Tech Brief (April 10): Manycore Tech Launches Hong Kong IPO

Published: Apr. 10, 2026 1:18 p.m. GMT+8

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Manycore to list in Hong Kong

Manycore Tech Inc., a Chinese firm which operates what it claims is the world’s largest spatial design platform powered by artificial intelligence, launched its initial public offering Thursday and plans to list on the Hong Kong Stock Exchange on April 17 under the ticker 0068. The company aims to issue around 161 million shares globally at a maximum price of HK$7.62 apiece, expecting to raise up to HK$1.23 billion.

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Manycore Tech launches HKSE IPO on April 17 (ticker 0068), issuing 161M shares at max HK$7.62 to raise up to HK$1.23B.
China enforces Internet Platform Pricing Rules, curbing subsidies, vicious competition, exaggerated discounts, and merchant pricing interference.
Douyin refers >50 employees to police for bribery/fraud; Spacety raises 1.3B yuan ($190M) for satellite production/IPO.

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Who’s Who

Manycore Tech Inc.: Manycore Tech Inc., a Chinese firm operating the world's largest AI-powered spatial design platform, launched its IPO Thursday to list on the Hong Kong Stock Exchange on April 17 under ticker 0068. It aims to issue 161 million shares at up to HK$7.62 each, raising up to HK$1.23 billion.

ByteDance Ltd.: ByteDance Ltd.'s Douyin Group handed over >50 employees to judicial authorities in 2025 for suspected crimes like commercial bribery, fraud, and embezzlement. It disciplined staff in 24 cases across e-commerce, local services, and advertising, and blacklisted 23 partner companies.

Douyin Group: Douyin Group, ByteDance's Chinese short-video platform, handed over more than 50 employees to judicial authorities in 2025 for suspected criminal offenses like commercial bribery, fraud, and embezzlement. It disciplined staff in 24 cases across e-commerce, local services, and advertising units, and permanently blacklisted 23 partner companies.

Spacety Co. Ltd.: Spacety Co. Ltd., a Chinese commercial satellite developer, raised 1.3 billion yuan ($190 million) in equity financing from investors including Wuxi Liangxi Sci-Tech Innovation Phase II Fund, Turing Ventures, Puhua Capital, China Reform Securities Capital Co. Ltd., and Xiangjiang State Capital Investment. Funds will scale production, optimize manufacturing, cut costs, and boost satellite data services commercialization ahead of an IPO.

Turing Ventures: Turing Ventures participated as an institutional investor in Spacety Co. Ltd.'s 1.3 billion yuan ($190 million) equity financing to scale production, cut costs, and advance satellite data commercialization and IPO plans.

Puhua Capital: Puhua Capital participated as an institutional investor in Spacety Co. Ltd.'s 1.3 billion yuan ($190 million) equity financing to scale production, optimize manufacturing, cut costs, and advance satellite data commercialization and IPO plans.

China Reform Securities Capital Co. Ltd.: China Reform Securities Capital Co. Ltd. participated as an institutional investor in Spacety Co. Ltd.'s 1.3 billion yuan ($190 million) equity financing round to scale production and advance IPO plans.

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