MANYCORE TECH (00068) has announced a public offering from April 9, 2026, to April 14, 2026. The company plans a global issuance of 160.6 million shares, with approximately 10% allocated for the Hong Kong public offering and about 90% for the international offering. An additional 15% over-allotment option is included. The offer price is set between HK$6.72 and HK$7.62 per share, with a board lot size of 500 shares. Trading on the Stock Exchange is expected to commence at 9:00 a.m. on April 17, 2026.
Manycore is a leading provider of cloud-native spatial design software in China. Its products are widely used in various business scenarios, ranging from residential and office buildings to retail stores and commercial projects. The company's software is powered by artificial intelligence (AI) technology and dedicated GPU clusters, enabling designers and businesses to create compelling designs and experience them through instant, immersive visualizations. Designs created with the software can be converted into production drawings, supporting automated manufacturing processes.
The company primarily targets the spatial design software market. According to Frost & Sullivan, it held a 23.2% market share by revenue in 2024, making it the largest provider in China. Manycore has also expanded into embodied AI training and e-commerce product display. The company sees significant growth potential in the broader general design and visualization software market, where China's spatial design software accounted for only 4.4% in 2024.
The company's product portfolio centers on Kujiale, a cloud-native spatial design platform in China that offers rapid drag-and-drop 3D design, instant realistic rendering, an extensive model library, and BIM capabilities. For international markets, the company offers Coohom, a localized spatial design software for Asia and the U.S., featuring region-specific design interfaces and model libraries, supporting 18 languages. Beyond software, the company provides professional services, including model services, technical deployment, and customer training. Through SpatialVerse, launched in 2024, the company generates realistic and physically accurate synthetic 3D datasets.
Operating primarily on a subscription model, the company has experienced sustained growth in recent years. Revenue increased by 13.8% from RMB 663.5 million in 2023 to RMB 754.8 million in 2024, and further grew by 8.6% to RMB 820 million in 2025. Gross profit margins were 76.8%, 80.9%, and 82.2% in 2023, 2024, and 2025, respectively. Annual losses decreased by 20.5% from RMB 646.1 million in 2023 to RMB 513.5 million in 2024, and fell a further 16.7% to RMB 427.9 million in 2025. Adjusted net loss (a non-IFRS measure) decreased by 71.0% from RMB 241.9 million in 2023 to RMB 70.0 million in 2024. In 2025, the company achieved an adjusted net profit (non-IFRS) of RMB 57.1 million.
Assuming an offer price of HK$7.17 per share and that the over-allotment option is not exercised, the net proceeds from the global offering are estimated to be approximately HK$1.0241 billion. Approximately 30.0% of the net proceeds will be used to implement the company's international expansion strategy. About 20.0% will be allocated to enhancing existing products and launching new products and/or features to meet the needs of real-world spaces and virtual environments. Another 20.0% will support domestic sales and marketing activities and enhance brand awareness. A further 20.0% will be invested in core technology and infrastructure, while the remaining 10.0% will serve as working capital and for general corporate purposes.
Additionally, the company has entered into cornerstone investment agreements with several investors. These cornerstone investors have agreed, subject to certain conditions, to subscribe, or procure their designated entities to subscribe, for a total of $58 million worth of offer shares at the offer price. The cornerstone investors include Taikang Life Insurance Co., Ltd.; Sunshine Life Insurance Co., Ltd.; GF Fund Management Co., Ltd. and GF International Asset Management Limited (collectively referred to as "GF Funds"); REDWOOD ELITE LIMITED; Mirae Asset Securities Co., Ltd.; Songsung Capital Limited; Hesai Hong Kong Limited; Guohui (Hong Kong) Holdings Limited; and Hua Ying Construction Group Holdings Limited.
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