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Manycore Tech Inc. Eyes Hong Kong IPO to Raise $200 Million
Manycore Tech Inc., a prominent producer of 3D design software headquartered in Hangzhou, China, is gearing up to file for an initial public offering (IPO) in Hong Kong later this year. Sources familiar with the matter revealed that the company aims to raise up to $200 million through this move.
Investment Banks Onboard
For this significant financial endeavor, Manycore has engaged CCB International Holdings Ltd. and JPMorgan Chase & Co., as disclosed by the insiders who prefer to remain unnamed since the details are not yet public. These sources emphasized that the final details regarding the IPO’s size and timing are still under discussion and may be subject to change.
Previous IPO Attempts and Market Conditions
Initially, Manycore had plans to list on the US stock market in 2021. However, the firm withdrew its application following the problematic debut of Didi Global Inc., a Chinese ride-hailing giant, in New York. Consequently, Manycore is now among several Chinese companies rerouting their IPOs to Hong Kong.
Company Background and Financials
Founded in 2011, Manycore operates the Kujiale design software within China and the Coohom platform, which caters to international markets. Financially, the company experienced losses in 2020, as indicated in its previous US listing documents.
Hong Kong IPO Landscape
This year, companies listing in Hong Kong have collectively raised $2.26 billion, marking a 14% decrease compared to the same period last year and significantly lower than the amounts raised in 2021. Despite this downturn, Chinese regulatory authorities are encouraging leading companies to consider public offerings in Hong Kong.
