Spatial intelligence unicorn Manycore Tech from Hangzhou, Zhejiang province, is closing in on a Hong Kong IPO, having passed its listing hearing. Over the past weekend, the Hong Kong stock exchange disclosed the progress over the weekend.

If successful, the company is poised to become the world's first publicly listed spatial intelligence enterprise and the first among Hangzhou's six little dragons to go public, adding momentum to the city's growing AI sector.

Manycore Tech operates the spatial design platform Kujiale and its international version Coohom, alongside its spatial intelligence solution SpatialVerse. Its products serve real-world applications and virtual scenarios, such as AI training and e-commerce displays.

The post-hearing document shows that the net proceeds from the IPO will be primarily used to advance global expansion, product development, branding, technology investment, and general operations.

The offering is jointly sponsored by JPMorgan Chase and CCB International.