Qunhe Technology (stock code: "00068"), one of the six little dragons in Hangzhou, started its IPO on April 9th and is preparing to be listed on the Hong Kong Stock Exchange on April 17th, 2026.
The issuance range of Qunhe Technology is between HKD 6.72 and HKD 7.62, with a planned issuance of 160.6 million shares. If priced at the median and excluding over allotment options, the estimated net fundraising amount is approximately HKD 1.024 billion.
The cornerstone investors of Qunhe Technology are Taikang Life Insurance, Sunshine Life Insurance, Guangfa Fund, Redwood under Hongyi Investment, Mirae Asset Securities, Wusong Capital, Hesai HK (Hesai Technology), Guohui Hong Kong, and Huaying Construction, with a total subscription of 58 million US dollars (approximately 454 million Hong Kong dollars).
Taikang Life Insurance subscribed for $13 million, Sunshine Life Insurance subscribed for $10 million, and Guangfa Fund and Redwood, a subsidiary of Hongyi Investment, subscribed for $8 million each;
Mirae Asset Securities、 Wusong Capital subscribed for 5 million US dollars each, while Hesai HK (Hesai Technology), Guohui Hong Kong, and Huaying Construction subscribed for 3 million US dollars each.
Once listed, Qunhe Technology will become the "number one global space intelligence stock" and the earliest among the six small dragons in Hangzhou to be listed on the capital market.
Currently, Yushu Technology has also submitted its prospectus and is preparing to go public on the Science and Technology Innovation Board.
Annual revenue of 820 million, adjusted net profit of 57.13 million
Qunhe Technology was established in 2011, and the company has built a spatial intelligent flywheel called "Spatial Editing Tool Spatial Data Spatial Large Model", which is applied in 3D spatial design, e-commerce 3D AI design, industrial digital twin, intelligent agent training and other scenarios, accelerating the entry of artificial intelligence into the physical world.
Qunhe Technology owns the spatial design software Kujiale, the overseas version product Coohom, and the next-generation spatial intelligence solution Qunhe Spatial Verse for indoor environment AI development.
As of December 31, 2025, the total number of customers of Qunhe Technology is 463591, including 47416 enterprise customers, 424 large customers, and 416175 individual customers.
According to the prospectus, Qunhe Technology's revenue for 2023, 2024, and 2025 will be 664 million yuan, 755 million yuan, and 820 million yuan, respectively; The gross profit is 509 million yuan, 610 million yuan, and 674 million yuan respectively; The gross profit margins are 76.8%, 80.9%, and 82.2%, respectively.
The operating profits of Qunhe Technology in 2023, 2024, and 2025 will be RMB 293 million, RMB 116 million, and RMB 18.57 million, respectively; The operating profit margins are -44.3%, -15.3%, and 2.3%, respectively; Qunhe Technology will incur losses of 646 million yuan, 513 million yuan, and 428 million yuan in 2023, 2024, and 2025, respectively, of which 445 million yuan will be recorded as a change in the book value of redemption liabilities in 2025.
The adjusted net profits of Qunhe Technology in 2023, 2024, and 2025 are -242 million yuan, -70.05 million yuan, and 57.13 million yuan, respectively.
As of December 31, 2025, Qunhe Technology held cash and cash equivalents of 357 million yuan.
The founder is from Nvidia Hillhouse and Shunwei is a shareholder
The executive directors of Qunhe Technology are Huang Xiaohuang, Chen Hang, Zhu Hao, and Shen Bei; The non-executive directors are Fu Jixun and Tan Zhiqian respectively; The independent non-executive directors are Ms. Chen Lianqing, Ge Ke, and Yang Guoan.
Prior to the IPO, Huang Xiaohuang held 15.46% of the shares through Wintermatch International Limited, Chen Hang held 11.04% through Ineffable International Limited, Zhu Hao held 4.22% through Peekaboo International Limited, and Wide Future Group Limited held 3.67%;
Mountain Glacier Investments holds 1.1%, Aquanauts 3820 III L.P holds 0.17%, IDG Technology Venture Investment IV holds 7.79%, IDG Technology Venture Investment V, L.P holds 5.1%, and New Gultar Limited holds 1.16%;
GGV Capital VL. P holds 11.11% of the shares, GGV Capital V Entrepreneurs Fund holds 0.41% of the shares, MPC III L.P holds 2.63% of the shares, MPC III-AL. P holds 0.29% of the shares, Shanghai Yuanyan Enterprise Management Consulting Partnership (Limited Partnership) holds 1.02% of the shares, Shunwei Growth III (Shunwei) holds 8.66% of the shares, and Astrend Opportunity III Alpha Limited under Shunwei holds 1.09% of the shares;
HH SUM-I Holdings Limited, a subsidiary of Hillhouse, holds 12.6% of the shares, HES VENTURES I, INC holds 1.34%, HEARST VENTURES INC holds 0.9%, Planetree Partners I holds 1.05%, EXC Investment holds 0.45%, Planetree EXC Investment LLC holds 0.62%, CoatuePE Asia 36 holds 3.49%, and CoatuePE Asia 73 holds 3.26%. QINGTING INVESTMENT PTE. LTD. holds 1.25% of the shares.
After the IPO, Huang Xiaohuang held a 14% stake through Wintermatch International, Chen Hang held a 10% stake through Ineffable International Limited, Zhu Hao held a 3.82% stake through Peekaboo International Limited, and Wide Future Group held a 3.33% stake;
Mountain Glacier Investments holds 1% of the shares, Aquanauts 3820 III L.P holds 0.16%, IDG Technology Venture Investment IV holds 7.06%, IDG Technology Venture Investment V, L.P holds 4.62%, and New Gultar Limited holds 1.05%;
GGV Capital VL. P holds 10.06% of the shares, GGV Capital V Entrepreneurs Fund holds 0.37% of the shares, MPC III L.P holds 2.38% of the shares, MPC III-AL. P holds 0.26% of the shares, Shanghai Yuanyan Enterprise Management Consulting Partnership (Limited Partnership) holds 0.92% of the shares, Shunwei Growth III (Shunwei) holds 7.84% of the shares, and Astrend Opportunity III Alpha Limited under Shunwei holds 0.98% of the shares;
HH SUM-I Holdings Limited, a subsidiary of Hillhouse, holds 11.41% of the shares, HES VENTURES I, INC holds 1.22% of the shares, HEARST VENTURES INC holds 0.82% of the shares, Planetree Partners I holds 1.05% of the shares, EXC Investment holds 0.41% of the shares, Planetree EXC Investment LLC holds 0.56% of the shares, CoatuePE Asia 36 holds 3.16% of the shares, CoatuePE Asia 73 holds 2.95% of the shares, QINGTING INVESTMENT PTE. LTD. holds 1.13% of the shares, Linear Venture holds 0.09% of the shares, and public shareholders hold 9.45% of the shares.
