Qunhe Technology (群核科技), the operator of cloud-based spatial design platform Kujiale (酷家乐), went pub...

Qunhe Technology (群核科技), the operator of cloud-based spatial design platform Kujiale (酷家乐), went public on the Hong Kong Stock Exchange on April 17, raising HK$1.224 billion ($156M) after pricing at the top of its range at HK$7.62 per share. The IPO was oversubscribed 1,591 times for its Hong Kong tranche and 14.46 times internationally, with cornerstone investors including Taikang Life, Sunshine Life, and GFS. Shares surged over 160% on debut, pushing market cap to nearly HK$35 billion ($4.5B).

This IPO matters because it creates a public-company proxy for the spatial intelligence segment—a niche at the intersection of 3D design, digital twin, and physical AI training data. Qunhe claims to operate the largest cloud-native spatial design platform in China and has built a 'space editor → spatial data → spatial foundation model' flywheel. While the company has expanded into embodied AI training data partnerships (with Zhiyuan Robot, Galaxy General, and Pico), its core revenue still comes from home design software (Kujiale/Coohom), where it achieved 2025 revenue of RMB 820M ($112M) with 82.2% gross margin and turned profitable on an adjusted basis.

From an analytical standpoint, Qunhe's IPO tests whether the market will value a company on its 'spatial intelligence' narrative rather than its current business mix as a visualization tool vendor. The strong debut suggests investor appetite for AI-adjacent stories in Hong Kong, but the company's long-term credibility depends on whether its SpatialLM and SpatialGen models demonstrably power physical-world AI training, not just interior design rendering. The 1,591x retail oversubscription indicates retail exuberance, but the single-digit international multiple suggests institutional caution.

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