"Hangzhou's First 'Little Dragon' Stock" is coming!

China Fund Journal reporter Qiu Dekun

According to disclosures made by the Hong Kong Exchanges and Clearing (HKEX) on March 29, the space-intelligence unicorn Manycore Tech Inc. (hereinafter “Group Kernel Technology”) has updated its post-hearing application materials, indicating that it has entered the sprint stage for a Hong Kong Stock Exchange IPO.

Among the “Hangzhou Six Little Dragons,” Group Kernel Technology is the first company to file for an IPO; afterward, Youshu Technology and Cloud Deep Technology respectively officially announced the start of their IPO journeys.

If Group Kernel Technology can successfully list on the Hong Kong market this time, it will become the “world’s No. 1 space intelligence company” and the “No. 1 company among the Hangzhou Six Little Dragons.”

Turning point in performance in 2025

Rapid growth in AI-related business

The company’s website shows that Group Kernel Technology was established in Hangzhou in 2011. It is a space-intelligence company built on artificial intelligence technology and dedicated graphics processing unit (GPU) cluster technology.

Over the past three years, Group Kernel Technology’s performance has grown steadily, and it will see a turning point in performance in 2025.

The prospectus shows that in 2025, Group Kernel Technology’s revenue was RMB 820 million, its gross margin reached 82.2%, and it achieved a turnaround from loss to profit, with adjusted net profit of RMB 57.10 million.

At the same time, Group Kernel Technology’s cumulative R&D spending from 2023 to 2025 exceeded RMB 1 billion. By deeply applying AI technology, the company significantly improves development efficiency and productivity, effectively enhancing the R&D team’s ability to iterate on technology.

From the perspective of business segments, Group Kernel Technology has achieved relatively fast growth in AI-related vertical solutions. In 2024, it launched a 3D AI design tool Ku Jia Le Home (Coolhome) for ecommerce shelf shooting—replacing traditional real-world studio shooting with a virtual photography studio to help cross-border ecommerce enterprises reduce costs and increase efficiency, and its revenue in 2025 grew 123% year over year.

In recent years, Group Kernel Technology has continued to iterate its AI product matrix, launching an AI intelligent design platform that can complete a full-home space design方案 within 5 minutes.

In the industrial sector, Group Kernel Technology released a cloud-native industrial AI digital twin platform SpatialTwin for the era of embodied intelligence, supporting real-time simulation of dynamic real industrial environments and large-scale operation of agents. For creative content creation areas such as ecommerce and film/TV, it launched the 3D AI content creation tool LuxReal.

Accelerating the digitalization of the physical world

Positioning for the next AI wave

The post-hearing application materials show that the net proceeds from Group Kernel Technology’s Hong Kong Stock Exchange IPO will mainly be used to implement an international expansion strategy; enhance existing product functions and launch new products and/or functions to meet the needs of real-world spaces and virtual environments; domestic sales and marketing promotion activities, and improve brand awareness; invest in core technologies and infrastructure; and serve as working capital and for general corporate purposes.

Group Kernel Technology has the world’s largest space design platform Ku Jia Le Home (Coolhome) and its overseas version Coohom, as well as the new-generation space intelligence solution SpatialVerse. Its products are applicable not only to real-world spaces, but also to virtual environments such as for training embodied AI and showcasing ecommerce products.

In 2025, Group Kernel Technology will launch the Aholo space intelligence open platform, integrating various capabilities of space intelligence and opening them to the outside world in the form of underlying infrastructure. By combining products with the open platform, it will further promote the integration of AI with the physical world.

Based on the massive three-dimensional data generated by the product platform, Group Kernel Technology has continued to focus on the competitive track of space foundation models. In 2025, it launched the space language model SpatialLM and the space generation model SpatialGen. By combining space understanding and generative capabilities, it helps AI understand, reason about, and generate content for the physical world.

AI is extending from planar interaction mainly based on text and images into three-dimensional space scenarios, and space intelligence is the core of the aforementioned trend. Digitalization of the physical world will be an important foundation for deep interaction between AI and the real world.

Starting from space design, Group Kernel Technology’s business scope has already expanded from assisting humans in completing 3D space creation to further helping agents improve the intelligence level of 3D environments.

Currently, Group Kernel Technology has established strategic partnerships with industry-leading companies such as ZhiYuan Robotics, Yinhe General, PICO (the XR brand under ByteDance), Hesai Technology, Hangcha Group, Huace Film & TV, Aosen ecommerce, and others, supporting the application of space intelligence in indoor design, ecommerce, embodied intelligence, film/TV, XR (extended reality), and other fields.

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