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On May 11, 2026, news emerged that Tencent, already a seasoned investor, participated in StepFun's latest funding round, which raised an impressive $2.5 billion. In a strategic move to expedite its Hong Kong IPO, StepFun has also dismantled its red-chip structure. Tencent's involvement with StepFun dates back to its Series B funding phase, where it first acquired a stake and has since maintained its position through subsequent investment rounds. Recently, Tencent Cloud inked a strategic cooperation pact with StepFun. This alliance aims to seamlessly integrate StepFun's core large-scale models with Tencent's vast content and application ecosystem. Together, they will concentrate on developing AI cockpit agents to bridge various sectors, including music, video, maps, payments, and travel services, thereby creating a seamless in-car service closed-loop.
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