Manycore Tech, a spatial intelligence unicorn and one of Hangzhou's "Six Little Dragons", on Friday said it would further expand overseas following its successful listing debut in Hong Kong.

This came as shares of the spatial design software developer closed 144 percent higher at HK$18.60 per share, compared to its offer price of HK$7.62.

At one point, its shares soared 186 percent to almost HK$22 in the morning.

The company was also oversubscribed by nearly 1,590 times in the retail tranche and some 13 times in the international tranche.

Company co-founder Zhu Hao said the market's reaction to Manycore's listing had been nothing short of ideal and that technology firms seemed to be popular with Hong Kong stock market investors.

"Hong Kong has always been a major hub for internationalisation of businesses," he said.

"In the future, we'll base ourselves in Hangzhou, but also further deepen our international business via our overseas starting point here in Hong Kong.

"I believe that the spatial intelligence is a very universal technology. Generally speaking, we need spacial intelligence – wherever there's a physical space – to help us understand, reason and increase our cognition."

Zhu also pointed out that the firm serves industries, such as those involved in embodied intelligence, e-commerce, film, television and media, on top of the home and construction sectors.

Manycore Tech, the first among its Hangzhou peers to go public, said it would use around 30 percent of the net proceeds of HK$1.09 billion raised from the offering for international expansion.

The "Six Little Dragons" refer to a group of rising start-ups in Hangzhou that gained traction in the country since last year, making the eastern city an emerging technological innovation hub.

The other five "little dragons" are AI darling DeepSeek, robotics firms Unitree Robotics and Deep Robotics, video game developer Game Science, and neurotechnology company BrainCo.

Some of them have also filed for listings on the mainland.

Also making its trading debut in the SAR on Friday was Gpixel Changchun Microelectronics, which specialises in designing and developing complementary metal oxide semiconductor image sensors.

Shares of the firm also soared, rising by some 75 percent to HK$70 at the close, compared to its HK$39.88 offer price.

It earlier saw shares jump as high as 108 percent at one point to HK$83.

Wang Xinyang, the company's chairman, noted the city's stock exchange is an "accelerator" for innovation.


Edited by Tony Sabine