"Hangzhou Six Dragons" First Stock: Qunhe Technology Receives Over 1,000-Fold Subscription of New Stock, Plans HKEX Listing on April 17

Qunhe Technology concluded its Hong Kong stock IPO with an oversubscription of over 1,000 times, becoming one of the most anticipated new stocks in the recent Hong Kong AI sector, and will officially list on the Hong Kong Stock Exchange on April 17.

Prospectus data shows that Qunhe Technology's public offering received approximately 1,071-fold oversubscription, with subscription proceeds reaching 13.12 billion HKD. The maximum share price for this IPO is 7.62 HKD, with expected total fundraising not exceeding 1.227 billion HKD.

Qunhe Technology, along with DeepSeek, Unitree Robotics, Game Science, Deep Robotics, and BrainCo, is known as Hangzhou's "Six Dragons." This company's leading entry into the capital market marks the formal commencement of the capitalization process for this group of technology enterprises. For investors, Qunhe Technology's listing performance will serve as a key benchmark for assessing the overall capital market value of the "Six Dragons" group.

Diverse Cornerstone Lineup, Insurance Giants and Public Funds Join Forces

For this IPO, Qunhe Technology introduced nine institutional cornerstone investors, including Taikang Life Insurance, Sunshine Life Insurance, GF Fund, Redwood, Mirae Asset, Wusong Capital, Hesai HK, Guohui Hong Kong, and Huaying Construction. Together, they subscribed to approximately 455 million HKD, covering various institution types such as insurance companies, public funds, private equity firms, international asset managers, and industrial capital.

Prior to the IPO, Qunhe Technology had already secured investments from well-known institutions including GGV Capital, Shunwei Capital, IDG Capital, Hillhouse Venture Capital, and Matrix Partners.

The global offering plan involves issuing approximately 161 million shares, with 16.062 million shares allocated to the Hong Kong offer and 145 million shares to the international offer, representing 10% and 90% of the total global offering respectively. An additional oversubscription privilege of approximately 15% is also available. JPMorgan and CICC are acting as joint sponsors.

"Global First Stock in Spatial Intelligence"

Qunhe Technology is poised to become the first listed stock in the global spatial intelligence sector.

The company's core assets include Coohom, China's largest spatial design platform, and its overseas version, Coohom. It has also launched SpatialVerse, a spatial intelligence solution designed for AI development in indoor environments, applicable to embodied AI training and virtual environment scenarios such as e-commerce product display.

In 2025, Qunhe Technology further expanded its product boundaries, successively releasing the SpatialLM spatial language model, the SpatialGen spatial generation model, and the Aholo spatial intelligence open platform. It also entered the AI video generation field by launching the LuxReal AI video generation application. Currently, the company has established partnerships with Agibot Robotics, PICO, Hesai Technology, and Huace Film & TV, with business coverage spanning interior design, e-commerce, embodied intelligence, film and television, and XR.

Revenue Achieves Scale but Losses Persist; Funds Focus on International Expansion and R&D

Financially, while Qunhe Technology has achieved a certain scale of revenue, profitability remains a focal point for the market. In the first half of 2025, the company generated revenue of 399 million yuan, with a net loss of 226 million yuan during the same period.

According to the IPO plan, the raised funds will be primarily used for international market expansion, product iteration and core technology R&D, domestic market promotion, and working capital supplementation. International expansion is highlighted as a key direction, with the company's overseas platform Coohom laying the foundation for its global layout.

"Six Dragons" IPO Race, Business Models Undergoing Testing

With Qunhe Technology leading the listing, other members of the "Six Dragons" are also actively advancing their capitalization processes.

Unitree Robotics' STAR Market IPO has been accepted, though the listing timeline remains uncertain. Deep Robotics submitted IPO coaching materials to the Zhejiang Securities Regulatory Bureau in December 2025, with the coaching period expected to conclude between April and June 2026, potentially taking the first step toward an A-share application by mid-year. Meanwhile, BrainCo is reported to have secretly submitted an IPO application to the Hong Kong Stock Exchange.

Qunhe Technology formally filed its application with the Hong Kong Stock Exchange in February 2025, completing the listing process in about a year, and received the Notice of Filing for Overseas Issuance and Listing from the China Securities Regulatory Commission on February 13, 2026. For the entire "Six Dragons" group, going public not only means expanding financing channels but also represents a public test of the sustainability of their respective business models.