As a rare physical AI target in Hong Kong stocks, MANYCORE TECH (00068) has been continuously attracting attention from the industry and the market since its listing.
Now, as the original lock-up period window for relevant shares approaches, the company's core management has chosen to inject a dose of "certainty" into this window period with a voluntary 12-month lock-up commitment.
According to an announcement on October 20, based on optimistic judgments about the company's long-term value, core competitiveness, and future prospects, the company's co-founder, chairman and executive director Huang Xiaohuang, co-founder, executive director and chief executive officer Chen Hang, co-founder, executive director and chief technology officer Zhu Hao, and executive director and chief financial officer Shen Bei voluntarily extended or entered into lock-up periods of 12 months for their respective shares.
The shares subject to the extension commitment total 483 million shares, accounting for approximately 27.99% of the company's total issued shares.
In addition, multiple cornerstone and early shareholders of MANYCORE TECH, including Linear Capital, Yunqi Partners, Hesai Technology, Jinyong Investment, Wusong Capital, and Huaying Construction (with Zhejiang Construction Group as the controlling shareholder), have explicitly expressed long-term optimism and will continue to hold their shares.
Core Management Proactively Locks Up, Multiple Shareholders Express Long-Term Optimism
According to the announcement, the relevant shares included in the extension of the lock-up period arrangement are: 238 million shares held by Wintermatch International Limited, wholly owned by Huang Xiaohuang; 170 million shares held by Ineffable International Limited, wholly owned by Chen Hang; 65 million shares held by Peekaboo International Limited, wholly owned by Zhu Hao; and 10.2 million shares in which Shen Bei has an interest.
Among them, Wintermatch, Ineffable, and Peekaboo have all committed to extending the original lock-up period of their relevant shares by an additional 12 months, until October 16, 2027; Shen Bei has entered into a commitment not to sell his relevant shares during the period ending on and including October 16, 2027.
The announcement clearly states that during this extended lock-up period, the executive directors will not directly or indirectly sell or otherwise reduce their shares in any way.
In other words, at a time when the lock-up period window is approaching, the people at MANYCORE TECH who know the company best have left no suspense about "whether to reduce holdings," but instead locked up nearly 30% of the total issued shares at once until October 2027.
This action itself is the most direct response to "short-term chip pressure."
Coupled with public statements from multiple cornerstone and early shareholders, it further strengthens market confidence.
The announcement shows that multiple cornerstone and early shareholders of MANYCORE TECH have explicitly expressed long-term optimism and will continue to hold their shares, including Linear Capital, Yunqi Partners, Hesai Technology, Jinyong Investment, Wusong Capital, and Huaying Construction (with Zhejiang Construction Group as the controlling shareholder).
Hesai Technology stated: "As a strategic partner and cornerstone investor, we are optimistic about MANYCORE TECH's frontier positioning in the next wave of 'physical AI' and maintain firm confidence in the company's long-term development prospects. The spatial intelligence business that we and MANYCORE are currently betting on completes AI's perception, understanding, imagination, and action capabilities for the three-dimensional physical world, and is a bridge from the digital world to the physical world. The two parties have reached deep strategic cooperation. Spatial intelligence is the underlying capability of the embodied intelligence and physical AI era. MANYCORE is an irreplaceable partner on this track, and we hope to accompany and witness MANYCORE realizing long-term value."
Huaying Construction stated: "Our controlling shareholder, Zhejiang Construction Group, has established a deep industrial cooperation relationship with MANYCORE TECH. As an industrial investor, using MANYCORE's spatial intelligence technology as the foundation, we are jointly building a number of 'AI+' typical application scenarios around the full life cycle of the construction field. The cooperation areas include 'AI+Good Housing' design and marketing service intelligent chain platform, intelligent construction, construction robot operations and digital twin supervision, AI+ intelligent inspection and smart construction sites, etc. We are optimistic about MANYCORE TECH's technological advantages and development prospects in the field of spatial intelligence."
In the industry's view, generally speaking, the direction expressed by multiple shareholders is consistent with the management's lock-up action. This combined signal of "insiders + important shareholders" is more reference-worthy than a single announcement.
After Uncertainty of Share Unlock Is Eased, Valuation Repair Space Draws Attention
For high-quality technology targets, long-term value is far more important than short-term fluctuations, and the logic of MANYCORE TECH is the same.
The reason MANYCORE TECH is regarded as a rare domestic physical AI target is that it has built a full-stack technology system of "computing power—models—applications" and possesses globally scarce interactive 3D data assets.
At the model level, the company has built a series of model technology foundations including the world generation model SpatialGen, the 3D generation model Lux3D, and the spatial language model SpatialLM, helping AI achieve understanding, reasoning, and generation of the physical world.
MANYCORE TECH co-founder and chairman Huang Xiaohuang made it clear in an internal letter released on October 20 that MANYCORE TECH will adhere to one thing in the future: using spatial intelligence to make the digital world and the real world increasingly close—not just "looking similar," but "truly matching"—and ultimately becoming the entrance for AI to the physical world.
Around this goal, the company will comprehensively focus on three directions in the future: computing power, physical data, and models. In the next three years, it plans to expand computing power and data scale to more than several times the current level, and expand the acquisition of high-quality physical data through spatial reconstruction systems, world generation models, and other methods, continuously launching and optimizing spatial models for real production scenarios that can handle complex long-range reasoning tasks.
Performance data also provides verification for this narrative.
Spatial intelligence has become the core capability foundation supporting the company's entire product line.
In the first half of 2026, MANYCORE TECH's revenue from new AI applications and new products increased by more than 177% year-on-year, while achieving adjusted net profit of 55.42 million yuan, a year-on-year increase of 211%, close to last year's full-year profitability level.
AI business still accounts for a small proportion of the revenue structure, but the growth slope is already clear.
From a market perspective, there is a clear gap between MANYCORE TECH's current stock price and the target prices given by multiple brokerages.
Well-known brokerage institutions such as CCB International, Guosheng Securities, Guotai Haitong, and East Money Securities have respectively given "Overweight" and "Outperform" ratings.
Against the backdrop of a round of systemic valuation compression in the Hong Kong AI technology sector and the share unlock window overlapping with chip concerns, MANYCORE TECH's management has used the voluntary lock-up of 483 million shares to significantly narrow the scale of shares that can be unlocked and circulated, and short-term uncertainty has been concentratedly eased.
As a rare domestic physical AI target, MANYCORE TECH has room for valuation upward revision after the uncertainty brought by this lock-up is eliminated.
In the short term, the actions of management and important shareholders provide certainty on the chip side; in the long term, whether the "computing power—data—models" closed loop can accelerate spatial intelligence into the revenue curve remains the key variable determining its long-term allocation value.
Comments