Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).</li>
<li>In this insight, we take a look at our updated flow estimates for June 2026 and index change expectations for September 2026.</li>
<li>We see five changes for the September 2026 index rebal event based on the latest available data.</li>
</ul>


The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
In this insight, we take a look at our updated flow estimates for June 2026 and index change expectations for September 2026.
We see five changes for the September 2026 index rebal event based on the latest available data.


Quiddity Leaderboard HSIII Jun26/Sep26: New Expected ADD/DEL Due to New Listing

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Manycore Tech raised up to ~US$150m in its Hong Kong IPO.</li>
<li>Manycore is a disruptive design and visualization platform powered by artificial intelligence (AI) technologies and purpose-built graphic processing unit (GPU) clusters.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>


Manycore Tech raised up to ~US$150m in its Hong Kong IPO.
Manycore is a disruptive design and visualization platform powered by artificial intelligence (AI) technologies and purpose-built graphic processing unit (GPU) clusters.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Aequitas: Manycore IPO Trading - Relatively Strong Retail and Insti Sub

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The core business model of Manycore is "cloud-native SaaS subscription + spatial intelligence solutions", and it is transforming from a simple software fee model to a platform-based capability output model.</li>
<li>Manycore’s moat is built on the basis of the triad of "technology + data + leading scenarios", but the core business is strongly correlated with the real estate cycle.</li>
<li>8-10x P/S can be regarded as a relatively conservative lower limit for valuation, while 12-15x P/S can be considered as an upper limit for valuation when market sentiment is optimistic.</li>
</ul>


The core business model of Manycore is "cloud-native SaaS subscription + spatial intelligence solutions", and it is transforming from a simple software fee model to a platform-based capability output model.
Manycore’s moat is built on the basis of the triad of "technology + data + leading scenarios", but the core business is strongly correlated with the real estate cycle.
8-10x P/S can be regarded as a relatively conservative lower limit for valuation, while 12-15x P/S can be considered as an upper limit for valuation when market sentiment is optimistic.


Pre-IPO Manycore Tech - (PHIP Updates) - The Business Model, the Concerns and the Outlook

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/manycore-tech-inc" target="_blank" data-smartkarma-citation="entities:46412:1" rel="noopener"></a>As one of the "Hangzhou Six Little Dragons", <a href="https://www.smartkarma.com/entities/manycore-tech-inc" target="_blank" data-smartkarma-citation="entities:46412:1" rel="noopener">Manycore Tech (68 HK)</a> will attract "dream" value in its IPO, which targets to raise HK$1.0bn of net proceeds.</li>
<li>This leading provider of cloud-native spatial design software in China will see a 3-year adjusted EPS CAGR of 86.2%, pricing at 40.8-46.3x FY26 PER based on its price range. </li>
<li>It is not cheap enough relative to A-share peers, and is pricy against the global peers (15.6x average). We will only go for it at the low end, i.e. HK$6.72.</li>
</ul>



As one of the "Hangzhou Six Little Dragons", Manycore Tech (68 HK) will attract "dream" value in its IPO, which targets to raise HK$1.0bn of net proceeds.
This leading provider of cloud-native spatial design software in China will see a 3-year adjusted EPS CAGR of 86.2%, pricing at 40.8-46.3x FY26 PER based on its price range. 
It is not cheap enough relative to A-share peers, and is pricy against the global peers (15.6x average). We will only go for it at the low end, i.e. HK$6.72.


Manycore Tech (68 HK) IPO: What Valuation Is Right?

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Manycore Tech launched its Hongkong IPO aiming to raise up to HK$1.2B (~ US$ 156M). It is a leading provider of cloud-native spatial design software in China.</li>
<li>Manycore Tech intends to use the IPO proceeds for international expansion strategy, enhance product capabilities, sales and marketing initiatives and technology enhancement.</li>
<li>Manycore Tech has inherent potential to scale itself up but the valuation that the company is seeking from this issue seems a tad bit overvalued. Investors can avoid for now.</li>
</ul>


Manycore Tech launched its Hongkong IPO aiming to raise up to HK$1.2B (~ US$ 156M). It is a leading provider of cloud-native spatial design software in China.
Manycore Tech intends to use the IPO proceeds for international expansion strategy, enhance product capabilities, sales and marketing initiatives and technology enhancement.
Manycore Tech has inherent potential to scale itself up but the valuation that the company is seeking from this issue seems a tad bit overvalued. Investors can avoid for now.


Manycore Tech IPO: Design Not Fullproof Enough For Investors To Take The Bet

China

Manycore Tech is a provider of spatial intelligence services, developing technologies for spatial data, tools, and models. Its platforms, including Kujiale and Coohom, support applications such as spatial design, 3D content creation, digital twins, and AI training. The company is headquartered in Hangzhou, China, and was founded in 2011.

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Manycore Tech (68 HK)

Quiddity Leaderboard HSIII Jun26/Sep26: New Expected ADD/DEL Due to New Listing

The universe for HSIII is the Hang Seng Composite Index (HSCI). As new IT-related companies get listed in Hong Kong, they might get added to HSCI...

Janaghan Jeyakumar, CFA

Aequitas: Manycore IPO Trading - Relatively Strong Retail and Insti Sub

Manycore Tech raised up to ~US$150m in its Hong Kong IPO. We have covered various aspects of the deal in our previous note. In this note, we will...

Nicholas Tan

Pre-IPO Manycore Tech - (PHIP Updates) - The Business Model, the Concerns and the Outlook

Based on IPO pricing of HK$6.72-7.62/share and 2026 revenue forecast, P/S is 10.7-12.16x, higher than our conservative lower limit valuation of 8...

Xinyao (Criss) Wang