Campbells advised Manycore Tech Inc. on its listing on the Main Board of HKEX

Campbells is pleased to have acted as Cayman Islands legal counsel to Manycore Tech Inc. (“Manycore”) in connection with its approximately HK$1.2 billion initial public offering and listing of its 160,619,000 shares (subject to the Over-allotment Option) on the Main Board of The Stock Exchange of Hong Kong Limited (HKEX).

The Hong Kong Public Offering was oversubscribed by over 1,000 times. The joint sponsors are J.P. Morgan Securities (Far East) Limited and CCB International Capital Limited. The listing was highly successful, with Manycore’s shares surging to a high of HK$21.86 (up 187% from the IPO price of HK$7.62) on its first trading day, closing at HK$18.6.

Manycore is one of the renowned “Hangzhou Six Little Dragons”, alongside DeepSeek, Unitree Robotics, DEEP Robotics, BrainCo, and Game Science. As a leading provider of cloud-native spatial design software in China, it offers products such as Kujiale (for the China market) and Coohom (for international markets). Powered by AI technologies and graphics processing unit clusters, Manycore’s software enables rapid 3D design, photorealistic rendering, and automated manufacturing. It has expanded into embodied AI training and e-commerce product staging and operates primarily on a subscription model. Recognised as the largest software provider in China’s spatial intelligence by revenue in 2024 (according to Frost & Sullivan), Manycore serves a wide range of professional and enterprise customers across architecture, interior design, real estate, and related sectors.

Manycore is the first listed company among the “Hangzhou Six Little Dragons”. The IPO has attracted strong backing from prominent investors, including Hillhouse and Temasek as its pre-IPO investors. It has also secured cornerstone investors including, among others, Taikang Life Insurance, Sunshine Insurance and GF Securities. These high-quality investors support further signals robust confidence in the Company’s innovative AI-driven platform and long-term growth trajectory.

Cooley HK acted as Hong Kong and United States legal advisers to Manycore, and Commerce & Finance Law Offices acted as its PRC legal adviser. Davis Polk & Wardwell acted as Hong Kong and United States legal advisers to the joint sponsors and the underwriters, and CM Law Firm acted as their PRC legal adviser.

Campbells Partner Jenny Nip led the transaction with support from Senior Associate Chantelle Chan.

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