Manycore Tech saw its stock rally persist into the second trading session after a striking initial public offering in Hong Kong. The company's shares, which more than doubled on their debut, climbed as much as 60% to HK$29.8 as of 04:45 GMT on Monday, extending the sharp gains recorded last week.
Those Monday gains build on a jump of over 140% from Manycore's IPO price of HK$7.62 to its closing level on Friday, which was around HK$18.60. The first-day surge exceeded 100% and set the tone for the stock's continued upward momentum into the next trading session.
In its offering, Manycore raised about HK$1.2 billion, or roughly $160 million, marking one of the more notable technology-sector debuts in Hong Kong this year amid renewed activity in tech listings. Market participants have pointed to enduring investor interest in companies tied to artificial intelligence as a driver of enthusiasm around new listings.
Manycore develops AI-powered spatial design platforms, including products such as Kujiale. The company is frequently described as a participant in China's emerging "spatial intelligence" segment, which applies next-generation artificial intelligence to spatial design and related applications. The stock's performance in its first two sessions highlights strong market demand for firms associated with AI themes, mirroring outsized initial moves seen in other recent Hong Kong technology listings.
While the surge underscores investor appetite for AI-linked companies, the pace of the stock's rise reflects heightened market interest specifically at the point of listing. Observers have noted the notable fundraising achieved at the IPO and the rapid price appreciation that followed, both on the first trading day and into the subsequent session.
Market snapshot:
- IPO price: HK$7.62
- Friday close: around HK$18.60
- Monday intraday high: HK$29.8 (as of 04:45 GMT)
- Proceeds raised at IPO: about HK$1.2 billion ($160 million)