Qunhe Tech Shares Swing Wildly After IPO, Market Value Once Exceeded HK$80 Billion
Qunhe Tech, operator of the Coohom interior design platform, listed on the Hong Kong Stock Exchange on April 17, 2026, at HK$7.62 per share. After a 144.09% first-day surge and a peak of HK$48.50, its market value briefly exceeded HK$80 billion before falling over 80% to HK$7.40 by July 30, 2026. First-half 2026 revenue was RMB 405 million with a net loss of RMB 146 million.
Qunhe Tech listed on the Hong Kong Stock Exchange on April 17, 2026, with an issue price of HK$7.62 per share. The public offering was oversubscribed 1,590.56 times, while the international offering was subscribed 14.46 times. On the first trading day, the share price surged 144.09%, and on the second day it rose by more than 100% again. On the third day, it peaked at HK$48.50 per share, representing a gain of over 500% from the issue price, and the total market value briefly exceeded HK$80 billion. On July 30, 2026, the share price fell to HK$7.40, dropping below the issue price and hitting a record low since listing, with a drawdown of more than 80% from its peak. Trading volume declined from billions of Hong Kong dollars in the early listing period to tens of millions of Hong Kong dollars.
Qunhe Tech mainly operates the Coohom interior design software, which allows users to design by dragging and dropping 3D models and provides real-time high-fidelity rendering. The product is applied to residential, office, retail chain, and commercial projects. From 2023 to 2025, the company's revenue was RMB 664 million, RMB 755 million, and RMB 820 million, respectively, with growth slowing year by year. Net losses were RMB 646 million, RMB 513 million, and RMB 428 million, respectively. In the first half of 2026, revenue was RMB 405 million, and the net loss narrowed to RMB 146 million. The narrowing of losses was mainly due to cost reductions: selling expenses fell from RMB 356 million in 2023 to RMB 274 million in 2025, and R&D spending fell from RMB 391 million to RMB 291 million. In the first half of 2026, selling expenses and R&D spending increased, but operating losses widened.
The company is attempting to enter the physical AI field to find a second growth curve. In the first half of 2026, revenue from new AI applications and products was RMB 31 million, up 177% year on year. In July 2026, average daily token consumption by users and customers was approximately 2.4 billion. The AI Intelligent Design Platform, launched in March 2025, generated total orders of RMB 20 million in the first half of the year. The SpatialVerse simulation platform, positioned as a virtual training ground for robots, generated orders of RMB 6.8 million in the first half of 2026.
The company expects that in the second half of 2026, it will enrich ultra-high-fidelity, multi-scenario 3DGS and PBR digital assets, accelerate world model iteration, move from static space generation to interactive space generation, accelerate the growth of new AI applications such as LuxReal and the AI Intelligent Design Platform, and promote the application of spatial intelligence technology in industries including spatial design, entertainment and media, agent training, cultural heritage and tourism, industrial digital twins, and gaming.