HK Recently Listed Stocks Watch | MANYCORE TECH (00068.HK) nearly 60 million cornerstone shares to be unblocked on 17 October, open-sources physical semantics model UniPhysGen with Zhejiang University

NewTimeSpace News, on 21 September 2026, spatial intelligence shares traded with volatility and pulled back while MANYCORE TECH (00068.HK) weakened. As of 14:10, the company quoted HKD 8.425, down 0.71%.

On the news front, on 16 September 2026, media reports said MANYCORE TECH and Zhejiang University jointly released and open-sourced the unified physical semantics generation model UniPhysGen, together with the training dataset UniPhys-40K and the benchmark UniPhys-Bench, with the model and data resources now available on Hugging Face and GitHub. Rather than generating new object assets, the model takes 3D geometry as input to complete physical attributes such as part semantics, materials, density and friction for existing 3D assets, and can infer part structures and joint movements, so that static models become simulatable and interactive after verification.

In addition, on 20 September, the Institute for Global Private Equity, Tsinghua University and T-Capital released a joint announcement that a forum themed "Paradigm Shift: Frontier Breakthroughs in World Models and the New Landscape of the Embodied Intelligence Industry", which they jointly hosted, was held at Tsinghua University, covering core links including data engines, 3D generation, embodied intelligence and physical world foundation models.

MANYCORE TECH (00068.HK) listed on the Main Board of the Hong Kong Stock Exchange on 17 April 2026 at an offer price of HKD 7.62, with 160,616,000 shares issued.

Regarding its shareholding structure, the lock-up undertakings of the company's controlling shareholders, Pre-IPO investors, existing shareholders and nine cornerstone investors are all for six months, with the nearest lock-up expiry falling on 17 October 2026, when 1,599,100,000 shares held by these parties will be released from lock-up, equal to 92.64% of the company's total issued share capital. The nine cornerstone investors subscribed for a total of 59,646,500 shares, representing 37.14% of the shares under the global offering and 3.51% of the company's total issued share capital immediately after completion of the global offering.

In terms of financial performance, the company disclosed its first interim results after listing on 27 August 2026. For the first half of 2026, revenue was RMB 405 million, up 1.5% year on year; gross margin was 83%, compared with 82.1% a year earlier; loss for the period was RMB 146 million, compared with RMB 226 million a year earlier; and adjusted net profit was RMB 55.421 million, up 210.9% year on year. Revenue from new AI applications and products was RMB 31 million, up 177% year on year, while professional services revenue was RMB 11.8 million, up 29.3% year on year.

MANYCORE TECH (00068.HK) focuses on cloud-native spatial design software and spatial intelligence services. It owns the spatial design platform Kujiale and its overseas version Coohom, and has launched the physical data engine SpatialVerse, the spatial intelligence platform Aholo and the AI video creation platform LuxReal, with a model matrix covering SpatialLM for spatial understanding, SpatialGen for scene generation and Lux3D for 3D asset generation. Based on 2024 revenue, it is China's largest spatial design software provider with a 23.2% market share, with products and services applied in spatial design, 3D content creation, agent training and industrial digital twins.

GUOSHENG FINANCE noted that MANYCORE TECH's core products are Kujiale and its overseas version Coohom, providing 3D design, real-time rendering, BIM modelling and design-to-production tools for individual designers and corporate customers in home furnishing, custom furniture, office and retail, with 463,600 paying customers as of the end of 2025 and a material library of more than 480 million 3D models and spatial design elements; the company's spatial intelligence business has initially formed a growth flywheel of models, platform and applications, with SpatialLM, SpatialGen and Lux3D covering spatial understanding, scene generation and 3D asset generation at the model level, Aholo accessing real-world spatial data from images, video, cameras, drones and LiDAR and providing spatial reconstruction and API output capabilities at the platform level, and SpatialVerse providing synthetic data for model training and simulation at the application level. The institution estimates that South Korea and Southeast Asia offer about 290,000 potential paying accounts, corresponding to a market of about USD 174 million.

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