Qunhe Technology secures overseas filing, the first listed company among the "Hangzhou Six Little Dragons" is approaching.

Qunhe Technology, one of the "Six Little Dragons of Hangzhou," is approaching a key milestone towards its Hong Kong IPO.

On February 13, Qunhe Technology received the Overseas Issuance and Listing Filing Notice from the China Securities Regulatory Commission, now only one step away from being listed.

Looking back at Qunhe Technology's path to capitalization, as the first IPO project among the "Six Little Dragons of Hangzhou," it has been exactly one year since the company officially submitted its listing application to the Hong Kong Stock Exchange in February 2025.

Investment bankers generally forecast that if the subsequent hearing goes smoothly, Qunhe Technology is expected to be officially listed in 2026, becoming the first listed company among the "Six Little Dragons of Hangzhou."

Qunhe Technology owns the space design platform "Kujiale," and the next-generation space intelligent solution—Qunhe Space Intelligence Platform "SpatialVerse," which is aimed at AI development for indoor environments and can be used for embodied AI training and virtual environments such as e-commerce product displays.

In 2025, Qunhe Technology also entered the AI video generation field by launching the AI video generation application LuxReal.

From a financial perspective, Qunhe Technology's current revenue has reached a significant scale, but it is still not profitable. Revenue in the first half of 2025 was 399 million yuan, with a net loss of 226 million yuan during the same period.

Apart from Deep Seek and Game Science, the other "Six Little Dragons of Hangzhou" are also actively preparing for IPOs.

In December 2025, robotics company Cloud Deep Technology officially submitted its IPO counseling materials to the Zhejiang Securities Regulatory Bureau.

According to the disclosed plan, the counseling period is expected to end between April and June 2026. This means that Cloud Deep Technology could take its first step towards an A-share IPO by mid-next year at the earliest.

Yushu Technology, which is also in the robotics sector, faces some uncertainty regarding its listing pace. The company completed its counseling in 2025 and publicly announced on overseas social platforms its expectation to submit its application in the fourth quarter of 2025, but as of now, there has been no substantive progress.

Brain-machine interface company Qiangnao Technology has reportedly secretly submitted an IPO application to the Hong Kong Stock Exchange.

For the "Six Little Dragons of Hangzhou," listing is not only the beginning of a capital feast, but also a test of the sustainability of their business models.

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