Hangzhou-based Manycore Tech, the parent company of the popular 3D cloud design platform Coohom, has successfully completed its initial public offering on the Hong Kong Stock Exchange (HKEX), officially becoming the world’s first publicly traded spatial intelligence company. The debut, reported by the South China Morning Post and China Daily, marks a significant milestone for China’s AI software sector and highlights the growing commercial viability of generative AI in specialized industrial applications.
The successful listing provides a much-needed boost to the Hong Kong IPO market and demonstrates that investors are willing to back AI companies with proven business models and clear paths to profitability, moving beyond the hype around general-purpose large language models.
Pioneering Spatial Intelligence
Founded in 2011, Manycore Tech has spent over a decade building a massive proprietary database of 3D models and spatial data, primarily focused on the interior design, home furnishing, and architecture sectors. Its flagship product, Coohom (known as Kujiale in China), enables designers to rapidly generate high-quality 3D renderings and floor plans via cloud computing.
The company’s transition from a traditional SaaS provider to an “AI-first” spatial intelligence company has been driven by the integration of generative AI. Manycore has developed specialized foundation models capable of understanding spatial relationships, lighting, and material properties. These models allow users to generate complete room designs from text prompts or simple 2D sketches, drastically reducing the time and cost of 3D content creation.
“Spatial intelligence is the next frontier of AI,” a Manycore executive stated during the listing ceremony. “While large language models understand text, our models understand physical space. This capability is essential not just for interior design, but for the future of embodied AI, robotics, and spatial computing.”
A Proven Commercial Engine
Unlike many AI startups that are still searching for sustainable revenue streams, Manycore Tech went public with a robust commercial engine. The company boasts millions of registered users globally, including enterprise clients ranging from furniture manufacturers to real estate developers.
The IPO prospectus revealed strong revenue growth, driven by a transition to a subscription-based model and the introduction of premium AI features. By embedding AI directly into professional designers’ workflows, Manycore has created a sticky product ecosystem that is difficult for generic AI image generators to disrupt.
The funds raised from the HKEX listing will be directed toward expanding the company’s AI research and development, particularly in the areas of video generation and 3D asset creation. Manycore also plans to accelerate its international expansion, targeting markets in Southeast Asia, Europe, and North America where demand for efficient design software is high.
Implications for the AI Sector
Manycore’s successful debut is a positive signal for other Chinese AI companies considering public listings. It demonstrates that the market values deep vertical integration and proprietary data moats. While companies developing general-purpose models face intense competition and massive compute costs, vertical AI players like Manycore can achieve profitability by solving specific, high-value problems for enterprise clients.
The listing also aligns with broader trends in the Chinese tech ecosystem, where companies are increasingly focusing on “AI+” applications—integrating artificial intelligence into traditional industries to drive efficiency and innovation. As Tencent open-sources its HY-World 2.0 3D generation model, the spatial intelligence sector is rapidly heating up.
By securing public market capital, Manycore Tech has solidified its position in this emerging field, setting the stage for the next phase of AI-driven spatial computing.