"The first stock of 'Hangzhou Six Little Dragons'! Qunhe Technology receives thousandfold oversubscription and plans to list on the Hong Kong Stock Exchange on April 17."

"The first stock of 'Hangzhou Six Little Dragons'! Qunhe Technology receives thousandfold oversubscription and plans to list on the Hong Kong Stock Exchange on April 17."

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Qunhe Technology's IPO on the Hong Kong stock exchange closed with an oversubscription exceeding a thousand times, making it one of the most high-profile new stocks in the recent Hong Kong AI sector, and it will officially be listed on April 17.

According to data from the share offering, Qunhe Technology's public offering was oversubscribed by about 1,071 times, with financing subscription amounting to HK$131.2 billion. The IPO is priced at a maximum of HK$7.62 per share, with the total expected fundraising not exceeding HK$1.227 billion.

Qunhe Technology, together with DeepSeek, Unitree Robotics, Game Science, Yunshenchu Technology, and QiangNao Technology, are known as the "Six Little Dragons of Hangzhou." Qunhe is the first to enter the capital market, marking the official start of this tech group’s capitalization process. For investors, Qunhe Technology's IPO performance will serve as an important benchmark in evaluating the overall capital market value of the "Six Little Dragons."

Diverse cornerstone lineup, insurance and mutual funds join in

For this IPO, Qunhe Technology brought in nine institutions as cornerstone investors, including Taikang Life Insurance, Sunshine Life Insurance, GF Fund Management, Redwood, Mirae Asset, Wusong Capital, Hesai HK, Guohui Hong Kong, and Huaying Construction, with a combined subscription of about HK$455 million, covering insurance capital, mutual funds, private institutions, international asset management, and industrial capitals.

Prior to the IPO, Qunhe Technology had already received investments from well-known institutions such as GGV Capital, Shunwei Capital, IDG Capital, Hillhouse Ventures, and Matrix Partners.

The global offering plans to issue about 161 million shares, with 16.062 million shares offered in Hong Kong and 145 million offered internationally, accounting for 10% and 90% of the total global offering, respectively, with an additional overallotment option of about 15%. JPMorgan and CCB International are joint sponsors.

"The world's first spatial intelligence stock"

Qunhe Technology is set to become the world’s first listed company in the field of spatial intelligence.

The company's core assets include the largest domestic space design platform, Kujiale, and its overseas version Coohom. It has launched spatial intelligence solutions, SpatialVerse, for AI development in indoor environments, applicable in embodied AI training and e-commerce product displays within virtual spaces.

In 2025, Qunhe Technology will further expand its product boundaries, successively releasing spatial language model SpatialLM, spatial generative model SpatialGen, and the Aholo spatial intelligence open platform, as well as venturing into AI video generation with the launch of the LuxReal AI video generation app. The company presently collaborates with companies like Zhiyuan Robotics, PICO, Hesai Technology, and Huace Film & TV, with business covering interior design, e-commerce, embodied intelligence, film and XR, and other sectors.

Revenue at scale but still loss-making; fundraising focuses on international expansion and R&D

Financially, Qunhe Technology's revenues have reached scale, but its profitability remains a focal point for the market. In the first half of 2025, the company achieved revenues of 399 million yuan, with a net loss of 226 million yuan for the same period.

According to the offering plan, the raised funds will mainly be used for international market expansion, product iteration and core technology R&D, domestic market promotion, and supplementing operating capital. International expansion is highlighted as a priority, with the overseas platform Coohom laying the foundation for global deployment.

"Six Little Dragons" race for IPO, business models under scrutiny

Qunhe Technology is the first to list, with other "Six Little Dragons" members actively advancing capitalization processes.

Unitree Robotics has received acceptance for its IPO on the STAR Market, though its listing schedule remains uncertain; Yunshenchu Technology submitted IPO counseling materials to Zhejiang Securities Regulatory Bureau in December 2025, with counseling expected to conclude between April and June 2026, marking the earliest possible A-share IPO application mid-year; QiangNao Technology has reportedly secretly submitted its IPO application to the Hong Kong Stock Exchange.

Qunhe Technology formally submitted its listing application to the Hong Kong Stock Exchange in February 2025, completing its listing process in about one year, and received the China Securities Regulatory Commission's overseas listing registration notice on February 13, 2026. For the entire "Six Little Dragons" group, listing not only means expanded financing channels, but is also an open test of each company's business model sustainability.

Risk Warning and DisclaimerThe market entails risk, investment requires caution. This article does not constitute personal investment advice and does not take into account individual investors’ specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article fit their particular circumstances. Investments based on this are at your own responsibility. ```