Chinese AI startup StepFun is set to officially submit its IPO application to the Hong Kong Stock Exchange as early as this Monday, with major investors assigning it a maximum valuation of $12 billion (approximately RMB 81.521 billion). If successful, this will mark one of the largest IPOs in Hong Kong in recent years. Founded in 2023 by Jiang Daxin, a former Microsoft vice president, StepFun recently appointed Yin Qi from Megvii as its chairman. As a frontrunner in China’s large-scale AI model sector, StepFun has recently introduced core models such as Step3.5Flash and Step3.7Flash, along with the new-generation real-time voice large-scale model StepAudio2.5 series.

StepFun’s IPO in Hong Kong underscores the year’s trend of domestic large-scale AI model enterprises tapping into the capital market. Earlier, its main competitors, Zhipu AI and MiniMax, completed their listings in January this year, experiencing significant stock price surges. Recently, there have also been reports indicating that Moonshot AI is gearing up for a Hong Kong listing. The concentrated striving for IPOs by numerous unicorn companies reflects that the domestic large-scale AI model sector is approaching a pivotal point in transitioning from a “technological arms race” to “capitalization and commercialization.”

Currently, investment enthusiasm in Hong Kong’s market for hard technology sectors such as artificial intelligence and semiconductors continues to surge. AI companies capitalizing on the window period to go public en masse will not only replenish funds for computing power and R&D investment but also further reshape the competitive landscape of China’s AI industry.