BRIEF: Manycore forms strategic partnership with Hony affiliate
Virtual interior design company Manycore Tech Inc. (0068.HK) last Thursday announced it has formed a strategic partnership with Goldstream Investment Ltd. (1328.HK) to accelerate its global expansion.
Under the agreement, Manycore will boost its overseas competitiveness and ability to acquire overseas customers using Goldstream’s access to the resources of Hony Capital, a leading domestic private equity company. In addition to financing, Hony’s resources also include its access to the global consumer industry and furniture supply chains.
Manycore and Goldstream, a member company of Hony Capital Group, will also explore setting up a venture capital fund focused on spatial intelligence and AI-related technologies, according to Manycore’s statement.
Manycore’s stock was up 16% in Monday afternoon trading in Hong Kong at HK$26.42, while Goldstream Investment was up 21% at HK$5.31. Manycore’s stock has more than tripled since its trading debut last month from its IPO price of HK$7.62.
By Doug Young
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