Manycore Tech Inc.

Date of Prospectus: April 9, 2026

Manycore Tech Inc. IPO: In-Depth Investor Analysis, Offer Structure, and Market Outlook

Manycore Tech Inc. is set to launch one of the most closely watched Hong Kong IPOs of 2026, offering investors a stake in a high-growth, technology-driven company with deep institutional backing and a multi-year expansion strategy. This article presents a comprehensive, data-driven analysis for institutional and retail investors, based entirely on the official offering document.

IPO Snapshot

Manycore Tech Inc. is offering shares on the Main Board of the Stock Exchange of Hong Kong, with an indicative price range and robust deal structure aimed at both institutional and retail investors.

Offer Price Range: The offer price per share is set between HK\$6.72 and HK\$7.62.
Total Offer Size: At the high end, the IPO will raise approximately HK\$1.22 billion (160,619,000 shares x HK\$7.62).
Post-IPO Share Capital: 1,700,106,840 shares outstanding (assuming the Over-allotment Option is not exercised).
Market Capitalization: HK\$11.4 billion (low end) to HK\$13.0 billion (high end).

Listing Date: Dealings in the shares are expected to commence on Friday, April 17, 2026.

Use of Proceeds

Manycore Tech Inc. is directing the IPO proceeds toward expansion and growth, with a focus on business expansion, capital expenditures, and working capital.
– Growth-Driven Story: The use of funds is for business expansion, capital expenditures, and general working capital requirements. Approximately 81.5% of pre-IPO investment proceeds have already been utilized for similar purposes, signaling a consistent, forward-looking capital allocation strategy.
– No debt repayment is highlighted, reinforcing the focus on scaling and R&D.

Placement/Issuance Breakdown

• Public Offering: The IPO is split between a Hong Kong Public Offering and an International Offering.
• Employee/ESOP Allocation: Substantial pre-IPO and post-IPO equity incentive plans are in place, with up to 154,369,309 shares under pre-IPO options (9.08% of post-IPO shares). No further options will be granted under pre-IPO plans after listing.
• Cornerstone/Anchor Investors: Pre-IPO investors include IDG, Hillhouse, and Shunwei.

Dividend Policy

No explicit dividend commitment or payout ratio is stated in the offering document.

Timetable

• Hong Kong Public Offering Opens: 9:00 a.m., Thursday, April 9, 2026
• Application Deadline (White Form eIPO): 11:30 a.m., Tuesday, April 14, 2026
• Application Lists Open: 11:45 a.m., Tuesday, April 14, 2026
• Final Offer Price Determination: On or before Wednesday, April 15, 2026, no later than 12:00 noon
• Listing Date: Friday, April 17, 2026

Investor Participation & Book Quality

Manycore Tech boasts a high-quality investor base with multiple rounds of pre-IPO institutional participation, highlighting confidence in the company’s prospects.

• Cornerstone Investors: IDG, Hillhouse, and Shunwei are among the notable pre-IPO investors.
• Pre-IPO Investment Details: Multiple rounds since inception, with additional capital, strategic guidance, and improved corporate governance contributed by these investors.
• Pre-Listing Disposals/Lock-Ups: Major pre-IPO investors are subject to a six-month lock-up period from the listing date. No special rights will survive after listing.

Book Quality Assessment: The presence of top-tier institutional investors, a robust ESOP allocation, and a large public float (35.34%) all indicate strong demand and a well-supported book. Pre-IPO rounds were completed at significant discounts to the offer price, suggesting considerable upside realized by early backers and potential ongoing demand at IPO levels.

Deal Parties & Structure

The IPO is led by some of the world’s most reputable investment banks and financial institutions, signaling robust execution and post-listing support.

• Joint Sponsors: J.P. Morgan Securities (Far East) Limited and CCB International Capital Limited
• Global Coordinators, Joint Bookrunners & Lead Managers: The full roster is named in the prospectus, with the above as lead banks.
• Underwriters: International Underwriters and Hong Kong Underwriters as detailed in the offering document.
• Stabilization/Greenshoe: An Over-allotment Option (greenshoe) of up to 24,092,500 shares (15% of the offer) is available to cover over-allocation and support the aftermarket. J.P. Morgan Securities plc may conduct stabilizing transactions.

Inferred Listing-Day Support: The involvement of J.P. Morgan, CCB International, and other global coordinators, combined with a stabilization mechanism, is highly likely to support share price stability and liquidity in the early trading days.

Company Overview

Manycore Tech Inc. offers technology solutions with a business model focused on scalable software and infrastructure for enterprise and cloud customers.

• Business Model: Revenue is generated from software exports and related services, primarily outside the United States, with less than 1% of revenue from the U.S. annually.
• Industry/Sector: Technology, with a focus on scalable infrastructure, software development, and enterprise IT solutions.
• Geographies: Global reach with a flexible expansion strategy; core infrastructure (servers, chips) not sourced from the U.S.

Financial Health

Manycore Tech Inc. exhibits high revenue growth but has experienced negative cash flows from operating activities, primarily due to pre-tax losses and working capital requirements. The company is in a growth and investment stage, as seen in the following summary financials and ratios:

Key Balance Sheet Figures: At listing, the company will have 1,700,106,840 shares outstanding, with HK\$0.55–HK\$0.64 in unaudited pro forma adjusted consolidated net tangible assets per share.
Debt Levels: No material disclosures of significant debt or interest coverage issues.
Capex/Working Capital: High investment in business expansion and capital expenditures.

Market Position and Competitive Advantages

• Brand Strength: Attracting top-tier global investors and strategic partners.
• Competitive Advantages: Flexible global expansion, non-U.S.-dependent supply chain, and scalable business model.

Management Team

Names and roles of directors and senior management are disclosed in the prospectus, with backgrounds indicating substantial experience in technology and finance.

Trends, Timing & Environment

The IPO is timed amid dynamic global technology sector conditions and ongoing U.S.–China trade tensions.

• Sector Trends: Global demand for cloud, infrastructure, and scalable enterprise technologies continues to increase. Manycore Tech Inc. is positioned to capitalize on these trends.
• Macro Environment: The company’s supply chain is shielded from U.S. trade tariffs, as core components are not U.S.-sourced and software exports were not subject to tariffs during the track record period.
• IPO Timing: The offer window is April 9–14, 2026, with listing on April 17, 2026.
• Recent Developments: The company withdrew a proposed U.S. listing after addressing SEC comments, turning focus to the Hong Kong market.

Market Conditions Inference: Given strong sector growth, favorable regulatory positioning, and a flexible expansion strategy, the environment appears conducive for the IPO.

Prospectus Deep Dive

Key Risk Factors

• Operating Losses: The company has negative cash flow from operations and net losses due to heavy investment in growth.
• Regulatory Risks: Subject to Hong Kong and PRC regulatory compliance, including strict rules on listing and equity incentive disclosures.
• Equity Incentive Dilution: Up to 9.08% of post-IPO shares under pre-IPO ESOP, with potential dilution of 5.44% if all exercised.
• Related-Party Transactions: Continuing connected transactions via contractual arrangements, with status updates required in annual reports.
• Geopolitical/Trade Risk: U.S.–China trade tensions present ongoing uncertainty, but limited direct impact on the company during the track record period.
• Other Risks: Investment heavily in R&D and expansion could pressure short-term profitability. Forward-looking statements are subject to material risks and uncertainties.

Growth Strategy

• Expansion: IPO proceeds are targeted at expansion, capital expenditures, and working capital, supporting a high-growth agenda.
• New Products/Markets: The company maintains a flexible approach to entering new markets and adjusting to geopolitical conditions.
• M&A/Capex Pipeline: No material acquisitions or disposals during the track record period; focus remains on organic growth.
• Equity Incentive Plans: Both pre- and post-IPO plans are designed to attract and retain talent, aligning interests with long-term growth.

Ownership & Lock-Ups

• Pre- and Post-IPO Shareholding: Major shareholders include Wintermatch International Limited, Ineffable International Limited, IDG entities, and others. Post-IPO, 64.66% of shares will be held by these groups and not counted as public float.
• Public Float: 35.34% of shares will be in public hands, exceeding HKEX requirements.
• Lock-Up Periods: Six-month lock-up for pre-IPO investors; ESOPs subject to detailed waivers and exemptions, with all grantee details available for inspection.
• ESOPs: 154,369,309 shares under pre-IPO options (9.08% of post-IPO shares); no further grants after listing under pre-IPO plans.

Valuation and Peer Comparison

No peer company symbols or direct peer financials are provided in the prospectus, so cross-company valuation tables are omitted.

Post-IPO Valuation: At the top end of the price range, the company will be valued at HK\$13.0 billion, with net tangible assets per share of HK\$0.64.

Listing Outlook

Manycore Tech Inc.’s IPO is strongly positioned for a robust debut, supported by:

• Top-tier institutional and cornerstone investors
• Highly reputable global coordinators and underwriters
• Clear focus on growth, with capital directed at expansion and talent retention
• Strong compliance with Hong Kong regulatory requirements
• A substantial public float and proactive stabilization mechanism

Inference on Subscription and Pricing: With a high-quality institutional book, large ESOP, and international retail participation, the IPO is likely to be well-subscribed. First-day performance is expected to be strong, likely opening at or above the offer price, supported by stabilization facilities and market demand. The likely trading range should remain robust absent negative sector or macro shocks.

How to Apply

Application Channels:

• Online via the White Form eIPO service at www.eipo.com.hk
• Electronically through the HKSCC EIPO channel by instructing your broker or custodian who is an HKSCC Participant to give electronic application instructions via the HKSCC’s FINI system

Application Window: From 9:00 a.m. April 9, 2026 to 12:00 noon April 14, 2026 (final times by channel may differ; contact your broker or custodian for specifics).
Eligibility: Applicants must be 18 or older, have a Hong Kong address (for White Form eIPO), and not be U.S. persons or PRC persons (except qualified domestic institutional investors).

Prospectus Access

The official prospectus and related documents are available at:
www.hkexnews.hk
www.manycoretech.com