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<IPO>MANYCORE TECH 2025 Overseas Rev. Hikes ~30%; Firm Aims to Expand Overseas, Help CN Firms Go Global
MANYCORE TECH (00068.HK), one of the Hangzhou Six Little Dragons, launched its IPO from today (9th) to 14 April, with expected net proceeds of approx. $1.024 billion, about 30% of ...
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<IPO>MANYCORE TECH 2025 Overseas Rev. Hikes ~30%; Firm Aims to Expand Overseas, Help CN Firms Go Global
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MANYCORE TECH (00068.HK)  -2.000 (-8.953%)   , one of the Hangzhou Six Little Dragons, launched its IPO from today (9th) to 14 April, with expected net proceeds of approx. $1.024 billion, about 30% of which will be used to implement its international expansion strategy.

CFO Shen Bei said that overseas revenue currently accounts for about 10% of total revenue, but the amount of overseas revenue has continued to increase in recent years. Last year, it rose approx. 28% YoY to about RMB74 million.

Related News JPM Initiates Coverage on MANYCORE TECH (00068.HK) with Neutral, TP HKD19; Clear Business Model but Elevated Valuation
The Company's products and technologies have expanded into markets including Japan, South Korea and North America, with hopes to use the fundraising proceeds to build a sales team and improve products, etc..

MANYCORE TECH's Vice President of Public Relations, Wang Peijun, said that, in terms of products and technology, the Company's core products have expanded to more than 200 regions worldwide, and has open-sourced underlying capabilities related to spatial intelligence.

Furthermore, the Company also aims to leverage its capabilities like 3D spatial design to help Chinese enterprises expand overseas, particularly in cross-border e-commerce.
(HK stocks quote is delayed for at least 15 mins.)

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