ManiCore in China Advances Hong Kong IPO...Will It Become the First Listed Firm Among the "Hangzhou Six Dragons"?

ManiCore Tech has moved one step closer to an initial public offering (IPO) on the Hong Kong Stock Exchange, drawing attention to whether it will become the first listed company among the Chinese startup group known as the "Hangzhou Six Dragons." The Hangzhou Six Dragons refers to six promising artificial intelligence (AI) and tech startups that have grown based in Hangzhou, Zhejiang Province, China: ManiCore Tech, DeepSeek, Game Science, Unitree, DeepRobotics, and BrainCo.

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According to Chinese media outlets such as Securities Times on the 15th (local time), the China Securities Regulatory Commission released the previous day a "Notice on the Registration of Offshore (Share) Issuance and Listing" for ManiCore Tech.

The notice states that ManiCore Tech plans to issue up to approximately 312 million common shares and list them on the Hong Kong Stock Exchange. As this comes about one year after the submission of its prospectus, it is seen as a significant step forward toward the IPO. Industry observers believe that if subsequent procedures proceed smoothly, ManiCore Tech could go public within this year.

ManiCore Tech is a "spatial smart technology" company that focuses on graphics processing unit (GPU) clusters and AI, providing spatial design software and related platforms. In June 2021, it attempted a listing in the United States at a valuation of 2 billion dollars (about 2.9 trillion won), but the effort failed.

Through this IPO, ManiCore Tech plans to use the funds raised for international business expansion, enhancing the functions of existing products and developing new products, strengthening marketing and brand awareness in China, and investing in core technologies and infrastructure.

Previously, the success last year of DeepSeek, which promoted itself as a "cost-effective" AI model, brought attention to the Hangzhou Six Dragons. Other members of the Hangzhou Six Dragons, besides ManiCore Tech, are also preparing for listings.

Unitree has completed guidance registration for an A-share IPO on the Chinese mainland, while DeepRobotics is in the process of guidance registration for an A-share IPO and is expected to complete it sometime between April and June. There is also speculation that BrainCo has secretly applied for a listing on the Hong Kong Stock Exchange.