-world testing costs. Public information shows that SpatialVerse has established partnerships with a number of embodied intelligence companies including AgiBot, Galaxy Universal, Noematrix, ZhiPingFang, Songying Technology, D-Robotics, and MouXianFei.
In 2025, Manycore Tech launched the Aholo Spatial Intelligence Development Platform, integrating core capabilities in spatial reconstruction, spatial generation, spatial editing, and spatial understanding, opening these as underlying infrastructure to external developers. Through the combination of products and open platforms, it further advances the integration of AI and the physical world. Additionally, Manycore Tech introduced SpatialTwin, the world's first cloud-native industrial AI twin platform for embodied intelligence, supporting real-time simulation of dynamic authentic industrial environments and large-scale operation of intelligent agents. For creative content fields such as e-commerce and film, it launched the 3D AI content creation tool LuxReal.
Notably, beyond the product layer, based on its first-mover advantage with massive accumulated 3D object data, Manycore Tech has made rapid progress in spatial foundation models and datasets.
After open-sourcing its spatial language model SpatialLM in 2025, it quickly joined DeepSeek V3 and Tongyi Qianwen's Qwen2.5-Omni in the top three of the global open-source community HuggingFace's model trends list. As a prerequisite for AI to enter the physical world, achieving cognition of the physical world is the first step — this is the core breakthrough of SpatialLM.
Furthermore, Manycore Tech introduced 3D Gaussian technology into AI spatial training, with its open-source dataset InteriorGS topping the HuggingFace dataset trends list. Leveraging 3D Gaussian reconstruction capabilities, this dataset significantly enhances the realism and physical consistency of simulation environments, further narrowing the Sim2Real (simulation-to-reality) gap.
In summary, Manycore Tech's business scope covers two main areas: first, serving humans in completing 3D spatial creation; second, empowering intelligent agents such as embodied intelligence and AIGC large models to enhance 3D environmental intelligence.**
On the commercialization front, according to Frost & Sullivan, by 2024 revenue, Manycore Tech is China's largest spatial design software provider, with approximately 23.2% market share**. In 2025, its software products served over 47,400 enterprise customers and over 400,000 individual customers, while maintaining a 109.0% net revenue retention rate for large customers, demonstrating exceptionally high customer stickiness.**
Meanwhile, Manycore Tech's AI-related vertical solutions achieved rapid growth. Among these, the 3D AI design tool "Kujiale E-Commerce Studio," launched in 2024, replaces traditional on-location studio shoots with virtual photography studios; this business grew revenue by 123% year-over-year in 2025.
Reflected in financial data, Manycore Tech's 2025 revenue reached 820 million yuan. From 2023 to 2025, gross margins were 76.8%, 80.9%, and 82.2% respectively, showing a consistent upward trend.
Additionally, Manycore Tech has now achieved profitability turnaround, with adjusted net profit of 57 million yuan in 2025. This means its core business is genuinely profitable and has entered a healthy self-sustaining phase.
On another front, beyond embodied intelligence companies, Manycore Tech has also established strategic partnerships with industry leaders across sectors including PICO, Hesai Technology, Huace Film & TV, and Aosom E-commerce. Looking further ahead, Manycore Tech is well-positioned to provide spatial intelligence infrastructure and services to more global AI large models, embodied intelligence, XR, e-commerce, film and television, and companies across thousands of industries — forming new growth curves.
According to Manycore Tech's plans, it will continue leveraging its technology engine and modular architecture to develop and improve products to meet growing demand in spatial intelligence and other new verticals with high growth potential.
Manycore Tech stated in its prospectus that net proceeds from the IPO will be used primarily for: implementing international expansion strategies; enhancing existing product features and launching new products and/or features to meet the needs of both physical and virtual environments; domestic sales and marketing activities and brand awareness enhancement; investment in core technologies and infrastructure; and working capital and general corporate purposes.
Source: IPO Zaozhidao
