On February 26th, reports surfaced indicating that StepFun, an AI large-model enterprise, is contemplating an initial public offering (IPO) on the Hong Kong Stock Exchange, with ambitions to secure around $500 million in funding. Insiders with knowledge of the situation revealed that StepFun has commenced preliminary talks with prospective advisors to explore equity sales avenues. Nevertheless, the precise scale of the offering and the exact timing of the listing remain undecided, though there's a chance it could materialize as soon as this year. Another insider disclosed that StepFun aims to file its listing application in the first half of the year, though delaying until the second half would offer greater scheduling flexibility. As of the report's publication, StepFun has refrained from issuing any official statements on the matter. Should these reports hold true, StepFun is on track to become the third large-model startup to achieve public listing status. Established in 2023, StepFun has earned its place among the 'Six Little Tigers of Large Models'.