StepFun May File Hong Kong IPO Application as Early as Monday, Valued Up to $12 Billion
N.R. Finch
Shanghai AI startup StepFun may file for a Hong Kong IPO as early as Monday, with key investors proposing a valuation of up to $12 billion — the latest in a wave of Chinese AI model developers racing to list while investor appetite holds.
What are the key details of this IPO?
The Wall Street Journal, citing people familiar with the matter, reports StepFun could file with the Hong Kong exchange as early as Monday.
Key investors have proposed a valuation of up to $12 billion, though sources say the figure may still be adjusted.
This means → the ceiling is not locked in; the final pricing at offering could land above or below that number.
Why are so many Chinese AI companies listing in Hong Kong right now?
Zhipu AI and MiniMax have already listed in Hong Kong; both stocks have risen since their January debuts, and early investors could book gains before lock-up periods expire next month.
In plain terms = the first movers made money, so the next wave is speeding up.
The core logic behind the rush: lock in capital while investor demand for AI assets is still strong, before the window narrows.
Who else is in the queue?
Zhipu AI and MiniMax both said recently they are preparing secondary listings on the Chinese mainland.
Another AI startup, Moonshot AI, is also preparing a Hong Kong IPO, as previously reported by the Wall Street Journal.
This reflects a emerging playbook: Hong Kong first, A-shares second — a dual-track funding path for Chinese AI companies.
What kind of company is StepFun?
Founded in 2023 and headquartered in Shanghai, StepFun is an AI large-model developer.
Its founder, Jiang Daxin (姜大昕), is a former Microsoft corporate vice president; earlier this year the company appointed Yin Qi (印奇) of Megvii Technology as chairman.
This means → the leadership combines global big-tech experience with hands-on Chinese AI startup credentials — a combination designed to appeal to Hong Kong market investors.
Content is for reference only, not financial advice.