Yahoo Finance Manycore Tech Said to File for $200 Million Hong Kong IPO This Year
(Bloomberg) -- Manycore Tech Inc., a maker of 3D design software, is preparing to file for a Hong Kong initial public offering as soon as this year to raise as much as $200 million, people familiar with the matter said.
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Hangzhou, China-based Manycore has picked CCB International Holdings Ltd. and JPMorgan Chase & Co. for the deal, the people said, asking not to be identified as the information isn’t public. Deliberations are ongoing and the timing and size may change, they said.
Representatives for JPMorgan and Manycore declined to comment. CCBI didn’t respond to a request for comment.
Manycore filed for a US listing in 2021, then abandoned that plan after ride-hailing company Didi Global Inc.’s ill-fated New York debut. It would join a string of Chinese companies that decided to shift their IPO venue to Hong Kong.
The company, which started operations in 2011, operates Kujiale design software in China. Sister platform Coohom serves international markets. Manycore was loss-making in 2020, according to its US listing documents.
New listings in Hong Kong have raised $2.26 billion this year, a drop of about 14% from the same period last year and far below 2021 levels, according to data compiled by Bloomberg. Chinese authorities have voiced their support for industry leaders going public in Hong Kong.
--With assistance from Jessica Sui.
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