Qunhe Technology, one of the 'Six Little Dragons of Hangzhou,' has launched its IPO!
On February 14, ManycoreTechInc., the holding company of Hangzhou Qunhe Information Technology Co., Ltd. (hereinafter referred to as "Qunhe Technology"), officially submitted a listing application to the Hong Kong Stock Exchange, with JPMorgan and China Jianyin Investment as co-sponsors. If successful in landing on the Hong Kong Stock Exchange, Qunhe Technology is expected to become the "Global First Stock in Spatial Intelligence."
Since its establishment, Qunhe Technology has received investments from several well-known Institutions including IDG Capital, GGV Capital, Shunwei Capital, Yunqi Capital, Jingwei Venture Capital, Linear Capital, Hearst, Pavillion, Hillhouse Capital, and Coatue.
Among the 'Six Little Dragons,' it is the first to initiate the IPO process.
With Qunhe Technology submitting its listing application to the Hong Kong Stock Exchange, it has become the first company among the 'Six Little Dragons of Hangzhou' to initiate the IPO process.
Qunhe Technology was co-founded by Huang Xiaohuang, Chen Hang, and Zhu Hao in 2011. Wang Peijun, the brand PR leader of Qunhe Technology, revealed in an interview with the Securities Times that the company's founders were attracted back to China by a recommendation from relevant government personnel from Zhejiang Province while they were studying for their Master's degrees in the USA. After comparing several domestic cities, they ultimately chose to settle in Hangzhou.
As a spatial intelligence enterprise based on AI technology and dedicated GPU clusters, Qunhe Technology has built a physically accurate world simulator. Over the past few years, Qunhe Technology has focused on spatial cognition-related technologies and officially launched a multi-modal CAD large model based on three-dimensional space last year, capable of training complex models through realistic virtual simulations. These technological accumulations are now widely applied in real-time rendering in indoor spatial scenarios, industrial production manufacturing, and virtual physical world training, among other scenarios.
According to the prospectus, the net proceeds from Qunhe Technology's global offering will be used to implement its international expansion strategy; enhance products and extend their application to new verticals and business scenarios; expand the sales team and enhance brand awareness; invest in core technologies and infrastructure, and other purposes.
The prospectus shows that Qunhe Technology has maintained steady growth in revenue in recent years, increasing from 0.601 billion yuan in 2022 by 10.5% to 0.664 billion yuan in 2023. In the first nine months of 2024, Qunhe Technology achieved revenue of 0.553 billion yuan, a year-on-year increase of 13.8%. The gross margins for 2022, 2023, and the first nine months of 2024 for Qunhe Technology were 72.7%, 76.8%, and 80.4%, respectively.
The business started with space design and visualization.
According to reporters, Qunhe Technology's business focus began with space design and visualization. According to Frost & Sullivan, based on the average monthly active users (MAU) in 2023, Qunhe Technology is the largest space design platform in the Global arena; based on revenue in 2023, the company is also the largest space design software provider in China, accounting for approximately 22.2% of the market share. In 2024, Qunhe Technology had an average of 86.3 million monthly active visitors.
Specifically, the products include space design software CoolJia, the overseas version Coohom, and the next-generation spatial intelligent solutions for indoor environment AI development, known as the Qunhe Spatial Intelligence Platform (SpatialVerse).
Among these, CoolJia, as the company's flagship product, is used for designing Residences, office buildings, retail chains, and commercial projects while expanding to emerging purposes such as e-commerce product display. As of December 31, 2024, CoolJia contains over 0.362 billion 3D models and design elements. In addition to the rendering engine which facilitates the design process, CoolJia can automatically convert detailed design data into instructions usable for production, which are then directly delivered to manufacturers for production. Meanwhile, Qunhe Technology has launched the Cool Space, equipped with plugin functions, featuring enhanced Building Information Modeling (BIM) capabilities, which can automatically generate engineering drawings, material calculation lists, and cost calculation tables based on 3D designs.
As of September 30, 2024, Qunhe Technology served 0.414 million individual customers and 0.0455 million corporate customers during the same period. As of September 30, 2024, the net revenue retention rate for major customers of Qunhe Technology was 114.1%, while the net revenue retention rate for individual customers was 96.0%.
Additionally, Qunhe Technology is accelerating its globalization process, with revenues generated from markets outside China by Coohom accounting for 11.3%, 6.0%, and 7.4% of total revenue in 2022, 2023, and the first nine months of 2024, respectively.
Positioning in the "spatial intelligence" wave.
It is worth noting that the SpatialVerse platform has built a vast and physically accurate dataset library, specifically designed for training complex models through realistic virtual simulations, positioning itself at the forefront of "Spatial Intelligence" technology.
In 2024, Stanford University professor Fei-Fei Li, known as the "AI goddess," explicitly identified spatial intelligence as the next significant milestone in AI development. She emphasized that spatial intelligence is not just about enabling AI to "see" the world but also about allowing AI to understand and interact with three-dimensional spaces, thereby achieving a leap from visual recognition to true understanding of the real world.
According to reports, SpatialVerse can provide precise 3D spatial synthetic virtual datasets for companies in fields like AIGC, embodied AI, AR/VR, robotics, and Other, helping to train complex models. This technology bridges the gap between digital simulation and physical reality, accelerating AI development while reducing testing costs in the real world.
Currently, Qunke Technology has accumulated three core technological capabilities: a specially built GPU infrastructure, advanced AI applications, and synthetic virtual data generation. According to Frost & Sullivan data, in 2024, the average time for Qunke Technology to process a typical 2K image decreased from 53 seconds in 2022 to 1.2 seconds, significantly lower than the industry average. By December 2024, approximately 29.6% of monthly active users utilized AI features in the product versions they subscribed to.
Behind this is Qunke Technology's strong R&D team. Founders Huang Xiaohuang, Chen Hang, and Zhu Hao have previously worked at companies including$NVIDIA (NVDA.US)$、$Microsoft (MSFT.US)$、$Amazon (AMZN.US)$Worked at globally renowned companies and research institutions such as the National Center for Supercomputing Applications in the USA, accumulating deep expertise in computer graphics and parallel computing. In addition, as of September 30, 2024, the research and development team at Qunkernel Technology has 615 personnel, accounting for 44.3% of the total staff.
"We are committed to providing physically accurate synthetic data solutions for Asia Vets embodied enterprises, creating a 3D interactive training platform for robots." Wang Peijun looks forward to this, "Before every humanoid robot enters thousands of households, it can complete virtual world training on our platform using our 3D interactive data, ensuring a better transition into the physical world."
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