StepFun, an AI unicorn, is currently exploring the option of listing on the Hong Kong Stock Exchange, with plans to raise around US$500 million (equivalent to approximately RMB 3.445 billion). The company has already initiated discussions with several potential advisors to delve into the specifics of its initial public offering. Headquartered in Shanghai and backed by prominent investors such as Tencent, StepFun is anticipated to achieve its listing goal as early as this year. Nonetheless, the precise funding amount and the timeline are still flexible and subject to change. StepFun has chosen to remain tight-lipped on this matter. As a prominent player in China's large language model industry, StepFun recently secured financing exceeding RMB 5 billion, with notable investors including China Life Private Equity Investment Co., Ltd., Shanghai Pudong Venture Capital, and Tencent. Prior to this, both MiniMax and Zhipu successfully went public last month, propelling Hong Kong's IPO scale in January to an all-time high. Chinese AI companies, in general, have witnessed substantial stock price surges following their listings.