After Manycore’s IPO, Which Hangzhou Six Little Dragons Could List Next?

InnovationAIAfter Manycore’s IPO, Which Of Hangzhou’s ‘Six Little Dragons’ Could List Next?ByEdith Yeung,Contributor.Forbes contributors publish independent expert analyses and insights. Early-stage venture investor, tech executive and creator of the Crane.Follow AuthorApr 21, 2026, 03:59pm EDTApr 21, 2026, 04:14pm EDT--:-- / --:--This voice experience is generated by AI. Learn more.This voice experience is generated by AI. Learn more.HONG KONG, CHINA - APRIL 17 2026 Bonnie Chan, CEO of Hong Kong Stock Exchanges, Victor Huang, Chen Hang, and Zhu Hao of Manycore. Manycore is one of Hangzhou's "Six Little Dragons," saw its shares surge on the first day of trading on HKEX.China News Service via Getty ImagesManycore’s stellar IPO debut last week marked a breakthrough for Hangzhou’s “Six Little Dragons,” signaling that the public-market window may finally be opening for this elite group of startups.The “Six Little Dragons” is an informal label for six deep-tech startups including DeepSeek, Unitree Robotics, DEEP Robotics, BrainCo, Game Science and Manycore Tech. All founded in Hangzhou and operating across frontier technology sectors with AI as a common thread. I had the opportunity to meet with some of these teams firsthand during my trip to China last month, and their progress is truly impressive.Manycore’s Hong Kong IPO is not just a story about one company; it is a moment of truth for Hangzhou itself. The city, previously best known as the headquarters for both Alibaba Group and NetEase, is now seeing its broader tech ecosystem put to the test. Investors are watching to see whether public markets are buying into the broader Hangzhou narrative. A strong debut for Manycore does not automatically clear the path for the other five, but it does give investors a public sector reference point and renewed confidence that the city can be seen as more than just Alibaba’s hometown.Manycore Is Just The BeginningManycore Tech is the oldest of Hangzhou’s Six Little...