Manycore Tech Inc.

Manycore Tech Inc. (00068.HK) is a spatial design and spatial intelligence technology company headquartered in Hangzhou, whose products include Kujiale, and which the market has called “the world’s first spatial intelligence stock”. The company uses a red-chip VIE structure. On February 12, 2026, Manycore Tech received an overseas offering and listing filing notice issued by the Department of International Affairs of the China Securities Regulatory Commission; according to Caixin, this was the only overseas listing pass for a VIE-structured company issued since the start of 2026. On April 17, 2026, Manycore Tech listed on the Main Board of the Hong Kong Stock Exchange, and its share price surged 144% on its first day.

Manycore Tech’s listing came at a time of intense market attention to the regulatory stance on red-chip VIE structures. On March 17, 2026, Bloomberg reported that regulators were requiring Chinese companies seeking Hong Kong IPOs to dismantle their red-chip structures, and on the same day Hong Kong investment bankers denied the rumours. The China Securities Regulatory Commission responded that, since the new filing rules took effect in March 2023, regulators had focused on reviewing the necessity and compliance of setting up red-chip structures, that requiring some companies to dismantle their red-chip structures was “standard regulatory practice”, and that it had not wholly rejected the overseas listing route; the CSRC had also previously stated that VIE-structured companies meeting compliance requirements could list overseas after completing filing. According to Caixin, apart from Manycore Tech, in the more than two months up to April 17, 2026 the CSRC had issued no further filing notices for VIE structures and had not accepted any new applications; of the 470 domestic companies that had completed filing in the more than three years since the new filing rules came into force, only 28 had VIE structures, and the filing process for VIE-structured companies seeking indirect listing in Hong Kong took 475 days.