New stock news | Qunhe Technology submits application for the third time to the Hong Kong Stock Exchange, becoming China's largest spatial design software provider.

According to the disclosure by the Hong Kong Stock Exchange on February 24th, ManycoreTech Inc. (referred to as ManycoreTech) has submitted its application for listing on the main board of the Hong Kong Stock Exchange, with J.P. Morgan and CICC as joint sponsors. The company had previously submitted applications to the Hong Kong Stock Exchange on February 14, 2025 and August 22, 2025. Company Overview The prospectus shows that ManycoreTech is a leading provider of cloud-native spatial design software, with products widely used in business scenarios ranging from residential and office buildings to retail stores and commercial projects. The company's software, driven by artificial intelligence (AI) technology and dedicated graphics processing units (GPUs), allows designers and businesses to create engaging designs and experience them through real-time and immersive visual effects. The designs created using the company's software can be converted into production drawings, supporting automated production processes. The open architecture of the company's software enables seamless data interoperability, continuous upgrades, and scalability, bringing huge potential for applications across various vertical industries. The company primarily targets the spatial design software market and, according to Frost & Sullivan data, was the largest provider in China by revenue in 2024, with a market share of 23.2%. The company has expanded to include AI training for humans and e-commerce product displays, allowing it to enter a broader market for general design and visualization software, where China's spatial design software accounted for only 4.4% of the market in 2024. The company's product matrix is centered around "Coohom", a cloud-native spatial design platform in China, providing rapid drag-and-drop 3D design, real-time generation of realistic rendering, a wide model library, and BIM capabilities. In international markets, the company has introduced a localized spatial design solution, Coohom, for the Asian and American markets, with a design interface and model library adapted for specific regions and support for 18 languages. In addition to software products, the company offers professional services through a next-generation spatial intelligent solution called SpatialVerse, using realistic and physically accurate synthetic 3D data sets to accelerate AI development and reduce testing costs in the real world. Financial Information Revenue: In the fiscal years 2023, 2024, and 2025, ManycoreTech's revenue was approximately RMB 664 million, RMB 755 million, and RMB 820 million, respectively. Profit: In the fiscal years 2023, 2024, and 2025, ManycoreTech incurred annual losses of approximately RMB 646 million, RMB 513 million, and RMB 428 million, respectively. Industry Overview Design and visualization refer to the process of creating and expressing ideas, concepts, or structures in a visually understandable and engaging way. This typically involves using tools and technologies to translate abstract ideas into clear visual expressions, such as sketches, 3D models, or interactive environments. These tools are widely used in industries such as advertising, entertainment (including games and media), architecture, and product development, allowing businesses to create immersive interactive visual effects, enhance customer experience, simplify product design, and improve marketing strategies. It is projected that the global market for general design and visualization software will expand from RMB 420 billion in 2024 to RMB 901.4 billion by 2029, with a compound annual growth rate of approximately 16.5%. Additionally, the Chinese market is expected to grow from RMB 75 billion in 2024 to RMB 172.9 billion by 2029, with a higher compound annual growth rate of 18.2%. The strong growth in the global and Chinese markets reflects the increasing popularity of digital transformation in various industries such as construction, manufacturing, and media, driving the demand for more advanced digital design solutions. The Chinese spatial design software industry has seen significant growth over the past five years, increasing from RMB 1.9 billion in 2020 to RMB 33 billion in 2024, with a compound annual growth rate of 14.1%. It is expected to further increase to RMB 66 billion by 2029, with a compound annual growth rate of 14.9% from 2024 to 2029. The Chinese spatial design software market can also be divided into two main categories based on deployment models: traditional on-premises software, which is deployed on local servers or devices and requires users to install and operate using local hardware infrastructure, and cloud-based software, which is delivered through cloud computing platforms, allowing users to access and use functionalities over the internet without local installation. In 2020, the total market size was RMB 19 billion, with traditional on-premises software contributing RMB 11 billion and cloud-based software contributing RMB 8 billion. By 2024, the market had expanded to RMB 33 billion, with traditional on-premises software reaching RMB 18 billion and cloud-based software growing to RMB 15 billion, reflecting a compound annual growth rate of 12.5% and 16.2% respectively. Looking ahead to 2029, the market size is expected to reach RMB 66 billion, with traditional on-premises software at RMB 31 billion and cloud-based software at RMB 35 billion, with compound annual growth rates of 12.3% and 18.9% respectively. In recent years, due to the increasing demand for spatial design solutions across various industries, China's spatial design software industry has been growing rapidly. By 2024, the market size in China had reached RMB 33 billion, and it is expected to grow significantly, reaching RMB 66 billion by 2029. Globally, the market size for spatial design software in 2024 was RMB 192 billion. Furthermore, with digital transformation continuing to drive global markets and design becoming increasingly valued for productivity and efficiency, the global market is expected to continue expanding, reaching RMB 317 billion by 2029. Board of Directors Information The board of directors will consist of nine directors, including four executive directors, two non-executive directors, and three independent non-executive directors. Equity Structure ManycoreTech (parent company of Coohom) adopts a VIE structure, with the equity structure characterized by founder control and substantial institutional shareholding as core features up to the stage of the Hong Kong IPO filing in February 2026. In addition, the equity transfer of minority shareholders of Shanghai Mengdai was completed on November 15, 2024, and thereafter Shanghai Mengdai became a wholly-owned subsidiary of Hangzhou Manycore. As Shanghai Mengdai had not commenced operation, it was terminated on May 7, 2025. Intermediary Team Joint Sponsors: J.P. Morgan Securities (Far East) Limited, CICC International Financial Co., Ltd. Company's Legal Advisers: Regarding Hong Kong and U.S. law: Kirkland & Ellis Hong Kong law firm; Regarding Chinese law: Tongshang law firm; Regarding Cayman Islands law: Kobre & Kim law firm; Regarding Chinese network security and data privacy laws: Jingtian & Gongcheng law firm Legal Advisers to Joint Sponsors: Regarding Hong Kong and U.S. law: Davis Polk law firm; Regarding Chinese law: Shanghai Chengming law firm Auditors and Reporting Accountants: KPMG accounting firm Industry Consultants: Frost & Sullivan (Beijing) Consulting Co., Ltd., Shanghai Branch