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One of the "Six Little Dragons of Hangzhou," Qunhe Technology, has made a key progress towards its listing in Hong Kong.
On February 13, Qunhe Technology received the overseas issuance and listing filing notice from the China Securities Regulatory Commission, just one step away from going public.
Looking back at Qunhe Technology's journey to capitalization, as the first IPO project among the "Six Little Dragons of Hangzhou," it has been exactly one year since it officially submitted its application to the Hong Kong Stock Exchange in February 2025.
Investment bankers generally predict that if the subsequent hearing goes smoothly, Qunhe Technology is expected to officially list in 2026, becoming the first listed company among the "Six Little Dragons of Hangzhou."
Qunhe Technology owns the spatial design platform "CoolJia" and the next-generation spatial intelligence solution platform "SpatialVerse," which is aimed at AI development for indoor environments and can be used for embodied AI training and e-commerce product displays in virtual environments.
In 2025, Qunhe Technology also entered the AI video generation field, launching the AI video generation application LuxReal.
From a financial perspective, Qunhe Technology currently has substantial revenue but has not yet achieved profitability. In the first half of 2025, revenue was 399 million yuan, while the net loss during the same period reached 226 million yuan.
In addition to in-depth exploration and game science, other "Six Little Dragons of Hangzhou" are also actively preparing for IPOs.
In December 2025, the robotics company Yunshechu Technology officially submitted IPO guidance materials to the Zhejiang Securities Regulatory Bureau.
According to the disclosed plan, the guidance period is expected to end between April and June 2026. This means that Yunshechu Technology will take its first step towards A-share application as early as mid-next year.
The listing rhythm of Yushu Technology, also in the robotics sector, remains somewhat uncertain. Although the company completed guidance in 2025 and had announced on overseas social platforms that it expected to submit an application in the fourth quarter of 2025, there has been no substantial progress to date.
The brain-computer interface company Qiangnao Technology is rumored to have secretly submitted an IPO application to the Hong Kong Stock Exchange.
For the "Six Little Dragons of Hangzhou," going public is not only the beginning of a capital feast but also a test of the sustainability of their business models