On April 9, 2026, Qunhe Technology, poised to be the first among the "Hangzhou Six Little Dragons" to go public, officially commenced its global share offering. It is set to list on the main board of the Hong Kong Stock Exchange on April 17, earning the title of the "First Global Spatial Intelligence Stock." From its humble beginnings in 2011, founded by three UIUC alumni in a small Hangzhou attic as "Kujiale," to its current status as a spatial intelligence platform spanning over 200 countries and regions, Qunhe Technology's growth has been steadfastly supported by a group of top-tier capital backers.

11 Funding Rounds with No Exits: A Decade-Long Commitment from Early Investors

Since securing angel round financing in December 2013, Qunhe Technology has successfully completed 11 funding rounds over eight years, amassing a cumulative total of approximately $295 million. Remarkably, from the angel round to the E+ round, none of the early-stage investment institutions opted to exit—a rarity in the venture capital world that underscores the high level of confidence capital has in Qunhe Technology's long-term value.

Prior to the IPO, Qunhe Technology established a stable equity structure characterized by "founder relative majority control + diversified top-tier VC holdings":

The three co-founders, Huang Xiaohuang, Chen Hang, and Zhu Hao, collectively hold 30.72% of the shares, firmly maintaining control of the company.

IDG Capital holds 12.89%, making it the largest institutional shareholder.

Hillhouse Capital follows closely with a 12.6% stake.

GGV Capital holds 11.52%.

Shunwei Capital holds 9.75%.

Additionally, renowned institutions such as Coatue (6.75%), Temasek (1.25%), as well as Matrix Partners China, Yunqi Partners, Linear Capital, Hearst, and Pavilion Capital are also among the shareholders.

These institutions not only provided financial support but also offered comprehensive assistance to Qunhe Technology in strategic direction, industrial resources, talent recruitment, and other areas. Hillhouse Capital led consecutive investments in the D+ round in 2019 and the E round in 2020, witnessing and driving Qunhe Technology's strategic transformation from a home decoration design tool to a comprehensive spatial intelligence platform. Shunwei Capital led the D round in 2018, helping Qunhe Technology accelerate its expansion in the B-end market.

All-Star Cornerstone Lineup: Collective Endorsement at the IPO Moment

The prospectus reveals that for this IPO, Qunhe Technology introduced nine cornerstone investors, collectively subscribing to approximately $58 million (about HK$455 million) worth of shares. The lineup encompasses top-tier long-term insurance capital, leading public funds, professional private investment institutions, international asset management firms, and industry leaders, showcasing the confidence of diversified capital in Qunhe Technology's future development.

The nine cornerstone investors represent a diverse range of entities, including long-term insurance capital, leading public funds, international asset management firms, industry leaders, and local state-owned enterprises. Their investments are not merely capital injections but are based on their strategic layouts and Qunhe Technology's core value, forming differentiated and complementary investment logics. Each investor's entry corresponds to clear strategic demands while collectively favoring the trillion-dollar prospects of the spatial intelligence sector. A detailed breakdown follows:

1. Long-term Insurance Capital (Taikang Life, Sunshine Life): Binding Steady Returns with Long-term Value

As top-tier long-term insurance capital in China, Taikang Life and Sunshine Life's core investment logic is "long-term stability + value growth," which highly aligns with Qunhe Technology's development traits. On the one hand, insurance capital has a long investment horizon and a low-risk appetite. Qunhe Technology achieved an adjusted net profit of RMB 57.1 million in 2025, with its gross margin climbing to 82.2%, marking a profitability inflection point. Its subscription-based business model generates continuous and stable cash flow, meeting insurance capital's core demand for "sustainable profitability."

On the other hand, both have long been investing in the hard technology sector. Taikang Life previously invested in Hesai Technology, while Sunshine Life focuses on the digital economy. As the "First Global Spatial Intelligence Stock," Qunhe Technology is a rare enterprise in the sector with scalable commercial capabilities. Investing in Qunhe allows them to share in the long-term growth dividends of the spatial intelligence sector while diversifying their technology investment portfolios and achieving steady asset appreciation.

2. Leading Public Fund (GF Fund): Positioning in High-Growth Tech Sectors, Uncovering Rare Assets

As a leading public fund in China, GF Fund's investment logic focuses on "sector potential + enterprise competitiveness." GF Fund has long been deeply involved in the artificial intelligence and STAR Market sectors, with its funds heavily invested in multiple hard technology leaders, demonstrating highly forward-looking trend judgments in the tech sector.

AI Capital Bureau analysis indicates that GF Fund's investment in Qunhe Technology primarily favors three core values: First, the spatial intelligence sector, a trillion-dollar market, is in an accelerated growth phase, with continuously rising industry penetration. Second, Qunhe Technology has built core technological barriers in "spatial editing tools - spatial data - spatial large models" and possesses the world's largest spatial data assets, giving it significant technological advantages. Third, the company's revenue continuously grew from 2023 to 2025, with overseas business growing at a year-on-year rate of 28%, indicating strong growth momentum. As the only pure 3D cloud design stock in the Hong Kong stock market, it is highly scarce, aligning with public funds' investment preference for uncovering high-growth assets.

3. Professional Private Equity and International Asset Management (Hony Capital, Mirae Asset, Wusong Capital): Industrial Synergy and Global Sector Layout

The investment logics of these three institutions vary but all revolve around "technological value + industrial synergy." Hony Capital, as a private equity firm under Legend Holdings, focuses on "industrial empowerment + resource synergy." Leveraging Legend's enterprise ecosystem resources, it can help Qunhe Technology expand its B-end government and enterprise clients and accelerate its implementation in scenarios such as industrial design and intelligent offices.

Mirae Asset, as an international asset management giant, focuses on "global sectors + high-quality assets." It has frequently invested in high-growth tech enterprises listed in Hong Kong in recent years. Its entry this time not only recognizes Qunhe Technology's technological strength but also favors the global expansion potential of its overseas version, Coohom, hoping to share in the dividends of China's spatial intelligence technology going global.

Wusong Capital, as a professional hard technology investment institution, focuses on "technological barriers + commercialization." Qunhe Technology's core technologies, such as 3D real-time rendering and spatial large models, belong to the hard technology sector and have achieved scalable commercialization, highly matching Wusong Capital's investment direction. The company's profitability turning positive in 2025 validated the feasibility of its business model, further enhancing its investment confidence.

4. Industry Leader (Hesai Technology): Ecosystem Synergy, Jointly Building Spatial Intelligence Implementation Scenarios

As a global leader in LiDAR, Hesai Technology's investment logic is "industrial synergy + scenario extension," a typical strategic investment. Hesai Technology's core business focuses on autonomous driving and robotics, while Qunhe Technology's spatial intelligence technologies (3D modeling, scene rendering, spatial perception) can complement its LiDAR technologies. Qunhe's spatial data models can provide scenario-based training data for Hesai's LiDAR, aiding precise modeling of autonomous driving scenarios. Hesai's LiDAR technologies can enrich Qunhe's spatial intelligence technology implementation scenarios, promoting synergistic development in areas such as intelligent mobility and robot spatial navigation. This investment is not just financial but also marks the beginning of industrial cooperation between the two parties, achieving a win-win situation of "technological complementarity + scenario co-construction."

5. Local State-Owned Enterprises (Guohui Hong Kong, Huaying Construction): Strategic Layout and Regional Industrial Upgrading

Guohui Hong Kong and Huaying Construction, as investors with local state-owned enterprise backgrounds, have a core investment logic of "strategic layout + industrial empowerment," balancing social benefits and commercial returns. Guohui Hong Kong, as an enterprise under Shandong's state-owned assets, focuses on strategically emerging industries such as artificial intelligence. Investing in Qunhe Technology is an important measure for it to seize the spatial intelligence sector and assist Shandong's digital transformation. Simultaneously, it can leverage Qunhe's technological advantages to promote the intelligent upgrading of local industries such as construction and manufacturing in Shandong.

Huaying Construction, as an enterprise under Zhejiang Construction Investment Group, focuses on intelligent construction. Investing in Qunhe Technology aims to introduce AI spatial design technologies, addressing its pain points in architectural design and visualization presentation, enhancing its core competitiveness. Simultaneously, it assists in developing Zhejiang Province's intelligent construction industry, achieving a virtuous cycle of "state-owned assets empowering industries and industries feeding back to state-owned assets."

AI Capital Bureau's Viewpoint: Highly Consistent Investment Logics, A Two-Way Journey of Capital and Technology

It can be observed that despite the different types and strategic demands of the nine cornerstone investors, their underlying core investment logics are highly consistent:

First, they favor the trillion-dollar market potential of the spatial intelligence sector and the industrial integration trend of "AI + space."

Second, they recognize Qunhe Technology's core competitiveness—its profound technological barriers, globally leading spatial data assets, sustainable subscription-based business model, and the commercialization value brought by its profitability inflection point in 2025.

Third, they value Qunhe Technology's industry position. As the "First Global Spatial Intelligence Stock," it is highly scarce and has a significant leading effect, possessing long-term investment value. Additionally, Qunhe Technology's global layout and continuously optimized R&D investment (cumulative R&D investment exceeding RMB 1 billion from 2023 to 2025) have further enhanced various types of capital's investment confidence, forming a favorable pattern of "collective endorsement by diversified capital and synergistic empowerment by industrial resources."

From three young dreamers to the "First Global Spatial Intelligence Stock," Qunhe Technology's success is inseparable from its technological innovation and market deep cultivation, as well as the long-term companionship of a group of steadfast supporters. The decade-long commitment of early investors and the collective endorsement of IPO cornerstone investors not only provided Qunhe Technology with sufficient financial support but also demonstrated capital's greater patience and recognition for China's hard technology sector.

AI Capital Bureau is a professional observation and analysis platform focusing on capital market dynamics in the artificial intelligence field. We closely track capital operations such as financing, listings, and mergers and acquisitions of AI and embodied intelligence-related enterprises, deeply analyze industry trends and enterprise development trends, and provide valuable insights for industry participants. We are committed to becoming a bridge connecting AI innovation and the capital market, assisting Chinese hard technology enterprises in realizing value discovery and growth.

Risk Warning and Disclaimer: The market has risks, and investment should be cautious. This article does not constitute investment advice and should not be used as practical operational advice. Transaction risks are borne by the investor.