Domestic Large Models Trigger a New Wave of IPOs, Jieyue Star Pursues Hong Kong's Largest AI IPO in Recent Years

Chinese AI startup StepFun is expected to officially submit its initial public offering (IPO) application to the Hong Kong Stock Exchange as early as this Monday. Its major investors have given it a maximum valuation of $12 billion (approximately 81.521 billion Chinese yuan). If this IPO succeeds, it will become one of the largest IPOs in Hong Kong in recent years. This Shanghai-based unicorn company, which was founded in 2023 by former Microsoft vice president Jiang Daxin and recently appointed Yinqi from Megvii Technology as chairman, is accelerating its capital market strategy.

Robot Artificial Intelligence AI (1)

As a top-tier player in China's large model field, StepFun has been active in technology and product iterations recently, launching core models such as Step3.5Flash and Step3.7Flash, as well as the new real-time voice large model StepAudio2.5 series. StepFun's IPO in Hong Kong reflects a trend of domestic large model companies moving toward the capital market this year. Previously, its main competitors Zhipu AI and MiniMax had already completed their listings in January this year, with their stock prices rising significantly after listing. Recently, Moonshot AI also reported plans to prepare for an IPO in Hong Kong.

The concentrated rush of unicorn companies to go public reflects a critical turning point in the domestic large model industry, where the competition is evolving from "technological arms race" to "capital and commercialization." Currently, the Hong Kong market remains highly enthusiastic about investments in hard tech sectors such as artificial intelligence and semiconductors. AI companies seizing the window period to list can not only secure funding for high costs of computing power and R&D but also further reshape the competitive landscape of China's AI industry.

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Domestic Large Models Trigger a New Wave of IPOs, Jieyue Star Pursues Hong Kong's Largest AI IPO in Recent Years

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