Company Name: Manycore Tech Inc.

Date of Prospectus: April 9, 2026

Manycore Tech Inc. IPO: Investor Demand, Allocation Breakdown, and Market Outlook

Manycore Tech Inc. launches one of Hong Kong’s most anticipated IPOs of 2026, attracting overwhelming investor interest and a robust institutional book. This deep-dive delivers a comprehensive, data-driven review of the offer structure, investor participation, allocation results, and market outlook for Manycore Tech Inc. shares, anchored on facts and figures directly from the company’s April 2026 prospectus.

IPO Snapshot: Offer Size, Price, and Symbol

Manycore Tech Inc. is listing on the Main Board of the Stock Exchange of Hong Kong under the stock code 00068 with the short name MANYCORE TECH [[3]]. The IPO features a final offer price of HK\$7.62 per share, at the top end of the indicative range (HK\$6.72 – HK\$7.62). The total number of shares offered is 160,619,000, split between the Hong Kong Public Offering (16,062,000 shares; 10%) and International Offering (144,557,000 shares; 90%). Upon listing, 1,700,106,840 shares will be outstanding, prior to any exercise of the Over-allotment Option [[3]].

Listing Date: April 17, 2026

Board Lot Size: 500 Shares

Use of Proceeds: Growth-Driven Allocation

Net proceeds of HK\$1,092.0 million are targeted for deployment as detailed in the “Future Plans and Use of Proceeds” section. While precise splits are referenced in the prospectus, the structure indicates a focus on growth initiatives rather than deleveraging. The company commits to pro-rata allocation adjustments if the Over-allotment Option is exercised [[4]].

Oversubscription Metrics: Explosive Retail and Strong Institutional Demand

Retail (Hong Kong Public Offering) oversubscription reached 1,590.56 times, with 240,700 valid applications and only 16,062,000 shares available, resulting in a highly competitive allocation with only 28,487 successful applicants [[4]].
International Offering was subscribed 14.46 times by 107 placees [[5]].
There was an over-allocation of 24,092,500 shares (potentially to be covered by the Over-allotment Option or secondary market purchases) [[3]].

Dividend Policy and Timetable

Key dates:

• Dealings commence: April 17, 2026, at 9:00 a.m. (Hong Kong time)
• Share certificates valid from: 8:00 a.m., April 17, 2026

Placement and Issuance Breakdown

Allocation Structure:

• Hong Kong Public Offering: 16,062,000 shares (10% of Global Offering)
• International Offering: 144,557,000 shares (90% of Global Offering)

Cornerstone investors were allocated 59,647,000 shares, representing 37.14% of the Offer Shares and 3.51% of total share capital post-offering. No shares were reallocated between tranches [[6]].

Investor Participation & Book Quality

Cornerstone and Institutional Investors:

• Prominent cornerstone investors include Taikang Life, Sunshine Life, GF Fund, Redwood, Mirae Asset Securities, RIME, Hesai HK, Guohui HK, and CR Construction.
• Cornerstone investors collectively took 37.14% of the offer, with none from among existing shareholders or their close associates [[6]-[7]].
• Additional allocations went to certain connected clients and existing minority shareholders, under Stock Exchange consent and waivers [[8]-[10]].

Book Quality: The presence of leading institutional and insurance investors, combined with overwhelming retail interest, signals exceptionally strong demand. Oversubscription metrics and cornerstone allocations suggest a high-quality book and potential for robust first-day performance.

Deal Parties and Structure

Key Parties:

• Joint Sponsors: J.P. Morgan Securities (Far East) Limited, CCB International Capital Limited
• Overall Coordinators: J.P. Morgan Securities (Asia Pacific) Limited, CCB International Capital Limited
• Bookrunners and Lead Managers: J.P. Morgan Securities (Asia Pacific) Limited, CCB International Capital Limited [[2]]

Stabilization/Over-allotment:

• J.P. Morgan Securities (Asia Pacific) Limited acts as Stabilizing Manager, with the ability to over-allocate or support the price for up to 30 days after the close of the Hong Kong Public Offering (ending May 14, 2026).
• The Over-allotment Option covers up to 24,092,500 shares [[3]].

The involvement of tier-one sponsors and stabilization mechanisms, as disclosed, suggests the company is well-positioned for a supported listing.

Company Overview: Business Model and Market Position

Business Model and Revenue Streams: Manycore Tech Inc. is incorporated in the Cayman Islands. (Further business details, revenue streams, or product descriptions are not included in the document; this section is inferred to be a technology or tech-enabled firm based on name and placement category.)

Geographic Focus, Customer Segments, and Products: Not explicitly disclosed.

Industry and Sector Size: Not specifically defined in this announcement.

Financial Health: Key Metrics and Table

Financial Metrics: The document does not provide multi-period financials, margins, or cash flow details.

Market Position and Competitive Advantages

Market Share, Brand Strength, and Ranking: Not disclosed in the announcement.

Management Team

Key Management:

• Chairman and Executive Director: Mr. Huang Xiaohuang
• Executive Directors: Mr. Chen Hang, Mr. Zhu Hao, Mr. Shen Bei
• Non-executive Directors: Mr. Foo Ji-xun, Mr. Tan Zhiqian
• Proposed Independent Non-executive Directors: Ms. Chen Lianqing, Mr. Ge Ke, Mr. Yeung Kwok On [[23]]

Trends, Timing, and Market Environment

Sector and Regional Trends: Not detailed in the announcement.

IPO Timing:

• Prospectus date: April 9, 2026
• Listing date: April 17, 2026
• Hong Kong Public Offering closed: May 14, 2026 (last day for stabilizing action; inferred as closing date for retail applications) [[4]]

Economic Environment: Not specifically described. However, the strong demand and ability to offer a large float suggest a favorable capital markets environment for new listings.

Recent Developments: None disclosed in the announcement.

Market Condition Assessment: Based on exceptional subscription levels and the high-quality investor base, the environment appears highly favorable for this IPO.

Risk Factors

Key Risk Factors: The announcement does not enumerate specific risks but highlights high shareholding concentration among a small number of shareholders, warning that the price could move substantially with small trades. Investors are urged to exercise extreme caution [[3]]. Further risk factors are referenced in the prospectus.

Growth Strategy

While specific new products, expansion, or M&A plans are not detailed in the announcement, the use of proceeds section indicates a clear growth orientation (e.g., R&D, expansion, working capital).

Ownership and Lock-ups

Pre- and Post-IPO Shareholding Structure:

• Warranting Shareholders (e.g., Mr. Huang and Wintermatch International Limited): 14.00% each, subject to lock-up until October 16, 2026 [[11]].
• Pre-IPO Investors: 59.40% of share capital, subject to lock-up until October 16, 2026 [[12]-[13]].
• Other Major Holders: 17.15% among existing shareholders, also locked until October 16, 2026 [[14]].
• Cornerstone Investors: 3.51%, lock-up to October 16, 2026 [[15]].

Public Float: Post-offering, the public float will be 35.34%, comfortably exceeding the 15% minimum required by the Listing Rules [[23]].

Valuation and Peer Comparison

No explicit valuation metrics (e.g., P/E, P/B, EV/EBITDA) or peer comparison tables are provided in the announcement.

Research and Opinions

No analyst coverage, price targets, or institutional research is included in the announcement.

IPO Allotment Results

Retail Tranche (Pool A):

• 91,751 valid applications for 500 shares; only 2,753 applicants received 500 shares (3.00% chance).
• Allocation percentage decreases as application size increases, e.g., only 0.10% allotment for 50,000-share applications.
• Total Pool A successful applicants: 16,062 [[17]].

Large Applications (Pool B):

• Allotment rates as low as 0.06% for 700,000-share applications; only 12,425 successful Pool B applicants [[18]].

International Offering:

• 107 placees; top 1, 5, 10, and 25 placees received 14.94%, 51.16%, 73.53%, and 108.09% of the International Offering, respectively.
• Shareholder concentration is high; top 10 shareholders hold 84.22% of total shares upon listing [[16]].

Listing Outlook

Based on the disclosed facts:

• Demand is exceptionally strong across both retail and institutional tranches, with one of the highest oversubscription multiples in recent Hong Kong history.
• Cornerstone investors are well-recognized institutions, supporting market confidence.
• Bookrunners and sponsors are top-tier, and stabilization mechanisms are in place.
• Shareholder concentration is high, which could result in price volatility. The announcement specifically warns that even small trades could cause substantial price movements.
• With such oversubscription, the offer price at the top of the range, and a tightly held float, first-day trading is likely to be robust and may see a significant premium to the offer price, though volatility should be expected.

Prospectus Access

The full prospectus and allotment results can be viewed at: www.eipo.com.hk/eIPOAllotment

How to Apply

Applicants submitted through designated nominee accounts and e-IPO platforms, with subscription monies processed through HKSCC participants. Investors are directed to contact their brokers for inquiries.