Manycore Tech Raises Approximately HK$1.2 Billion in Hong Kong IPO

Davis Polk advised the underwriters in connection with Manycore Tech Inc.’s initial public offering, listing on the Hong Kong Stock Exchange and its international offering conducted pursuant to Rule 144A and Regulation S. The transaction comprised an initial public offering and concurrent listing on the Hong Kong Stock Exchange, together with an international offering under Rule 144A / Regulation S. The gross proceeds from the offering were approximately HK$1.2 billion prior to the exercise of the over-allotment option. Manycore Tech is a leading provider of cloud-native spatial design software in China, with applications across residences, office buildings, retail stores and commercial projects. Its product suite centers on Kujiale, a cloud-native spatial design platform offering rapid drag-and-drop 3D design, instant photorealistic rendering, an extensive model library and BIM capabilities. Internationally, Manycore Tech offers Coohom, a localized spatial design product tailored for markets across Asia and the United States, featuring region-specific interfaces and model libraries and supporting 18 languages. The company also provides professional services including modeling services, technical deployment services and customer training, and in 2024 launched SpatialVerse to produce realistic, physically accurate synthetic 3D datasets. Davis Polk represented the underwriters with a team composed by: partners Li He and Jason Xu; counsel — registered foreign lawyer Kevin Zhang; associates Edwin Lee, Jason Ng and Ching Suen; and counsel Dustin Plotnick together with associate Kelli A. Rivers, who provided tax advice. Members of the Davis Polk team were based in the Hong Kong, Beijing, London and New York offices.

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Manycore Tech Raises Approximately HK$1.2 Billion in Hong Kong IPO

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Manycore Tech Raises Approximately HK$1.2 Billion in Hong Kong IPO

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